US primary market were quiet with no new deals last week vs. $28.2bn a week prior. In North America, there were a total of 28 upgrades and 51 downgrades across the three major rating agencies last week. In South America, there were 16 upgrades and 23 downgrades across the major rating agencies. EU Corporate G3 issuance stood at a mere $4.9bn vs. $33bn a week prior. Issuance volumes were led by DZ Bank’s €1.5bn dual-trancher and KfW’s €1bn tap of its existing 2.5% notes that mature in 2025. Across the European region, there were 26 upgrades and 32 downgrades. The GCC dollar primary bond market saw $119mn in new deals, comprising mainly of QNB Finance’s $100mn private placement. Across the Middle East/Africa region, there were 6 upgrades and 1 downgrade across the major rating agencies. No LatAm deals were seen last week. The APAC ex-Japan G3 region saw $978mn in issuances vs. $7bn raised in the week before that, led by Brambles Finance’s €500mn 8Y Green bond. In the APAC region, there were 1 upgrade and 4 downgrades combined across the three rating agencies last week. No deals were seen in the SGD market.