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US primary market issuances surged to $40.1bn vs $6.4bn in the previous week. IG issuances stood at $39.2bn vs $6.4bn in the week prior, led by BofA and Wells Fargo, raising $10bn and $7.25bn respectively through three tranche deals. In the HY space, issuances increased to $760mn from no issuances in the week prior, led by Camelot Return Merger Sub raising $710mn. In North America, there were a total of 51 upgrades and 43 downgrades across the three major rating agencies last week. Exits from US IG funds continued with $3.31bn in outflows the week ended July 22 as per Lipper data, extending the longest losing streak on record to seventeen straight weeks. HY funds also saw a $885.1mn exit. Latam issuances sharply increased last week to $1.2bn vs $3.2mn in the week prior, led by America Movil who raised $750mn, followed by Banco Safra who raised $450mn through a dual trancher. In South America, there were 9 upgrades and 9 downgrades across the major rating agencies. EU Corporate G3 issuance stood at about $9bn vs $8.9bn in the week prior – Commerzbank raised $2bn to lead the table, followed by KfW and LBBW who both raised $1bn. Across the European region, there were 26 upgrades and 39 downgrades across the three major rating agencies. The GCC G3 region issuances dropped marginally, seeing $7.25mn come from a single deal by Mashreqbank compared to $20mn in the week prior. Across the Middle East/Africa region, there were 2 upgrades and 6 downgrades across the three major rating agencies. APAC ex-Japan G3 region issuances rose to $5bn vs $1.3bn in the week prior – Lenovo raised $1.25bn in a dual trancher, followed by TSMC and Zhangzhou Jiulongjiang Group raising $1bn each in dual tranchers also. In the APAC region, there was 1 upgrade and 15 downgrades combined across the three rating agencies last week.