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Bond Market News
The Week That Was (29 July – 04 August 2024)
August 5, 2024
US primary market issuances stood at $35.9bn last week vs. $36.9bn in the week prior to it. IG issuers took up $26.5bn of the total, led by Citibank NA’s $4bn three-part deal and Netflix’s $1.8bn two-tranche deal. HY issuers accounted for $9.1bn of the volume with Royal Caribbean’s $2bn and RR Donnelley’s $1.05bn deals each leading the tables. In North America, there were a total of 40 upgrades and 24 downgrades across the three major rating agencies last week. US IG funds saw $1.79bn of inflows for the week ending July 31 and compared to outflows of $196mn in the week prior to it. HY funds saw $438mn in inflows, adding to the $1.52bn inflows seen a week before this.
EU Corporate G3 issuances rose last week to $13.6bn vs. $5.5bn seen in the week prior to it. Banco Santander’s $1bn deal led the tables, followed by Caixabank and Lloyds Banking’s $1bn deals each. The region saw 20 upgrades and 32 downgrades across the three major rating agencies. The GCC dollar primary bond market saw no deals as compared to $290mn in new deals in the week prior. In the Middle East/Africa region, there were no upgrades and 7 downgrades across the major rating agencies. LatAm saw issuance volumes of $4.4bn vs. $933.6mn a week prior, led by Peru’s $3bn two-trancher and Guatemala’s $1.4bn two-part deal. The South American region saw 3 upgrades and 2 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $2.3bn vs. $3.6bn in the week prior to it. Nanyang Commercial Bank’s $700mn deal led the tables followed by NWD’s $400mn deal and PT Sorik Maraki’s $350mn issuance. In the APAC region, there were 16 upgrades and 9 downgrades across the three rating agencies last week.
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