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Bond Market News
The Week That Was (24 – 30 June, 2024)
July 1, 2024
US primary market issuances fell sharply last week, with new deals at only $8.6bn vs. $27.5bn seen a week before. IG issuers took up $6.7bn of the total led by Waste Management’s $1.5bn two-trancher and Jackson National’s $750mn issuance. HY issuers accounted for $1.2bn of the volume with Freedom Mortgage’s $650mn issuance, followed by CPI CG’s $285mn deal leading the tables. In North America, there were a total of 58 upgrades and 25 downgrades across the three major rating agencies last week. US IG funds saw $389.2mn inflows for the week ending June 26, reversing some of the $443.2mn outflows seen in the prior week. HY funds saw $78.1mn in outflows, reversing the $76.7mn inflows seen a week before this.
EU Corporate G3 issuances recorded a jump in new deals last week at $28.9bn vs. $15.2bn seen in the week prior to it. KFW’s $4.3bn deal led the tables, followed by Vodafone’s $3bn two-trancher deal. The region saw 52 upgrades and 19 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $3.3bn in new deals last week compared to $421mn in new issuances in the week prior. UAE’s $1.5bn issuance led the tables, followed by KDO’s $750mn deal. In the Middle East/Africa region, there was 6 upgrades and no downgrades across the major rating agencies. LatAm saw $4.3bn in new deals after $3.1bn in new deals seen during the week prior to it. This was led by Dominican Republic’s $1.25bn two-trancher deal, followed by a $1bn issuance each by Vale and Aeropuertos. The South American region saw 1 upgrades and 10 downgrade across the rating agencies.
G3 issuance volumes from APAC ex-Japan recorded its busiest week since January, at $10.5bn vs. $7.1bn in the week prior to it. Indonesia’s $2.35bn three-trancher deal led the tables, followed by LG Energy’s $2bn three-trancher deal. The region also saw other popular deals including Macquarie Bank’s $1.6bn issuance, Bangkok Bank’s $750mn deal and China Great Wall’s $500mn two-trancher. In the APAC region, there were 13 upgrades and 9 downgrades across the three rating agencies last week..png)
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