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US primary market new deals were lower last week at $16.7bn vs. $34.4bn in deals a week prior. IG deals took the majority of volumes with $13.8bn in deals led by Bank of America’s $5bn four-trancher and Fiserv’s $2bn two-part deal. HY issuers contributed to $2.9bn in volumes led by Tenneco’s $1.9bn deal. In North America, there were a total of 28 upgrades and 85 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $575mn, reversing the $217mn in inflows during the prior week. For the same period, HY funds saw $1.09bn in outflows, adding to the $559.1mn in outflows seen in the week prior.
EU Corporate G3 issuances dropped to $6.9bn vs. $12.6bn a week prior. Issuance volumes were led by Deutsche Bank’s $919mn 3Y deal. Across the European region, there were 25 upgrades and 8 downgrades. The GCC dollar primary bond market saw no new deals for a fourth straight week. Across the Middle East/Africa region, there were 2 upgrades and downgrades each across the major rating agencies. LatAm saw $789mn in new deals last week, an increase from the $260mn in deals the prior week, led by Chile Electricity Lux’s $784mn issuance. The South American region saw 5 upgrades and 4 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were lower at $2.0bn vs. $3.8bn a week prior to it. Deal volumes were led by Lloyds’ S$500mn Tier 2 deal, followed by Continuum Energy Aura’s $435mn issuance and Toyota Finance Australia’s $415mn deal. In the APAC region, there were 5 upgrades and 8 downgrades each across the three rating agencies last week.