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US primary markets continued to stay busy, with $27.9bn in new deals last week vs. $34.4bn a week prior to that. IG issuers racked up $23.7bn in deals led by Energy Transfer and T-Mobile’s $3bn three-part issuances each. HY issuers accounted for $4.2bn of the volume with Hilton raising $900mn and Alliant’s $700mn deal. In North America, there were a total of 29 upgrades and 18 downgrades across the three major rating agencies last week. US IG funds saw $838mn in inflows for the week ending January 10, adding to the $1.64bn seen a week before that. HY funds saw $523mn in inflows as compared to $438mn in outflows during the same period.
EU Corporate G3 issuances recorded $67.3bn in new deals for a second consecutive week. The largest deals were by SocGen that raised $5bn via a five-trancher and KfW’s $5bn issuance, followed by ABN AMRO’s $3.25bn two-part deal and BPCE’s $2.55bn three-trancher. The region saw 13 upgrades and 15 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $13.9bn in new deals after no deals in the first week. This was led by Saudi Arabia’s $12bn four-trancher, KFH’s $1bn sukuk and FAB’s $800mn deal. Across the Middle East/Africa region, there were no upgrades nor downgrades across the major rating agencies. LatAm saw $3bn in new deals vs.$10.2bn in the first week with Ecopetrol raising $1.85bn, followed by YPF’s $800mn deal. The South American region saw 1 upgrade and 5 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $7.6bn last week vs. $9.3bn a week prior to it, led by ANZ’s $2bn and SK Hynix’s $1.5bn two-tranchers each, followed by CICC’s $770mn deal and SBI’s $500mn issuance. In the APAC region, there were 3 upgrade and 4 downgrades across the three rating agencies last week.