US primary market issuances rose last week to $22.1bn vs. $19.9bn in the week prior. IG issuances stood at $16.4bn vs. 18.5bn in the week prior, led by Amgen’s $3bn three-trancher and Goldman Sachs’ $2.5bn deal. In the HY space, there were new bond deals worth $5.2bn vs. $1.45bn in the week prior, led by Ford Motor raising $1.75bn and Royal Caribbean Cruises’ $1.25bn deal. In North America, there were a total of 28 upgrades and 42 downgrades across the three major rating agencies last week. As per Lipper data, inflows into US IG funds continued for the third week in a row with $3.48bn of additions in the week ended 19 August. HY funds too posted additions, with inflows of $1.46bn. In the LatAm region, there was a drop in new issuances to $340mn vs. $2.6bn in the week prior, led by Banco Saffra raising $240mn. In South America, there were no upgrades nor downgrades across the major rating agencies. EU Corporate G3 issuance rose to $32bn vs. $15.5bn one week prior – KfW raised €5bn followed by Palladium Global’s $3.25bn deal and Credit Suisse raising $2.5bn via a two-trancher. Across the European region, there were 23 upgrades and 43 downgrades. The GCC G3 primary bond market had no major issuances last week, making it the sixth consecutive week of no new bond deals. Across the Middle East/Africa region, there were 2 upgrades and 7 downgrades across the three major rating agencies. APAC ex-Japan G3 region issuances dropped to $200mn vs. $768mn in the week prior with Changde Urban Construction alone raising the amount. In the APAC region, there was 1 upgrade and 7 downgrades combined across the three rating agencies last week.