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US primary markets were again muted last week, with new deals at $18bn vs. $11.6bn seen a week before this. IG issuers racked up $11bn of the total with GM Financial’s $2.5bn two-trancher and Adobe’s $2bn three-trancher leading the table. HY issuers accounted for $5.6bn of the volume with GEO Group raising $2.55bn via a four-trancher, followed by Genessee & Wyoming’s $1bn issuance, leading the tables. In North America, there were a total of 31 upgrades and 35 downgrades across the three major rating agencies last week. US IG funds saw inflows of $4.26b for the week ending April 3, adding to the $1.9bn inflows seen the week before this. HY funds saw outflow of $259.1mn during the same period, reversing the inflows of $603mn seen a week prior.
EU Corporate G3 issuances recorded $19.1bn in new deals, much lower than the $34.5bn seen in the week prior to it. The largest deals were led by TotalEnergies’ $4.25bn three-part deal, followed by Engie SA’s $1.5bn deal two-trancher. The region saw 29 upgrades and 26 downgrades across the three major rating agencies. The GCC dollar primary bond market saw a solo $125mn issuance by Sharjah vs. $1.75bn in new deals in a week prior to it. In the Middle East/Africa region, there were 7 upgrades and 27 downgrades each across the major rating agencies. LatAm saw $2.9bn in new deals after $950mn in deals a week ago. Colombia $1.3bn two-part deal and Nexa Resources’ $600mn issuance led the table. The South American region saw 6 upgrades and 7 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at only $115mn vs. $9.5bn in the week prior to it wit a solo issuance by CDB Leasing. In the APAC region, there were 3 upgrades and 12 downgrades across the three rating agencies last week