US primary markets saw $14bn in new deals last week as compared to $29bn in new deals a week prior to it. Of the deal volumes, IG issuers raised $11.2bn in new issuances led by Enterprise Holdings’ $3bn three-trancher and American Express’s $2.5bn dual-trancher. HY saw $1.4bn in new deals with Six Flags Entertainment and Trident TPI raising $800mn and $600mn respectively. In North America, there were a total of 33 upgrades and 45 downgrades across the three major rating agencies last week. US IG bond funds saw $1.32bn in outflows for the week ended April 26, reversing the $1.14bn in inflows seen in the week prior to it. HY funds saw $594mn in inflows adding to the $3.1bn in inflows the week before, a fourth straight week of inflows.

EU Corporate G3 issuance fell to $26.7bn vs. $31.3bn a week prior. Issuance volumes were led by KfW and FCR Zephyr’s $2bn two-tranchers each and Volkswagen’s $1.5bn dual-trancher. Across the European region, there were 36 upgrades and 12 downgrades. The GCC dollar primary bond market saw no new deals last week vs. $2bn in new deals the week before that. Across the Middle East/Africa region, there were 2 upgrades and 3 downgrades across the major rating agencies. LatAm saw $625mn in new deals with Empresa Nacional’s $500mn deal and Aluar Aluminio’s $100mn issuance leading the table. This compares to $2.1bn in new deals a week prior to it. The South American region saw 9 upgrades and 4 downgrades each across the rating agencies.

Issuance volumes from the APAC ex-Japan G3 region were flat with $3.3bn in deals similar to the week prior to it. The deal volumes were led by SBI’s $700mn issuance followed by Hana Bank’s €650mn issuance, Telestra’s €552mn deal and BOC Aviation’s $500mn deal. In the APAC region, there was 15 upgrades and 2 downgrades combined across the three rating agencies last week.

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