US primary market issuances stood at $27.7bn last week vs. $19.4bn a week prior. IG issuances stood at $23.2bn led by US Bancorp’s $3.65bn and Truist Financial’s $3bn two-trancher issuances each. HY issuances stood at $2.9bn led by Caesar Entertainment’s $2bn issuance and Cooper Standard’s 580mn deals. In North America, there were a total of 25 upgrades and 29 downgrades across the three major rating agencies last week. As per Lipper data, US IG bond funds saw inflows of $3.3bn for the week ended January 25, following $3bn of inflows in the week prior. HY bond funds saw $1.3bn of outflows in the week ending January 25.

LatAm saw $2.74bn in new deals last week as compared to no deals a week prior with Colombia raising the chunk with a $2.2bn issuance. In South America, there were no upgrades and 6 downgrades across the major rating agencies. EU Corporate G3 issuance stood at $25.3bn vs. $28.3bn a week prior. Issuance volumes were led by Landesbank Hessen’s $1.5bn two-trancher and La Banque Postale’s $1.25bn issuance. Across the European region, there were 13 upgrades and 24 downgrades. The GCC G3 primary bond market saw no major deals last week vs. $665mn in deals in the week prior to it. Across the Middle East/Africa region, there was 1 upgrade and 6 downgrades across the major rating agencies.

APAC ex-Japan G3 issuances saw $2.2bn in issuances vs. $600mn in the week before that with NAB and ANZ raising €1.5bn and $600mn each. In the APAC region, there were 4 upgrades and 14 downgrades combined across the three rating agencies last week.

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