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US primary market new deals jumped last week to $27.2bn vs. $11.6bn a week prior with IG issuers taking $19.2bn in deals led by JPMorgan, General Motors and Well Fargo $3.75bn, $3bn and $2.75bn via two or three-tranchers each. HY issuers saw $7.9bn in deals led by Alliant Holdings and NextEra Energy raising $750mn each followed by Univision Communications’ $700mn deals. In North America, there were a total of 28 upgrades and 77 downgrades across the three major rating agencies last week. US IG funds saw $633.33mn in inflows for the week ending December 6 after seeing $325mn in outflows a week prior to it. HY funds saw $2.05bn in inflows last week, adding to the $296bn seen a week earlier to it.
EU Corporate G3 issuances fell to $15.4bn vs. $19.9bn with issuance volumes led by SocGen’s €1bn deal, UniCredit’s €700mn deal and iliad’s €600mn issuance. The region saw 34 upgrades and 46 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $150mn in new deals after the prior week saw no new deals last week. Sharjah’s $150mn sukuk issuance was the sole deal. Across the Middle East/Africa region, there were 6 upgrades and downgrades each across the major rating agencies. LatAm saw no new deals after $514mn in new issuances a week prior to it. The South American region saw 5 upgrades and 1 downgrade each across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $962mn vs. $5.34bn a week prior to it led by Guangzhou Development’s $500mn deal, followed by NAB’s €150mn deal and Changxing Urban’s $150mn issuance. In the APAC region, there were 7 upgrades and 12 downgrades each across the three rating agencies last week.