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US primary markets continued to stay active, with new deals at $55.3bn vs. $37.7bn seen a week before this. IG issuers racked up $52.8bn in deals with AbbVie’s $15bn and Cisco’s $13.5bn seven-part deals leading the tables. HY issuers accounted for just $2.3bn of the volume with Royal Caribbean Cruises’ $1.25bn issuance and EQN Midstream’s $600mn leading the tables. In North America, there were a total of 63 upgrades and 30 downgrades across the three major rating agencies last week. US IG funds saw $2.3bn in inflows for the week ending February 21, adding to the $2.3bn seen a week before that. HY funds saw $10.9mn in inflows during the same period, reversing the $89mn in outflows seen a week prior.
EU Corporate G3 issuances recorded $28.7bn in new deals, slightly lower than the $30.2bn seen in the week prior to it. The largest deals were led by KfW’s $4bn two-part deal and Astrazeneca’s $3.5bn three-part deals leading the tables. The region saw 18 upgrades and 35 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $2bn in new deals with FAB and Saudi National Bank raising $850mn each, after seeing $100mn in deals a week prior to it. Across the Middle East/Africa region, there were 3 upgrades and downgrades each across the major rating agencies. LatAm saw $3.7bn in new deals after no new deals a week ago. This was solely led by Panama’s $3.1bn three-trancher. The South American region saw 1 upgrade and downgrade across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $3.1bn last week vs. $100mn a week prior to it with Westpac raising $1.5bn via a two-trancher, KHFC’s $500mn deal and Shinhan Card’s $300mn issuance leading the tables. In the APAC region, there were 6 upgrades and 2 downgrades across the three rating agencies last week.