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Bond Market News
The Week That Was (27 May – 02 Jun, 2024)
June 3, 2024
US primary market issuances were muted last week, with new deals at only $13.5bn vs. $35.8bn seen a week before. IG issuers racked up $12.6bn of the total led by Florida Power & Light’s $2.35bn three-trancher and Morgan Stanley Bank’s $2.1bn issuance. HY issuers accounted for only $900mn of the volume with Velocity Vehicle’s $500mn issuance and Alliance Resource’s $400mn deals comprising the total. In North America, there were a total of 58 upgrades and 45 downgrades across the three major rating agencies last week. US IG funds saw a $387.1mn inflow for the week ending May 29, adding to the $701.2mn inflow seen in the week before this. HY funds saw $407.4mn in outflows during the same period, the first outflows in six weeks, after investors added $2.46bn into junk bond funds a week prior.
EU Corporate G3 issuances recorded $25.4bn in new deals, lower than the $42.9bn seen in the week prior to it. The largest deals were led by CFF’s €1.5bn and Lloyds’ $1.5bn issuances each. The region saw 41 upgrades and 31 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $6.5bn in new deals last week after $4bn in new issuances a week prior to it. This was led by Saudi Arabia’s $5bn thee-tranche sukuk deal and NBK’s $500mn issuance. In the Middle East/Africa region, there were 2 upgrades and no downgrades across the major rating agencies. LatAm saw $1.2bn in new deals, higher than the $650mn from a week ago, with Yinson Boronia’s $1.03bn issuance and YPF’s $178mn deal. The South American region saw 7 upgrades and 1 downgrade across the rating agencies
G3 issuance volumes from APAC ex-Japan stood at $2.6bn vs. $4.5bn in the week prior to it. China Orient’s $650mn deal led the tables, followed by CMB International’s $500mn deal and Krakatau Posco’s $400mn issuance. In the APAC region, there were 27 upgrades and 14 downgrades across the three rating agencies last week.
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