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Bond Market News
The Week That Was (24 – 30 July, 2023)
July 31, 2023
US primary markets saw a drop in new deals last week to $16.7bn vs. a strong $30.9bn in deals a week prior. IG deals took the majority of volumes with $14.2bn in deals led by L3Harris Technologies’ $3.75bn three-trancher and American Express’ $3.5bn four-trancher. HY issuers contributed to $2.5bn in volumes led by Arsenal AIC’s $700mn and Univision’s $500mn issuances. In North America, there were a total of 34 upgrades and 32 downgrades across the three major rating agencies last week. US IG bond funds saw $1.15bn in inflows for the week ended July 26, adding to the $4.3bn in inflows during the prior three weeks. For the same period, HY funds saw $376mn in outflows, reversing the $2.22bn in inflows seen in the week prior.
EU Corporate G3 issuances dropped to just $6.8bn vs. $13.9bn a week prior. Issuance volumes were led by Celenex’s €1bn and Ashtead’s $750mn issuances. Across the European region, there were 29 upgrades and 23 downgrades. The GCC dollar primary bond market saw no new deals after $2.1bn in deals the week before that. Across the Middle East/Africa region, there were 2 upgrades and 15 downgrades each across the major rating agencies. LatAm saw $850mn in new deals last week as compared to $790mn in deals the week prior with Embraer raising $750mn followed by other smaller deals. The South American region saw 8 upgrades and 2 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were lower at $1.4bn vs. $2.1bn a week prior to it. Deal volumes were led by KEPCO’s $1bn deal, Hangzhou Qiantang’s $300mn and Korea Housing Finance $100mn deals. In the APAC region, there were 8 upgrades and 12 downgrades each across the three rating agencies last week.
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