This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
US primary market new deals were higher last week at $34.4bn vs. $22.7bn in deals a week prior. IG deals took the majority of volumes with $29.2bn in deals led by ONEOK’s $5.25bn five-trancher and Celanese’s $3bn three-part deal. HY issuers contributed to $5.1bn in volumes led by TransDigm’s $1.45bn and Clear Channel’s $750mn deals. In North America, there were a total of 34 upgrades and downgrades each, across the three major rating agencies last week. US IG bond funds saw inflows of $217mn for the week ended August 9, reversing the $1.77bn in outflows during the prior week. For the same period, HY funds saw $559.1mn in outflows, adding to the $1bn in outflows seen in the week prior.
EU Corporate G3 issuances dropped to $12.6bn vs. $17.4bn a week prior. Issuance volumes were led by HSBC’s $3bn two-tranche TLAC deal, BMW’s $3bn four-part deal and BNP Paribas’ $1.5bn PerpNC5 issuance. Across the European region, there were 18 upgrades and 12 downgrades. The GCC dollar primary bond market saw no new deals for a third straight week. Across the Middle East/Africa region, there were 5 upgrades and 8 downgrades each across the major rating agencies. LatAm saw $260mn in new deals last week led by Promerica’s $225mn issuance after seeing no new deals in the week prior. The South American region saw 11 upgrades and no downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were higher at $3.8bn vs. $2.2bn a week prior to it. Deal volumes were led by China Life Insurance’s $2bn deal, followed by ANZ NZ’s $1bn issuance and Linyi City Construction’s $310mn deal. In the APAC region, there were 7 upgrades and 9 downgrades each across the three rating agencies last week.