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Bond Market News
The Week That Was (20 – 26 January, 2025)
January 27, 2025
US primary market issuances dropped sharply to $15.7bn vs. $52.5bn in the previous week. IG issuers took up $15bn of the total, led by Goldman Sachs’ $8.5bn four-part offering, followed by PNC Financial Services’ $2.75bn two-trancher and Blackstone’s $1bn issuance. HY issuances stood at $675mn with Rivers Enterprise’s $600mn issuance leading the tables. In North America, there were a total of 21 upgrades and 35 downgrades each, across the three major rating agencies last week. US IG funds saw $950mn in inflows during the week ended January 22, adding to the $592mn inflows seen during the week before that. US HY funds saw $1.4bn in inflows during the same period, reversing the $60mn outflows seen during the week before that.
EU Corporate G3 issuances stood at $42.7bn vs. $61.4bn in the prior week. ABN Amro’s €8bn two-tranche issuance led the tables, followed by BNP Paribas Fortis’ €2.5bn deal and Commerzbank’s €2bn two-trancher. The region saw 18 upgrades and 27 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $4.2bn in new issuances last week as compared to $4.4bn in the week prior, led by Saudi PIF’s $4bn two-trancher and Sharjah’s $100mn sukuk issuance. In the Middle East/Africa region, there were 5 upgrades and no downgrades across the major rating agencies. LatAm saw $2.6bn in new issuances last week vs. $12.7bn a week prior, led by El Puerto de Liverpool’s $1bn dual-trancher and Banco Bradesco’s $750mn issuance. The South American region saw 13 upgrades and 6 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan saw $10.1bn in issuances last week vs. $8.1bn in the week prior. This was led by Philippines’ $3.29bn multicurrency three-trancher, KDB’s $3bn three-part deal and ANZ’s €2.25bn two-part deal. In the APAC region, there were 5 upgrades and 14 downgrades, across the three rating agencies last week.
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