US primary markets saw $29bn in new deals last week as compared to $10.3bn in new deals a week prior to it. Of the deal volumes, IG issuers raised $26.9bn in new issuances led by three big US banks – BofA raised $8.5bn via a two-part deal, Morgan Stanley that raised $7.5bn via a three-tranche deal and Wells Fargo raised $3.75bn. HY saw $2bn in new deals with CSC Holdings raising $1bn and Clarios raising $750mn. In North America, there were a total of 24 upgrades and 28 downgrades across the three major rating agencies last week. US IG bond funds saw $1.14bn in inflows for the week ended April 19, adding to the $1.13bn in inflows the week prior to it. HY funds saw $3.1bn in inflows adding to the $234.6mn in inflows the week before, a third straight week of inflows.
EU Corporate G3 issuance rose to $31.3bn vs. $22.9bn a week prior. Issuance volumes were led by KfW’s $bn issuance followed by Santander’s €1.25bn deal and CK Hutch’s $1.25bn dual-trancher. Across the European region, there were 26 upgrades and 13 downgrades. The GCC dollar primary bond market saw $2bn in new deals vs. no new deals the week before that. This was led by TAQA’s $1.5bn two-trancher and Damac Real Estate’s $400mn deal. Across the Middle East/Africa region, there were 40 upgrades and 18 downgrades across the major rating agencies. LatAm saw $2.1bn in new deals with Mexico’s $1.35bn issuance leading the table. This compares to just $844mn in new deals a week prior to it. The South American region saw no upgrades and 5 downgrades each across the rating agencies.
The APAC ex-Japan G3 region saw an increase in issuances to $3.3bn vs. $520mn in the week prior to it. The deal volumes were led by Sydney Airport’s €1bn and TransUrban’s €700mn deals. Besides, Kookmin Bank raised $500mn while Pertamina Geothermal and ReNew Energy raised $400mn each via green bonds. In the APAC region, there was 1 upgrades and 5 downgrades combined across the three rating agencies last week.
