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Bond Market News

The Week That Was (20 – 26 November, 2023)

November 27, 2023

US primary market new deals dropped significantly last week to just $2.5bn vs. $41bn a week prior due to a shortened week on account of the Thanksgiving holidays. Deal volumes were taken completely by IG issuers led by Consolidated Edison’s $2.5bn and Norfolk Southern’s $1bn dual-tranchers each. In North America, there were a total of 40 upgrades and 37 downgrades across the three major rating agencies last week.

EU Corporate G3 issuances dropped to $28.6bn vs. $40.2bn a week prior. Issuance volumes were led by ING DiBa’s 4bn issuance, followed by Intesa Sanpaolo’s $3bn dual-trancher. The region saw 28 upgrades and 30 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $770mn in new deals with ADCB raising $750mn, after seeing $550mn in deals a week prior. Across the Middle East/Africa region, there were 3 upgrades and 1 downgrade each across the major rating agencies. LatAm saw no new issuances new deals after $2.1bn in deals a week earlier. The South American region saw no upgrades and 7 downgrades each across the rating agencies.

G3 issuance volumes from APAC ex-Japan stood at $4.4bn vs. $1.9bn a week prior to it led by NAB’s $1.5bn issuance, CCB’s ~$1.4bn dual-currency three-trancher and Pioneer Reward’s $800mn deal. In the APAC region, there were 8 upgrades and 15 downgrades each across the three rating agencies last week.

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