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Bond Market News
The Week That Was (26 May – 01 Jun 2025)
June 2, 2025
US primary market issuances stood at $21bn vs. $26bn in the previous week. IG issuers took up $18.3bn of the total, led by AT&T’s $3.5bn three-trancher and General Motor’s $2.25bn three-part issuance. HY issuances stood at $2.1bn, led by OneMain Holdings’ $800mn issuance and Civitas Resources’ $750mn deal. In North America, there were a total of 23 upgrades and 28 downgrades each, across the three major rating agencies last week. US IG funds saw $1.5bn in inflows during the week ended May 21, adding to the $1.9bn inflow seen during the week before that. US HY bond funds saw investors pour-in $1.2bn, adding to the $2.6bn inflows in the prior week.
EU Corporate G3 issuances fell to $30.3bn vs. $79bn in the prior week. Credit Mutuel Home Loan raised €2.25bn via a dual-trancher, followed by ING Bank’s €2bn deal and HSBC’s $2bn issuance to lead the tables. The region saw 77 upgrades and 11 downgrades each, across the three major rating agencies. A majority of the upgrades were of Italian corporates by Moody’s after the rating agency improved its outlook on the sovereign. The GCC dollar primary bond market saw $7.7bn in new issuances last week as compared to $1.6bn the week prior, with Aramco’s $5bn three-part deal leading the tables, followed by Mubadala’s $1.6bn two-part deal. In the Middle East/Africa region, there were 5 upgrades and 2 downgrades each across the major rating agencies. LatAm saw only $120mn in new issuances last week, compared $2.4bn in the week prior, with Banco Votorantim being the sole issuer. The South American region saw 3 upgrades and 6 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $6.7bn vs. $5.6bn in the prior week. This was led by NAB raising $1.75bn, followed by ANZ’s €1.5bn deal, and Glencore’s €847mn deal. In the APAC region, there were 8 upgrades and 4 downgrades across the three rating agencies.
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