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Bond Market News
The Week That Was (30 Dec 2024 – 6 Jan2025)
January 6, 2025
US primary market issuances stood at $12.8bn in the previous week, to begin the year. IG issuers took up $12.3bn of the total, led by GM Financial and Ford Motor Credit’s $2.5bn deals each. There were no HY issuances. In North America, there were a total of 7 upgrades and 2 downgrades each, across the three major rating agencies last week. US IG funds saw $644mn in outflows during the week ended January 1, adding to the $768mn of outflows seen during the week before that. US HY funds saw $396.2mn in outflows during the same period, adding to the $2.2bn of outflows seen during the week before that.
EU Corporate G3 issuances stood at $6.4bn in the prior week. Credit Agricole’s $3bn issuance led the tables, followed by LBBW’s €750mn issuance. The region saw 2 upgrades and downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw no new issuances to begin the year. In the Middle East/Africa region, there were 5 upgrades and no downgrades across the major rating agencies. LatAm saw no issuances last week. The South American region saw no upgrades and 1 downgrade across the rating agencies.
G3 issuance volumes from APAC ex-Japan saw only $150mn in issuances last week, with a sole deal by Taizhou Huangyan. In the APAC region, there were no upgrades nor downgrades, across the three rating agencies last week.
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