US primary market issuances slowed to $9bn vs. $40.3bn in the prior week. The drop in new deals came on the back of risk-off market sentiment earlier last week on anticipation of a hawkish stance in the FOMC meeting, where Powell indicated a possibility of more rate hikes than previously forecasted. IG issuances were at only $3.7bn vs. $36bn in the week prior to that while HY issuances were at $5.3bn vs. $3.4bn in the week prior. The IG space was led by P&G’s $1.85bn followed by BofA’s $700mn issuance. In the HY space, Minerva Merger Sub Inc. raised $2.35bn followed by Bausch Health’s $1bn deal. In North America, there were a total of 18 upgrades and 14 downgrades combined across the three major rating agencies last week. LatAm saw $5.3bn vs. $2bn in issuances in the week prior led by Chile’s $4bn sustainability three-trancher and CT Trust’s $900mn deal. In South America, there were no upgrades and 18 downgrade across the major rating agencies. EU Corporate G3 issuances were lower at $17.3bn vs. $29.3bn in the week before, led by KfW’s €5bn issuance, Volkswagen’s €2bn two-trancher and SocGen’s €1.25bn deal. Across the European region, there were 10 upgrades and 9 downgrades across the three major rating agencies. GCC G3 issuance were at a mere $170mn last week vs. $4bn in the week prior with Abu Dhabi Commercial Bank being the sole issuer. Across the Middle East/Africa region, there were no upgrades and 8 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances stood at $3.6bn vs. $6.8bn led by Pakistan’s and China Cinda’s $1bn issuance each, followed by Hanwha Life’s $750mn deal and Westpac’s $250mn issuance. In the APAC region, there were 4 upgrade and 2 downgrades combined across the three major rating agencies last week.