US primary market issuances were flat at $6.9bn vs. $6.96bn in the week prior, with IG issuances taking the entire deal volumes led by Morgan Stanley’s $6.5bn three-trancher alongside its earnings release. In North America, there were a total of 18 upgrades and 39 downgrades across the three major rating agencies last week. As per Lipper data, US IG funds saw a massive $4.36bn in outflows in the week ended October 12, an eighth straight week of outflows. On the other hand, HY funds saw $712mn in outflows. LatAm saw $1.15bn in deals last week vs nil issuances in the week prior with LatAm Airlines being the sole issuer. In South America, there were no upgrades and 7 downgrades across the major rating agencies. EU Corporate G3 issuance fell to $11.8bn vs. $21.5bn one week prior – Vattenfall’s €1.65bn triple-trancher and Landesbank’s €1bn issuances led the table. Across the European region, there were 16 upgrades and 35 downgrades. The GCC G3 primary bond market saw no issuances last week vs. $4bn in deals in the week prior. Across the Middle East/Africa region, there were 17 upgrades and 2 downgrade across the three major rating agencies. APAC ex-Japan G3 issuances were at $2.1bn vs. $3.1bn in the week prior led by Commonwealth Bank’s ~$1.3bn dual-currency issuance and Syngenta’s $500mn deal. In the APAC region, there were 5 upgrades and 12 downgrades combined across the three rating agencies last week.

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