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Bond Market News
The Week That Was (9 -16, October 2023)
October 16, 2023
US primary market new deals were higher last week at $12bn vs. $7.35bn a week prior with IG deals at $8.4bn led by Energy Transfer’s $4bn and JM Smucker’s $3.5bn four-tranchers each. HY issuances stood at $3.3bn led by Civitas’ $2bn two-trancher and NCL Corp’s $790mn deal. In North America, there were a total of 14 upgrades and 54 downgrades across the three major rating agencies last week. US IG bond funds saw inflows of $1.13bn for the week ended October 11, reversing outflows of $4.7bn seen during the prior week. For the same period however, HY funds saw outflows of $2.45bn, adding to the $2.6bn in outflows seen in the week prior. Bloomberg reports that money-market fund assets fell from a record over the past week, led by outflows from the institutional- government sector. About $1.57mn exited US money-market funds during the week ended October 11, the first outflow in three weeks, with total assets down to $5.706tn from $5.708tn the week prior.
EU Corporate G3 issuances rose to $23.5bn vs $12.97bn a week prior. Issuance volumes were led by KfW’s $4bn issuance and BPCE’s $4bn four-trancher and Credit Agricole’s 1bn issuances. The region saw 11 upgrades and 15 downgrades across the three major rating agencies. The GCC dollar primary bond market saw no deals after $1.05bn in deals a week prior. Across the Middle East/Africa region, there were 11 upgrades and 5 downgrades across the major rating agencies. LatAm saw no new deals after $2.5bn in issuances a week ago. The South American region saw 1 upgrade and 3 downgrades each across the rating agencies.
G3 issuance volumes from APAC ex-Japan were at $1.6bn vs. $1.05bn a week prior to it with Macquarie Bank’s 600mn deal and Shinhan Bank’s $500mn deals leading the table, followed by BOC Luxembourg’s 300mn issuance. In the APAC region, there were 5 upgrades and 3 downgrades each across the three rating agencies last week.
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