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Bond Market News
The Week That Was (30 Sep – 06 Oct, 2024)
October 7, 2024
US primary market issuances fell last week to $20.3bn vs. $35bn seen in the prior week. IG issuers took up $14.8bn of the total, led by Accenture’s $5bn four-trancher and Dell’s $1.5bn two-trancher. Last week saw $5.1bn in HY issuances from the region, led by Caesars Entertainment’s $1.1bn deal and Hillcorp Energy’s $1bn issuance. In North America, there were a total of 86 upgrades and 31 downgrades across the three major rating agencies last week. US IG funds saw $3.8bn of inflows last week, adding to the $1.34bn of inflows during the week before that. HY funds saw $2.2bn of inflows during the same period adding to the $541mn of inflows in the week prior to it.
EU Corporate G3 issuances dropped last week to $25.1bn vs. $51bn in the prior week. Belron UK’s €2bn multi-currency issuance led the tables, followed by Alliander’s €750mn deal and Commerzbank’s $750mn issuance. The region saw 44 upgrades and 21 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw a total issuance of $4.4bn compared to $8.25bn seen in the prior week. Abu Dhabi National Energy’s $1.75bn two-trancher deal and Dukhan Bank’s $800mn sukuk each led the tables. In the Middle East/Africa region, there were 6 upgrades and 25 downgrades across the major rating agencies. LatAm saw $1.8bn in issuances last week vs $4.6bn in the week prior to it. Latam Airlines’ $1.4bn issuance led the table, followed by Banco de Galicia’s $325mn deal. The South American region saw 53 upgrades (led by Moody’s upgrade on several companies operating in Brazil) and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan significantly dropped to $2bn vs. $16.9bn seen in the previous week. Biocon’s $800mn deal led the table, followed by Goodman US Finance’s $600mn issuance and Shinhan Bank’s $400mn deal. In the APAC region, there were 14 upgrades and 2 downgrades, across the three rating agencies last week.
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