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Bond Market News
The Week That Was (28 April – 04 May, 2025)
May 5, 2025
US primary market issuances jumped to $31bn vs. $27.5bn in the previous week. IG issuers took up most of the issuances at $29.4bn, led by Alphabet’s $5bn four-trancher and Citi’s $4.35bn two-part issuance. HY issuances stood at $1.4bn, led by PennyMac’s $850mn issuance and Jefferson Capital’s $500mn deal. In North America, there were a total of 32 upgrades and 33 downgrades each, across the three major rating agencies last week. US IG funds saw $1.5bn in outflows during the week ended April 30, adding to the $1.1bn outflow seen during the week before that. US HY bond funds saw investors pull-out a net $2.6bn, extending the previous week’s outflows of $1.6bn.
EU Corporate G3 issuances rose to $34.1bn vs. $15.3bn in the prior week. KfW’s $5bn deal led the tables, followed by BNP Paribas raising €2.75bn and $2.85bn via two-part issuances through the week. The region saw 21 upgrades and 28 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $10.1bn in new issuances last week as compared to $1bn the week prior, with Bahrain’s $1.75bn sukuk leading the tables, followed by DPW and Adnoc Murban raising $1.5bn each. In the Middle East/Africa region, there were 2 upgrades and 3 downgrades across the major rating agencies. LatAm saw $3.1bn in new issuances last week, compared ~$1.4bn in the week prior, with Orbia raising $650mn, followed by $500mn issuances each from Coca-Cola Femsa, Celulosa Arauco and BNCE Bank. The South American region saw 1 upgrade and 2 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan rose to $4.3bn vs. $1.8bn in the prior week. This was led by ST Engineering’s $750mn deal, followed by ASB Bank and AusNet Services’ $500mn issuances each. In the APAC region, there were 3 upgrades and 27 downgrades across the three rating agencies last week with most of the downgrades coming from Moody’s on Thailand corporates after its outlook revision to ‘negative’ from ‘stable’.
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