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Bond Market News
The Week That Was (Aug 26 – Sep 01, 2024)
September 2, 2024
US primary market issuances dropped significantly to just $949.7mn last week vs. $21.9bn in the week prior to it. IG issuers took up $839.7mn of the total, led by $300mn deal each by New York Life Insurance and Associated Banc Corp, followed by EverBank Financials’ deal of $150mn. Last week saw no HY issuances from the region. In North America, there were a total of 20 upgrades and 30 downgrades across the three major rating agencies last week. US IG funds saw $1.76bn of inflows for the week ending August 28, reversing the outflows of $373.9mn in the week prior to it. HY funds saw $1.3bn in inflows, adding to the $1.9bn inflows seen in the week before this.
EU Corporate G3 issuances jumped higher last week to $31.2bn vs. $21.7bn in the week prior to it. ING Groep’s €2.75bn deal led the tables, followed by Essilor Luxottica’s €2bn deal. The region saw 27 upgrades and 6 downgrades, across the three major rating agencies. The GCC dollar primary bond market saw total issuances of $750mn led solely by Equate Petrochemical KSC’s deal, compared to $570mn issuance in the week prior to it. In the Middle East/Africa region, there were 5 upgrades and 4 downgrades across the major rating agencies. LatAm saw no issuance last week after seeing $812mn in new deals in the prior week. The South American region saw 2 upgrades and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $5.5bn vs. $3.2bn in the week prior to it. Philippines’ $2.5bn three-trancher deal led the table, followed by Khazanah’s $1bn dual-trancher and Far East Horizon’s $550mn deal. In the APAC region, there were 20 upgrades and 12 downgrades across the three rating agencies last week.
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