US primary market issuances stood at $37.4bn last week vs. $24.5bn a week prior. IG issuances stood at $29.8bn led by Intel’s $11bn jumbo seven-part deal and NextEra Energy’s $2.4bn two-tranchers each. HY issuances stood at $7.6bn led by Alliant Holdings’ $1.25bn deal and TransDigm’s $1bn deal. In North America, there were a total of 50 upgrades and 57downgrades across the three major rating agencies last week. As per Lipper data, US IG bond funds saw inflows of $2.8bn in the week ending February 8 as compared to two straight weeks of outflows totaling $3.9bn. HY bond funds saw $871.3mn of inflows during the week following the prior week’s $1.28bn in outflows. Looking at CDS spreads, credit spreads have widened during the past week after having been at its tightest levels in over a month during the beginning of last week.

LatAm saw $1.2bn in new deals last week as compared to $3.6bn in deals a week prior with Braskem raising $1bn and a few other smaller deals. In South America, there were 4 upgrades and 10 downgrades across the major rating agencies. EU Corporate G3 issuance stood at $45.6bn vs. a meagre $13.5bn a week prior. Issuance volumes were led by Landesbank Hessen’s €4bn four-trancher and ING’s €4bn issuance. Across the European region, there were 30 upgrades and 23 downgrades. The GCC dollar primary bond market saw $11.1bn in deals last week as compared to just $238mn in deals in the week prior to it. This was led by Saudi PIF’s $5.5bn three-trancher and Greensaif Pipelines $3bn dual-trancher. Across the Middle East/Africa region, there was 1 upgrade and 25 downgrades across the major rating agencies.

APAC ex-Japan G3 issuances saw $4.96bn in issuances vs. $2.3bn in the week before that with KDB raising $2bn via a two-trancher and Temasek’s €1.5bn two-trancher. In the APAC region, there were 9 upgrades and 15 downgrades combined across the three rating agencies last week.

BEV Weekly Bottom Half 13 Feb (1)

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