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Bond Market News
The Week That Was (24 February – 02 March, 2025)
March 3, 2025
US primary market issuances stood at $41.2bn vs. $41.5bn in the previous week. IG issuers took up $38.8bn of the total, led by Chevron’s $5.5bn seven-trancher, followed by Citigroup’s $5bn three-trancher and State Street’s $2.75bn three-part issuance. HY issuances stood at $1.4bn with WESCO’s $800mn issuance and WEX Inc’s $500mn issuance being the only two deals. In North America, there were a total of 29 upgrades and downgrades each, across the three major rating agencies last week. US IG funds saw $2bn in inflows during the week ended February 26, adding to the $1.9bn inflows seen during the week before that. US HY funds saw $1.4bn inflows during the same period, adding to the $1.2bn in inflows seen during the week before that.
EU Corporate G3 issuances stood at $32.2bn vs. $31.9bn in the prior week. HSBC’s $5.5bn four-tranche issuance led the tables, followed by TotalEnergies’ €3.15bn three-trancher and Lloyds’ €1.75bn two-trancher. The region saw 40 upgrades and 32 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $1.2bn in new issuances last week as compared to $6.1bn the week prior. National Central Cooling’s $700mn deal and Doha Finance’s $500mn issuance led the tables. In the Middle East/Africa region, there were 8 upgrades and 12 downgrades across the major rating agencies. LatAm saw a drop in new issuances last week at $1.7bn, compared to $6.6bn in the week prior, led by Vale’s $750mn issuance, Paraguay’s $600mn deal and Banco Bradesco’s $250mn issuance. The South American region saw 9 upgrades and 1 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $4.2bn vs. $7.6bn in the prior week. This was led by NAB’s €1bn issuance, followed by Korea Housing’s €600mn issuance and BOC’s (Sydney) $500mn deal. In the APAC region, there were 11 upgrades and 7 downgrades each, across the three rating agencies last week.
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