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Bond Market News
The Week That Was (3 – 9 March, 2025)
March 10, 2025
US primary market issuances surged higher to $71.1bn vs. $41.2bn in the previous week. IG issuers took up $65.1bn of the total, led by Mars’ jumbo $26bn eight-trancher, followed by Synopsys’ $10bn six-tranche issuance. HY issuances stood at $5.9bn with Axon Enterprise’s $1.75bn dual-trancher and Alumina’s $1bn deals leading the tables. In North America, there were a total of 44 upgrades and downgrades each, across the three major rating agencies last week. US IG funds saw $2.6bn in inflows during the week ended March 5, adding to the $1.9bn inflows seen during the week before that. US HY funds saw $1.8bn in inflows during the same period, adding to the $1.4bn in inflows seen during the week before that.
EU Corporate G3 issuances stood at $17.5bn vs. $32.2bn in the prior week. KfW’s $2.85bn issuance led the tables, followed by GSK Plc’s $2.6bn four-trancher and ING’s €2bn issuance. The region saw 21 upgrades and 28 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $2.1bn in new issuances last week as compared to $1.2bn the week prior. Ras Al-Khaimah’s $1bn deal and Saudi National Bank’s $750mn issuance led the tables. In the Middle East/Africa region, there were 4 upgrades and 3 downgrades across the major rating agencies. LatAm saw a sharp drop in new issuances last week to only $133mn, compared to $1.7bn in the week prior with small sized deals by Vista Energy and Cia General. Paraguay’s $600mn deal and Banco Bradesco’s $250mn issuance. The South American region saw 1 upgrade and 7 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region more than doubled to $8.8bn vs. $4.2bn in the prior week. This was led by CBA’s $5bn five-trancher, followed by Bocom’s $1bn two-part deal and Hysan’s $750mn Perp issuance. In the APAC region, there were 2 upgrades and 12 downgrades each, across the three rating agencies last week.
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