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Bond Market News
The Week That Was (30 Oct – 05 Nov, 2022)
November 6, 2023
US primary market new deals jumped higher last week at $25.7bn vs. $9.9bn a week prior with IG deals at $23.9bn led by Morgan Stanley’s $6bn and Bristol-Myers raising $4.5bn via four-tranchers respectively. HY issuances stood at $1.6bn with a Hill Corp and Navient raising $600mn and $500 each. In North America, there were a total of 32 upgrades and 70 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $2.76bn, adding to outflows of $1.79bn for the week ended November 1. For the same period, HY funds saw outflows of $953mn, adding to the $942mn in outflows seen in the week prior.
EU Corporate G3 issuances were at $12.4bn vs. $11.3bn a week prior. Issuance volumes were led by Santander raising $3.75bn and StanChart raising $1.9bn via three-part deals each. The region saw 17 upgrades and 21 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $400mn in new deals after $500mn in deals a week prior, with Ittihad International raising $350mn. Across the Middle East/Africa region, there were 7 upgrades and 13 downgrades across the major rating agencies. LatAm saw $1.8bn in new deals after $1.5bn in deals a week earlier, with Bimbo Bakeries raising $1bn via a two-trancher and Sociedad Quimica’s $750mn deal. The South American region saw 9 upgrades and 14 downgrades each across the rating agencies.
G3 issuance volumes from APAC ex-Japan more than doubled to $1.4bn vs. $607mn a week prior to it led by APA Infrastructure raising €500mn, followed by BOC Aviation’s $500mn and Korea Investment’s $400mn deals. In the APAC region, there were 24 upgrades and 17 downgrades each across the three rating agencies last week.
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