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US primary market new deals were significantly higher last week at $30bn vs. $12bn a week prior with IG deals at $25.9bn led by large US banks – JPMorgan raised $7.25bn via a thee-trancher followed by Wells Fargo and Goldman Sachs that raised $6bn and $4bn respectively via a two-tranche issuances each. HY issuances stood at $4bn with Venture Global being the sole issue via a two-trancher. In North America, there were a total of 35 upgrades and 27 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $2.31bn, reversing inflows of $1.13bn for the week ended October 18. For the same period, HY funds saw outflows of $1.92bn, adding to the $2.6bn in outflows seen in the week prior.
EU Corporate G3 issuances dropped to just $13.3bn vs. $23.5bn a week prior. Issuance volumes were led by BNP Paribas Fortis, Nordea Mortgage Bank and KfW raising €1bn each. The region saw 24 upgrades and 14 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $3.5bn in new deals after no deals a week prior. Deal volumes were solely from PIF’s dual-tranche issuance. Across the Middle East/Africa region, there were 6 upgrades and 5 downgrades across the major rating agencies. LatAm saw no major deals for a second consecutive week. The South American region saw 6 upgrades and downgrades each across the rating agencies.
G3 issuance volumes from APAC ex-Japan were 3.75x higher at $6bn vs. $1.6bn a week prior to it with KDB raising $2bn via a four-part deal, followed by ICBC’s ~$1.82bn multi-currency three-trancher via its different branches. In the APAC region, there were 5 upgrades and 10 downgrades each across the three rating agencies last week.