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Bond Market News
The Week That Was (2 – 9 Sep, 2024)
September 9, 2024
US primary market issuances rose sharply to $49.1bn last week vs. $949.7mn in the week prior to it. IG issuers took up $41.6bn of the total, led by Uber’s $4bn and Mastercard’s $3bn three-part offerings each, and Ford’s $3.15bn two-trancher. Last week saw $6.3bn in HY issuances from the region, led by TransDigm’s $1.5bn issuance and Hilton’s 1bn deal. In North America, there were a total of 26 upgrades and 15 downgrades across the three major rating agencies last week. US IG funds saw $3.3bn of inflows for the week ending September 4, adding to inflows of $2.03bn in the week prior to it. HY funds saw a a marginal $37mn in outflows vs. $1.3bn in inflows in the week before this.
EU Corporate G3 issuances jumped higher last week to $52.9bn vs. 31.2bn in the week prior to it. UBS raised $3bn via two separate issuances, followed by HSBC’s $2.5bn two-part deal and Barclays‘ $1.5bn deal. The region saw 35 upgrades and 8 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw total issuances of $7.6bn led by ADNOC’s $4bn three-part deal and Saudi PIF’s $2bn two-trancher as compared to $750mn in issuances in the week prior to it. In the Middle East/Africa region, there were 15 upgrades and no downgrades across the major rating agencies. LatAm saw $5.9bn in issuances last week after seeing no new deals in the prior week. This was led by Uruguay’s $1.3bn deal, and Petrobras’ $1bn issuance. The South American region saw 2 upgrades and downgrades each, across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $12.9bn vs. $5.5bn in the week prior to it. Indonesia’s $2.6bn multicurrency three-trancher deal led the table, followed by KEXIM’s $2bn three-trancher, CBA’s €1.5bn issuance and Woodside Finance’s $1.25bn deal and San Miguel’s $800mn Perp. In the APAC region, there were 8 upgrades and downgrades each, across the three rating agencies last week.
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