US primary markets issuances totaled $27.4bn vs. $29bn in the prior week. IG issuances were at $17.1bn last week vs. $22.8bn in the week prior to that and HY issuances were at $5.3bn vs. $4.1bn in the week prior. The IG space was led Toyota’s $3bn five-trancher followed by BP Capital Markets America raising $2bn. In the HY space, CCO Holdings raised $1.2bn and Commerical Metals Co. raised $600mn via a two-trancher. In North America, there were a total of 23 upgrades and 11 downgrades combined across the three major rating agencies last week. LatAm saw $5.3bn vs. $5bn in issuances in the week prior led with Panama’s $2.5bn two-trancher, Compania Cervecerias Unidas’ and Acu Petroleo Luxemboug’s $600mn deals each. In South America, there were 3 upgrades and no downgrades across the major rating agencies. EU Corporate G3 issuances were at a massive $62bn vs. $40bn in the week before that, led by KfW’s $5bn issuance, SocGen’s $3.3bn three-trancher, Deutsche Bank’s $3bn deal and BNP Paribas’ $3bn two-trancher. Across the European region, there were 3 upgrades and 8 downgrades across the three major rating agencies. GCC G3 issuances were at $4bn vs. $420mn last week with EIG Pearl Holdings’ $2.5bn dual-trancher and SNB Sukuk’s $750mn deal. Across the Middle East/Africa region, there were no upgrades and 11 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances stood at $12.2bn vs. $17.8bn. China Construction Bank raised $2bn followed by KNOC’s $1.5bn triple-trancher and AgBank’s $700mn two-trancher. Other deals included Singapore Airlines’ $600mn issuance and Indian issuers with IRFC’s $500mn deal, Shriram Transport’s $475mn social bond and JSW Infra’s $400mn issuance. In the Asia ex-Japan region, there were no upgrades and 15 downgrades combined across the three major rating agencies last week.
The Week That Was (10th – 17th Jan)
