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Bond Market News
The Week That Was (30 Mar – 6 Apr, 2025)
April 7, 2025
US primary market issuances stood at only $3.2bn in the previous week, significantly lower than the $29bn seen a week prior to it. IG issuers took up $2.1bn of the total, led by LPL Holdings’ $1.5bn three-part deal, followed by Realty Income Group’s $600mn issuance. HY issuances stood at $1bn with a sole deal by Owens & Minor. In North America, there were a total of 23 upgrades and 35 downgrades each, across the three major rating agencies last week. US IG funds saw $353mn in outflows during the week ended April 3, adding to the $406mn outflow seen during the week before that. US HY funds saw $460mn in inflows during the same period, reversing the $105mn in outflows seen during the week before that.
EU Corporate G3 issuances dropped to $24.3bn vs. $39bn in the prior week. KfW’s €3bn deal led the tables, followed by ABN Amro’s €1.5bn issuance and NRW Bank’s $1.5bn deal. The region saw 22 upgrades and 21 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $300mn in new issuances last week as compared to $150mn the week prior, with a sole deal by Saudi National Bank. In the Middle East/Africa region, there was 1 upgrade and 7 downgrades across the major rating agencies. LatAm saw $1bn in new issuances last week, compared to $242mn in the week prior. The region saw $500mn in issuances each by Nexa Resources and Banco Votorantim. The South American region saw 2 upgrades and downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region dropped sharply to just $2.2bn vs. $22.6bn in the prior week. This was led by Hong Kong International Qingdao’s $750mn issuance, OCBC’s €500mn deal and Zhangzhou City Transportation’s $500mn deal. In the APAC region, there were 2 upgrades and downgrades each, across the three rating agencies last week.
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