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US primary market new deals dropped sharply last week to $3.8bn vs. $16.7bn a week prior. IG deals took the majority of volumes with $3.2bn in deals led by Charles Schwab’s $2.35bn two-trancher and Prudential Insurance’s $500mn deal. There were no HY deals last week. In North America, there were a total of 34 upgrades and 42 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $983.7mn, adding to the $575mn in outflows seen during the prior week. For the same period, HY funds saw $1.17bn in outflows, adding to the $1.09bn in outflows seen in the week prior.
EU Corporate G3 issuances jumped to $21.9bn vs. $6.9bn a week prior. Issuance volumes were led by KfW’s €4bn deal and Intesa Sanpaolo’s €2.25bn two-trancher issuance. The GCC dollar primary bond market saw no new deals for a fifth straight week. Across the Middle East/Africa region, there was 1 upgrade and downgrade each across the major rating agencies. LatAm saw no new deals last week vs. $789mn in deals the prior week. The South American region saw 1 upgrade and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were at $2.7bn vs. $2.0bn a week prior to it led by BOCOM’s $500mn deal, followed by China Zheiang’s $200mn deal and CMB International’s $100n issuance. In the APAC region, there were 7 upgrades and 6 downgrades each across the three rating agencies last week.