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Bond Market News
The Week That Was (4 – 10 November 2024)
November 11, 2024
US primary market issuances dropped significantly last week to only $2.5bn vs. $27.4bn seen in the week prior to it, primarily on the back of the US Presidential election and the FOMC meeting a day later. IG issuers took up $1.7bn of the total, led by Athene’s $650mn deal, Oncor Electric’s $500mn deal and Reliance Standard Life’s $400mn issuance. Last week saw $500mn in HY issuances from the region, with a solo issuance by Visant Corp. In North America, there were a total of 26 upgrades and 32 downgrades across the three major rating agencies last week. US IG funds saw $3.3bn of inflows last week, adding to the $3.2bn inflows during the week before that. HY funds witnessed a net $455mn in inflows during the same period, reversing the $811mn of outflows in the week prior to it.
EU Corporate G3 issuances dropped last week to $11.1bn vs. $32bn in the prior week. Bankinter’s €2bn issuance led the tables, followed by Intesa Sanpaolo’s €1.65bn two-part deal and ING Bank’s €1.5bn deal. The region saw 38 upgrades and 20 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw no new deals as compared to $350mn in new deals in the prior week. In the Middle East/Africa region, there were 8 upgrades and 1 downgrade across the major rating agencies. LatAm also saw no new issuances last week vs. $5bn the week prior to it. The South American region saw 2 upgrades and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan more than halved to $2bn vs. $5.1bn seen in the previous week, led by Chinese issuers. CCBs $1bn deal and Taishan Finance’s $300mn issuance led the tables, followed by Nanxum Communications’ and ICBC’s (London branch) $200mn deal each. In the APAC region, there were 7 upgrades and 6 downgrades, across the three rating agencies last week.
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