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Bond Market News
The Week That Was (21-27 Oct, 2024)
October 28, 2024
US Treasury yields moved up significantly across the curve last week with 10Y up at 4.2% as the market repriced its rate cut expectations on the back of incoming strong economic data. US primary market issuances fell last week to $17.6bn vs. $28.6bn seen in the week prior to it. IG issuers took up $12.3bn of the total, led by Elevance Health’s $5.2bn six-trancher and Bank of America’s $3.57bn two-part deal. Last week saw $4.5bn in HY issuances from the region, led by Towerbrook Capital’s $1.3bn issuance and Dcli Bidco’s $1bn two-part deal. In North America, there were a total of 29 upgrades and 30 downgrades across the three major rating agencies last week. US IG funds saw $1.88bn of inflows last week, adding to the $2.22bn of inflows during the week before that. HY funds witnessed a net $33.7mn in outflows during the same period, reversing the $662.6mn of inflows in the week prior to it.
EU Corporate G3 issuances almost doubled last week to $30.9bn vs. $15.4bn in the prior week. LBBW’s €6.5bn multi-tranche issuance and Grupo BPCE’s €4.6bn six-part deal led the tables. The region saw 38 upgrades and 60 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw $731mn in new deals compared to no deals seen in the prior week. GFH Financial’s $500mn sukuk deal led the tables. In the Middle East/Africa region, there were 1 upgrade and 2 downgrades across the major rating agencies. LatAm saw $1.4bn in issuances last week vs. $2.9bn in the week prior to it. Issuance volumes were led by Aris Mining’s $450mn deal and Mexico Remittances Funding Estate’s $350mn deal each. The South American region saw 6 upgrades and 2 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan dropped to $2.4bn vs. $5.3bn seen in the previous week. Zhengzhou Development’s $500mn deal led the tables followed by $300mn deal each by Bank of China, Republic of Korea and tap issuance by Vedanta Resources. In the APAC region, there were 3 upgrades and 1 downgrade, across the three rating agencies last week.
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