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Bond Market News
The Week That Was
US primary market issuances rose to $32.4bn after two relatively slower weeks prior that saw only $2.3bn and $13.2bn in issuances. IG issuances rose to $24.7bn vs. $1.7bn and $9.6bn in the prior weeks and HY issuances were also higher to $7.3bn vs. $375mn and $3.1bn in the prior weeks. The IG space was led by banks – Morgan Stanley’s $8.5bn three-trancher, BofA’s $7.75bn three-trancher and Goldman’s $5.5bn dual-trancher. In the HY space, ADT Security and Performance Food Group raised $1bn each followed by First Student Bidco’s $800mn new bond deal. In North America, there were a total of 46 upgrades and 31 downgrades combined across the three major rating agencies last week. LatAm saw $2.7bn in issuances vs. $711mn in the prior week led by MC Brazil Downstream’s $1.8bn issuance and CIBANCO SA’s $600mn issuance. EU Corporate G3 issuances dropped to $9.3bn vs. $23.2bn in the week prior – Landesbank’s $1bn dual-trancher and Cajamar Caja Rural’s $1bn issuances led. Across the European region, there were 119 upgrades and 37 downgrades across the three major rating agencies. GCC and Sukuk G3 issuances fell to $498mn vs. $1.7bn in the week prior led by Arabian Centres Sukuk’s $225mn deal and Abu Dhabi Commercial Bank’s $175mn deal. Across the Middle East/Africa region, there were no upgrades and 11 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances fell to $6.3bn vs. $14bn in the prior week – EXIM Bank of China’s $1bn led the table followed by CCB Financial Leasing’s $600mn issuance and Zhejiang Energy’s $500mn deal. Chinese real estate developers flocked the market on Thursday with 5 of 9 new bond deals. Besides Sunac’s $500mn deal a day prior, Friday saw Agile’s $314mn deal, CSI Properties’ $300mn deal, Minmetals Land’s $300mn deal, Country Garden’s $200mn deal and Guangzhou R&F’s $179mn deal getting priced. In the Asia ex-Japan region, there were 19 upgrades and 18 downgrades combined across the three major rating agencies last week.
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