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Bond Market News
The Week That Was (6 – 12 May, 2024)
May 13, 2024
US primary markets were muted last week, with new deals at $55.7bn vs. $20.5bn seen a week before. IG issuers racked up $40.7bn of the total led by CVS Health’s $5bn five-trancher and Charter Communications’ $3bn two-trancher. HY issuers accounted for $15.3bn of the volume with Block Inc. raising $2bn and Cloud Software’s $1.8bn leading the tables. In North America, there were a total of 61 upgrades and 55 downgrades across the three major rating agencies last week. US IG funds saw inflows of $931mn for the week ending May 8, adding to the $811.6mn inflows seen the week before this. HY funds saw a $392mn in inflows during the same period, after investors added $197mn into junk bond funds a week prior.
EU Corporate G3 issuances recorded $28.3bn in new deals, higher than the $18.2bn seen in the week prior to it. The largest deals were led by HSBC $3.25bn two-tranche TLAC issuance and StanChart’s $3bn three-trancher.. The region saw 23 upgrades and 26 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $2.2bn in new deals last week after $2.7bn in issuances a week prior to it. Al Rajhi Bank raised $1bn, while Aldar and Saudi Electricity raised $500mn each to lead the volumes. In the Middle East/Africa region, there were 6 upgrades and 2 downgrades across the major rating agencies. LatAm saw $750mn in new deals, unchanged from a week ago, led by Karoon’s $350mn issuance and Aenza’s $210mn deal. The South American region saw no upgrades and 1 downgrade across the rating agencies
G3 issuance volumes from APAC ex-Japan stood at $8.9bn vs. $1.1bn in the week prior to it. This was led by Westpac’s $3bn four-trancher and Philippines’ $2bn two-trancher. In the APAC region, there were 10 upgrades and 6 downgrades across the three rating agencies last week.
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