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Bond Market News
The Week That Was (28 Oct – 03 Nov 2024)
November 4, 2024
US primary market issuances rose last week to $27.4bn vs. $17.6bn seen in the week prior to it. IG issuers took up $24.9bn of the total, led by Marsh & McLennan’s $7.25bn seven-trancher and Philip Morris’ $2.25bn three-part deal. Last week saw $2.5bn in HY issuances from the region, led by Newell Brands’ $1.25bn two-trancher and OneMain Finance’s $900mn two-part deal. In North America, there were a total of 29 upgrades and 27 downgrades across the three major rating agencies last week. US IG funds saw $3.21b of inflows last week, adding to the $1.88bn inflows during the week before that. HY funds witnessed a net $816mn in outflows during the same period, adding to the $33mn of outflows in the week prior to it.
EU Corporate G3 issuances rose last week to $32bn vs. $30.9bn in the prior week. DSV Finance’s €2.25bn two-tranche issuance led the tables, followed by NatWest’s and Barclays’ €1.25bn issuances each. The region saw 34 upgrades and 21 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw only $350mn in new deals compared to $731mn seen in the prior week with a solo issuance by Pearl Petroleum. In the Middle East/Africa region, there were 1 upgrade and 2 downgrades across the major rating agencies. LatAm saw nearly $5bn in issuances last week vs. $1.4bn in the week prior to it. Issuance volumes were led by Colombia’s $3.64bn and Aeromexico’s $1.1bn two-tranche deals each. The South American region saw 6 upgrades and no downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan more than doubled to $5.1bn vs. $2.4bn seen in the previous week, led by Chinese issuers. EXIM Bank of China’s ~$1.5bn multicurrency two-trancher and SPIC’s $1bn issuance led the tables, followed by Jinan Urban’s $506mn deal. In the APAC region, there were 5 upgrades and 10 downgrades, across the three rating agencies last week.
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