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Bond Market News
The Week That Was (24-30 March, 2025)
April 1, 2025
US primary market issuances stood at $29bn in the previous week, higher than the $24.1bn seen a week prior to it. IG issuers took up $20.4bn of the total, led by Dell’s $4bn four-part deal, followed by T-Mobile’s $3.5bn three-part deal. HY issuances stood at $8.9bn with Bausch Health’s $4.4bn issuance and Novolex’s $1.4bn deal leading the tables. In North America, there were a total of 44 upgrades and 23 downgrades each, across the three major rating agencies last week. US IG funds saw $406mn in inflows during the week ended March 26, reversing the $336mn outflow seen during the week before that. US HY funds saw $110mn in outflows during the same period, reversing the $1.1bn in inflows seen during the week before that.
EU Corporate G3 issuances stood steady at $39bn vs. $33.5bn in the prior week. Erste’s Bank and Deutsche Bank’s €1.5bn issuances led the tables respectively, followed by DNB Boligkreditt’s €1.5bn issuance. The region saw 24 upgrades and 22 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $150mn in new issuances last week as compared to $1.6bn the week prior, led by Emirates NBD’s $100mn issuance. In the Middle East/Africa region, there were no upgrades and 5 downgrades across the major rating agencies. LatAm saw $242mn in new issuances last week, compared to $562mn in the week prior with a solo issuance coming from IRSA Inversiones. The South American region saw 1 upgrade and downgrade each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region more than tripled to $22.6bn vs. $6.7bn in the prior week. This was led by Petronas’ $5bn and MTR’s $3bn three-tranchers each, followed by Glencore’s $3bn four-trancher and UOB’s $2bn three-part deal. In the APAC region, there were 3 upgrades and downgrades each, across the three rating agencies last week.
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