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Bond Market News
The Week That Was (23 – 30 Sep, 2024)
September 30, 2024
US primary market issuances rose last week to $35bn vs $16.3bn seen in the prior week. IG issuers took up $25.2bn of the total, led by Oracle’s $6.25bn and Broadcom’s $5bn four-trancher deal each. Last week saw $9.6bn in HY issuances from the region, led by Venture Global Partners’ $3bn deal followed by CD&R Labels’ $950mn offering. In North America, there were a total of 40 upgrades and 31 downgrades across the three major rating agencies last week. US IG funds saw $1.34bn of inflows, adding to the $1.94bn of inflows in the prior week. HY funds saw $73.1mn of inflows adding to the $1.75bn of inflows in the previous week.
EU Corporate G3 issuances rose last week to $51bn vs. $35.9bn in the prior week. LBBW’s €5.4bn multi-tranche issuance deal led the tables, followed by Santander’s €3bn two-trancher deal. The region saw 35 upgrades and 36 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw total issuance of $8.25bn compared to $250mn seen in the prior week. Saudi Aramco’s $4.5bn and Abu Dhabi Development Authority’s $3bn three-trancher deal each led the tables. In the Middle East/Africa region, there were 4 upgrades and 16 downgrades across the major rating agencies. LatAm saw $4.6bn in issuances last week vs $1.5bn in the prior week. Liberty Latin America’s $1.5bn three-part offering led the tables, followed by B&C Privatstiftung’s $1.3bn two-tranche deal. The South American region saw 12 upgrades and 9 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan jumped to $16.9bn vs. $1.9bn seen in the previous week. China’s $2.6bn four-trancher deal led the table, followed by ANZ’s $2.5bn three-part issuance. Besides these, the week also saw Meituan’s $2.5bn and AIA’s $1.25bn two-part deals and Shriram’s $500mn deal being priced. In the APAC region, there were no upgrades and 11 downgrades, across the three rating agencies last week.
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