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Bond Market News
The Week That Was (6 – 12 January, 2025)
January 13, 2025
US primary market issuances stood at $34.5bn vs. $12.8bn in the previous week, to begin the year. IG issuers took up $29.5bn of the total, led by Broadcom’s $3bn three-trancher and CRH’s $2.5bn two-part deals each. HY issuances stood at $3.7bn with NCL Corp’s $1.8bn issuance and Novelis’ $750mn deal leading the tables. In North America, there were a total of 11 upgrades and 18 downgrades each, across the three major rating agencies last week. US IG funds saw $3.04bn in inflows during the week ended January 8, reversing $586mn in outflows seen during the week before that. US HY funds saw $27.5mn in outflows during the same period, adding to the $392mn outflows seen during the week before that.
EU Corporate G3 issuances stood at $70.7 vs. $6.4bn in the prior week. KfW’s €9bn two-tranche issuance led the tables, followed by BNP Paribas and BPCE raising €4.94bn and €3.5bn via multicurrency deals. The region saw 2 upgrades and 10 downgrades each, across the three major rating agencies. The GCC dollar primary bond market saw $15.4bn in new issuances last week to begin the year, led by Saudi Arabia’s $12bn three-trancher and $1bn deals by KFH and Aldar. In the Middle East/Africa region, there was 1 upgrade and no downgrades across the major rating agencies. LatAm saw $12.7bn in new issuances last week, to begin the year, led by Mexico’s $8.5bn three-trancher and Chile’s $1.6bn issuance. The South American region saw 2 upgrades and 6 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan saw $20.3bn in issuances last week vs. $150mn in the week prior. This was led by AAHK’s $4.15bn and NAB’s $2.75bn three-tranchers each, followed by Indonesia’s $2.55bn multicurrency deal and KEXIM’s $2.5bn three-part deal. In the APAC region, there were 3 upgrades and no downgrades, across the three rating agencies last week.
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