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US primary markets were muted again last week, with new deals at $36.9bn, double the $18bn seen a week before. IG issuers racked up $29.6bn of the total with big banks dominating the tables post their earnings – JPMorgan and Morgan Stanley raised $9bn and $8bn via four-tranchers each, followed by Goldman Sachs and Wells Fargo’s $5bn and $4.25bn two-tranchers each. HY issuers accounted for $5.9bn of the volume with Six Flags’ $1.7bn two-trancher and Jane Street’s $1.4bn issuances leading the tables. In North America, there were a total of 49 upgrades and 40 downgrades across the three major rating agencies last week. US IG funds saw inflows of only $170mn for the week ending April 17, adding to the $3.2bn inflows seen the week before this. Investors withdrew $3.75 billion from junk bond funds during the same period, adding to the outflows of $476mn seen a week prior.
EU Corporate G3 issuances recorded $37.1bn in new deals, higher than the $28.1bn seen in the week prior to it. The largest deals were led by EDF’s $6.5bn issuance, ING Bank’s €4bn two-part deal and KfW’s €3bn issuance. The region saw 36 upgrades and 23 downgrades each across the three major rating agencies. The GCC dollar primary bond market saw only $150mn in new deals last week after no issuances a week prior to it, of which SNB raised $100mn. In the Middle East/Africa region, there were 6 upgrades and 2 downgrades across the major rating agencies. LatAm saw no new deals after $1.5bn in deals a week ago. The South American region saw 6 upgrades and no downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $4bn vs. $5.3bn in the week prior to it. This was led by LG Electronics’ $800mn and KEB Hana’s $600mn dual-tranchers each, followed by Yinson Production, Puma Energy and Hyundai Card’s $500mn issuances each. In the APAC region, there were 5 upgrades and 12 downgrades across the three rating agencies last week.