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Bond Market News
The Week That Was (27 Jan – 02 Feb, 2025)
February 3, 2025
US primary market issuances rose sharply to $40.8bn vs. $15.7bn in the previous week. IG issuers took up $26.9bn of the total, led by Oracle’s $7.75bn six-part offering, followed by NextEra Energy’s $4.25bn four-trancher and American Express’ $3bn three-tranche deal. HY issuances stood at $12.2bn with Quikrete Holdings’ $3.95bn issuance leading the tables, followed by Carnival Corp’s $2bn issuance. In North America, there were a total of 31 upgrades and 18 downgrades each, across the three major rating agencies last week. US IG funds saw $1.3bn in inflows during the week ended January 29, adding to the $915mn inflows seen during the week before that. US HY funds saw $198mn in inflows during the same period, adding to the $1.4bn inflows seen during the week before that.
EU Corporate G3 issuances dropped to $18.6bn vs. $42.7bn in the prior week. Commerzbank, KfW, Santander Totta and Berlin Hyp AG led the tables with €1bn issuances each. The region saw 20 upgrades and 21 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $250mn in new issuances last week as compared to $4.2bn in the week prior, led by Al Rajhi’s $200mn sukuk. In the Middle East/Africa region, there were 3 upgrades and 5 downgrades across the major rating agencies. LatAm saw $2.5bn in new issuances last week vs. $2.6bn a week prior, led by Cia de Minas Buenaventura’s $650mn issuance and Geopark’s $550mn issuance. The South American region saw 9 upgrades and 3 downgrades across the rating agencies.
There were no G3 issuances from the APAC ex-Japan region, as compared to $10.1bn in issuances in the week prior. In the APAC region, there were 3 upgrades and 1 downgrade, across the three rating agencies last week.
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