US primary markets saw $10.3bn in new deals last week as compared to $16.8bn in new deals a week prior to it. Of the deal volumes, IG issuers raised $8.5bn in new issuances led by Walmart that raised $5bn via a five-tranche issuance and American Honda Finance’s $1.5bn two-trancher. HY saw $1.8bn in new deals led by Cleveland Cliffs’ $750mn issuance and Churchill Downs’ $600mn deal. In North America, there were a total of 29 upgrades and 36 downgrades across the three major rating agencies last week. US IG bond funds saw $1.13bn in inflows for the week ended April 12, adding to the $1.79bn in inflows the week prior to it. HY funds saw $234.6mn in inflows adding to the $3.77bn in inflows the week before.
EU Corporate G3 issuance rose to $22.9bn vs. $19.5bn a week prior. Issuance volumes were led by ABN AMRO’s €2.75bn dual-trancher and Credit Agricole’s €1.5bn dual-trancher. Across the European region, there were 26 upgrades and 13 downgrades. The GCC dollar primary bond market saw no new deals vs. $4bn in the week before that. Across the Middle East/Africa region, there were 5 upgrades and no downgrades across the major rating agencies. LatAm saw $844mn in new deals with Banco do Brasil’s $750mn issuance leading the table. This compares to $2.25bn in new deals a week prior to it. The South American region saw 6 upgrades and downgrades each across the rating agencies.
The APAC ex-Japan G3 region saw a drop in issuances to just $520mn vs. $1.25bn in new issuances the week prior to it. There were only two deals with Nickel Industries and Shangrao Investment raising $400mn and $120mn each. In the APAC region, there were 2 upgrades and 8 downgrades combined across the three rating agencies last week.