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Bond Market News
The Week That Was (29 April – 05 May, 2024)
May 6, 2024
US primary markets were muted last week, with new deals at $20.5bn vs. $11.4bn seen a week before. IG issuers racked up $17.8bn of the total dominated by Boeing’s $10bn six-trancher and Foundry JV Tobacco’s $3.05bn two-tranchers leading the tables. HY issuers accounted for $2.6bn of the volume with US Acute Care and SS&C raising $800mn and $750mn respectively. In North America, there were a total of 31 upgrades and 26 downgrades across the three major rating agencies last week. US IG funds saw inflows of $811.6mn for the week ending May 1, reversing the outflows of $607.1mn seen the week before this. HY funds saw a paltry $62.5mn in inflows during the same period, after investors withdrew $604.3mn from junk bond funds a week prior.
EU Corporate G3 issuances recorded $18.2bn in new deals, lower than $24.5bn seen in the week prior to it. The largest deals were led by KfW’s €4bn deal and Barclays‘ €1.75bn two-trancher. The region saw 42 upgrades and 16 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $2.7bn in new deals last week after $5.8bn in issuances a week prior to it. Abu Dhabi Developmental Holding Company (ADQ) raised $2.5bn of the total, via a two-part deal. In the Middle East/Africa region, there were 10 upgrades and 3 downgrades across the major rating agencies. LatAm saw $750mn in new deals after a similar $700mn in new deals a week ago, with a solo issuance by Antofagasta. The South American region saw 6 upgrades and 4 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $1.1bn vs. $3.6bn in the week prior to it. This was led by Kookmin Bank’s $600mn two-trancher, Jiujiang Municipal’s $300mn deal and Cathay Life Insurance’s $187mn issuance. In the APAC region, there were 21 upgrades and 13 downgrades across the three rating agencies last week.
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