US primary market issuances saw an increase in new bond deals to $6.96bn vs. $1.7bn in the week prior. Of this, IG issuances stood at $6.65bn, led by General Motor’s $1.25bn deal and Cargill’s $1.25bn two-trancher. In North America, there were a total of 21 upgrades and 40 downgrades across the three major rating agencies last week. As per Lipper data, US IG funds saw a massive $3.54bn in outflows in the week ended October 5, a seventh straight week of outflows. On the other hand, HY funds saw $1.87bn in outflows. LatAm saw nil issuances last week. In South America, there was 1 upgrade and 2 downgrades across the major rating agencies. EU Corporate G3 issuance rose to $21.5bn vs. $13.8bn one week prior – Enel’s $3bn three-trancher and Caisse de Refinancement’s €1.8bn deal led the tables. Across the European region, there were 15 upgrades and 53 downgrades. The GCC G3 primary bond market saw $4bn in deals led by Saudi PIF’s $3bn three-trancher and First Abu Dhabi’s $700mn deals after two consecutive weeks of no deals. Across the Middle East/Africa region, there were 5 upgrades and 1 downgrade across the three major rating agencies. APAC ex-Japan G3 issuances were at $3.1bn vs. $1bn in the week prior led by Philippines’ $2bn three-trancher and DBS’s €750mn deals. In the APAC region, there was 1 upgrade and 13 downgrades combined across the three rating agencies last week.