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Bond Market News
The Week That Was (27 Nov – 03 Dec, 2022)
December 4, 2023
US primary market new deals rose last week to $11.6bn vs. $2.5bn a week prior with a volumes mostly taken by IG issuers with $9.75bn in deals. These were led by Citibank and Thermo Fisher raising $2.5bn each via two and three part deals respectively. HY issuers saw $1.8bn in deals led by Summit Materials and Genesis Energy raising $800mn and $600mn each. In North America, there were a total of 15 upgrades and 35 downgrades across the three major rating agencies last week. US IG funds saw $325mn in outflows for the week ending November 29, while HY funds saw $296bn in inflows last week.
EU Corporate G3 issuances dropped to $19.9bn vs. $28.6bn a week prior. Issuance volumes were led by ING Bank’s €2.5bn issuance, Engie’s €1.5bn two-trancher and BNP Paribas’ $2bn deal. The region saw 40 upgrades and 36 downgrades across the three major rating agencies. The GCC dollar primary bond market saw no new deals last week after $770mn in deals a week prior to it. Across the Middle East/Africa region, there was 1 upgrade and downgrade each across the major rating agencies. LatAm saw only $514mn in new issuances led by CSN Resources’ $500mn issuance, following no deals a week earlier. The South American region saw 4 upgrades and 1 downgrade each across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $5.34bn vs. $4.4bn a week prior to it led by Macquarie’s $2.25bn three-tranche issuance, Philippines $1bn sukuk issuance. In the APAC region, there were 12 upgrades and 20 downgrades each across the three rating agencies last week.
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