This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
The Week That Was (8 – 14 July, 2024)
July 15, 2024
US primary market issuances rose to $9.85bn last week after seeing no new issuances in the prior week. IG issuers took up $8.1bn of the total led by Broadcom’s $5bn three-trancher deal and Honda Motor’s $2.15bn issuance. HY issuers accounted for $2bn of the volume with Watco Cos $700mn issuance, followed by $500mn deal each by Resideo Funding and Cinemark USA. In North America, there were a total of 14 upgrades and 17 downgrades across the three major rating agencies last week. US IG funds saw slight outflows of $38.4mn for the week ending July 10 compared to $2.4bn of inflows seen in the prior week. HY funds saw $675.5mn in inflows, reversing the $206.3mn outflows seen a week before this.
EU Corporate G3 issuances recorded a sharp rise in new deals last week to $27.8bn vs. $12.8bn seen in the week prior to it. Santander’s $3.75bn three-trancher deal led the tables, followed by ~€2.05bn deals each by Commerzbank and Zigona Finance. The region saw 37 upgrades and 18 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw $7.75bn in new deals last week compared to $600mn in new issuances in the week prior. Saudi Aramco’s $6bn three-trancher issuance led the tables followed by First Abu Dhabi’s $1.5bn deal in two tranches. In the Middle East/Africa region, there were 4 upgrades and 9 downgrades across the major rating agencies. LatAm saw issuance volumes of only $500mn after seeing no new deals during the prior week, led by Telecom Argentina’s sole deal. The South American region saw 1 upgrade and 2 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $5.7bn vs. $2.6bn in the week prior to it. ANZ’s $2bn deal in two-tranches led the tables, followed by $1bn deals each by China Construction Bank and DL Holdings. NAB also priced an €812mn deal with CMB pricing a $300mn deal. In the APAC region, there were 10 upgrades and 5 downgrades across the three rating agencies last week.
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.