US primary market issuances totaled $40.3bn vs. $27.4bn in the prior week. The jump in new deals was primarily due to IG issuances of $36bn last week vs. $17.1bn in the week prior to that while HY issuances were at $3.4bn vs. $5.3bn in the week prior. The IG space was dominated by banking majors that collectively raise $32.15bn led by Goldman Sachs’ jumbo $12bn six-trancher followed by Morgan Stanley’s $6bn and Citi’s $5.5bn three-tranchers each. In the HY space, CHS raised $1.54bn followed by Ryan Specialty’s $400mn deal. In North America, there were a total of 15 upgrades and 7 downgrades combined across the three major rating agencies last week. LatAm saw $2bn vs. $5.3bn in issuances in the week prior led by Central American Bottling raising $1.1bn and Paraguay raising $500.6mn. In South America, there were 2 upgrades and 1 downgrade across the major rating agencies. EU Corporate G3 issuances were lower at $29.3bn vs. a massive $62bn in the week before, led by BPCE’s $2bn two-trancher and Banco Santander’s $1.5bn deals. Across the European region, there were 10 upgrades and 23 downgrades across the three major rating agencies. GCC G3 saw no issuances last week as vs. $4bn in the week prior. Across the Middle East/Africa region, there were 8 upgrades and 3 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances stood at $6.8bn vs. $12.2bn led by Bank of New Zealand’s $1.5bn triple-trancher and ICBC Financial Leasing’s $1.2bn dual-trancher followed by Greentown China and Shinhan Card raising $400mn each. In the APAC region, there was 1 upgrade and 14 downgrades combined across the three major rating agencies last week.
