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Bond Market News
The Week That Was (21 – 27 April, 2025)
April 28, 2025
US primary market issuances dropped to $27.5bn vs $34.9bn in the previous week. IG issuers took up most of the issuances at $21.8bn, led by Walmart’s $4b four-trancher and BofA’s $3bn issuance. HY issuances stood at $5.1bn, led by QXO’s $2.25b issuance and Jane Street’s $1.35bn deal. In North America, there were a total of 17 upgrades and 20 downgrades each, across the three major rating agencies last week. US IG funds saw $1.1bn in outflows during the week ended April 23, adding to the $5.7bn outflow seen during the week before that. US HY bond funds saw investors pull-out a net $1.6bn similar to the previous week’s outflows of over $1.6bn.
EU Corporate G3 issuances rose to $15.3b vs. $4.9bn in the prior week. BFCM’s €1.25bn and Lottomatica’s €1.1bn deals led the tables, followed by Nordea Bank’s $1bn issuance. The region saw 12 upgrades and 22 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $1bn in new issuances last week as compared to $500mn the week prior, with Mumtaz and Ajman Bank’s $500mn sukuk issuances each leading the tables. In the Middle East/Africa region, there were 5 upgrades and 6 downgrade across the major rating agencies. LatAm saw ~$1.4bn in new issuances last week, compared $3.8bn in the week prior, with Banco de Creditor del Peru raising $750mn and Hunt Oil Co raising $615mn. The South American region saw 2 upgrades and 5 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan fell to $1.8bn vs. $4.4bn in the prior week. This was led by Hanwa Futureproof’s $400mn deal, followed by KT&G and Hana Securities’ $300mn issuances each. In the APAC region, there were 2 upgrades and 9 downgrades each, across the three rating agencies last week.
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