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Bond Market News
The Week That Was (25 Nov – 01 Dec, 2024)
December 2, 2024
US primary market issuances dropped last week to $10.7bn vs. $28.9bn seen in the week prior to it. IG issuers took up $9.9bn of the total, led by ConocoPhillips’ $5.2bn five-part deal, followed by Wells Fargo’s and Citigroup’s $2.5bn and $1.5bn issuances respectively. Last week saw $713mn in HY issuances from the region, led solely by Blackstone’s $450mn deal and P&L Global’s $263mn deal. In North America, there were a total of 37 upgrades and 24 downgrades across the three major rating agencies last week. US IG funds saw $1.86bn of inflows during the week ended November 27, adding to the $4.6bn of inflows seen during the week before that. HY funds witnessed net outflows of $57.8mn during the same period, reversing the $451.4mn of inflows in the prior week.
EU Corporate G3 issuances fell last week to $12.7bn vs. $28.1bn in the prior week. ABN Amro’s $2bn three-tranche issuance led the tables followed by DNB Bank’s and Republic of Finland’s €1bn issuance each. The region saw 38 upgrades and 24 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw a solo $1.5bn issuance by Bahrain after $500mn of issuances in the prior week. In the Middle East/Africa region, there were 24 upgrades and no downgrades across the major rating agencies. LatAm saw $294mn in issuances last week vs. $1.5bn in new issuances during the week prior to it. MSU Energy Holdings’ $176.7mn deal led the tables. The South American region saw 14 upgrades and 15 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan dropped to just $2.5bn vs. $10.3bn seen in the previous week, led by Vedanta’s $800mn via a two-part deal, followed by San Miguel’s $500mn issuance. In the APAC region, there were 19 upgrades and 26 downgrades, across the three rating agencies last week.
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