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Bond Market News
The Week That Was (5 – 11 May, 2023)
June 12, 2023
US primary markets saw a sharp increase in new deals last week to $33.4bn as compared to $12.3bn a week prior. Of this, IG deals accounted for $28.3bn led by US Bancorp and Capital One raising $3.5bn via two-trancher issuances each and Truist Financial’s $3.25bn dual-trancher. HY saw $2.5bn in new deals led by HUB International’s $2.17bn issuance and Ford Motor’s $1.75bn dual-trancher. In North America, there were a total of 29 upgrades and 36 downgrades across the three major rating agencies last week. US IG bond funds saw $539.4mn in inflows for the week ended June 14 after seeing $4.4bn in outflows during the week prior. HY funds during the same period saw $2.5bn in inflows following $2.2bn in outflows in the week prior.
EU Corporate G3 issuance was also higher at $45.1bn vs. $28.9bn a week prior. Issuance volumes were led by KfW’s €5bn and UniCredit’s €3bn two-tranche deal. Across the European region, there were 24 upgrades and 16 downgrades. The GCC dollar primary bond market saw $750mn in new deals led by Commercial Bank of Dubai’s and ENOC’s $500mn and $250mn deals each. This follows the $620mn in deals seen a week prior. Across the Middle East/Africa region, there were 6 upgrades and 5 downgrades across the major rating agencies. LatAm saw $2.5bn in new deals after five consecutive weeks of no new bond issues. Last week’s issuance was led by Vale’s $1.5bn deal and Guatemala’s $1bn issuance. The South American region saw 10 upgrades and 8 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan rose to $7.9bn vs. $6.1bn a week prior to it. This was led by Australian issuers – NAB raised $1.85bn via dual-trancher, followed by Macquarie’s $1.8bn three-trancher and ANZ’s $1.35bn deal. In the APAC region, there were 10 upgrades and downgrades each across the three rating agencies last week.
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