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Bond Market News
The Week That Was (20 – 26 May, 2024)
May 27, 2024
US primary markets rose last week, with new deals at $35.8bn vs. $31.6bn seen a week before. IG issuers racked up $24.2bn of the total led by Comcast’s $3.25bn three-trancher and Elevance Heatlh’s $3.2bn four-trancher. HY issuers accounted for $11.7bn of the volume with Staples’ $2.38bn deal and Gray Television’s $2.5bn two-trancher leading the tables. In North America, there were a total of 41 upgrades and 42 downgrades across the three major rating agencies last week. US IG funds saw a $714.7mn inflow for the week ending May 22, reversing $1.07bn in outflows seen in the week before this. HY funds saw $2.45bn in inflows during the same period, the most since November, after investors added $770.5mn into junk bond funds a week prior.
EU Corporate G3 issuances recorded $42.9bn in new deals, similar to the $43.4bn seen in the week prior to it. The largest deals were led by Intesa Sanpaolo’s €3.4bn two-trancher and Barclays’ €1.5bn issuance each. The region saw 30 upgrades and 15 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $4bn in new deals last week after no new issuances a week prior to it. This was led by Qatar’s $2.5bn two-trancher and $750mn issuances each by MDGH and Emirates Islamic Bank. In the Middle East/Africa region, there were 15 upgrades and 3 downgrades across the major rating agencies. LatAm saw $650mn in new deals, lower than the $750mn from a week ago, with a solo issuance by Cencosud. The South American region saw 3 upgrades and 4 downgrades across the rating agencies
G3 issuance volumes from APAC ex-Japan stood at $4.5bn vs. $4.8bn in the week prior to it. Shandong Hi-Speed’s $900mn deal and China Cinda HK’s $800mn deal led the tables. In the APAC region, there was 1 upgrade and 15 downgrades across the three rating agencies last week.
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