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Bond Market News
The Week That Was (5 – 11 May, 2025)
May 13, 2025
US primary market issuances jumped to $36.3bn vs. $31bn in the previous week. IG issuers took up most of the issuances at $32.2bn, led by BofA’s $5bn three-trancher and Apple’s $4.5bn four-part issuance. HY issuances stood at $4.1bn, led by Fair Isaac’s $1.5bn issuance and Newell Brands’ $1.25bn deal. In North America, there were a total of 32 upgrades and 33 downgrades each, across the three major rating agencies last week. US IG funds saw $118mn in outflows during the week ended May 8, adding to the $1.5bn outflow seen during the week before that. US HY bond funds saw investors pour-in $1.6bn, after pulling-out a net $2.6bn in the prior week.
EU Corporate G3 issuances rose to $36.6bn vs. $34.1bn in the prior week. HSBC raise ~€7.9bn via mutli-currency deals over the week led the tables, followed by NatWest’s €3.5bn and UBS’ €2.8bn three-part issuances each. The region saw 21 upgrades and 28 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw only $735mn in new issuances last week as compared to $10.1bn the week prior, with Al Rajhi’s $500mn sukuk leading the tables, followed by Emirates NBD’s $155mn deal. In the Middle East/Africa region, there were 2 upgrades and 3 downgrades across the major rating agencies. LatAm saw $3.5bn in new issuances last week, compared $3.1bn in the week prior, with Grupo Nutresa raising $2bn via a two-part deal, followed by a $500mn issuance from Caixa Economica Federal. The South American region saw 1 upgrade and 2 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan stood at $3.5bn vs. $4.3bn in the prior week. This was led by Westpac’s €1.5bn issuance, followed by Shinhan Financial’s $500mn deal and Medco’s $400mn issuance. In the APAC region, there were 3 upgrades and 27 downgrades across the three rating agencies last week with most of the downgrades coming from Moody’s on Thailand corporates after its outlook revision to ‘negative’ from ‘stable’
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