US primary market issuances were higher at $25.7bn vs. $15.4bn in the week prior, solely led by IG issuances with UnitedHealth’s $9bn jumbo seven-tranche deal and Goldman Sachs’ $2bn deal leading the tables. In North America, there were a total of 17 upgrades and 39 downgrades across the three major rating agencies last week. As per Lipper data, US IG funds saw a $368mn in outflows in the week ended October 26, a tenth straight week of outflows while HY funds saw $2.8bn in inflows. LatAm saw no new deals last week vs. $1bn in deals in the week prior to it. In South America, there was 1 upgrade and 30 downgrades across the major rating agencies. EU Corporate G3 issuance rose to $27.9bn vs. $24.8bn one week prior – banking majors HSBC’s $6.25bn three-trancher and Barclays’ $5bn three-trancher led the tables. Across the European region, there were 24 upgrades and 68 downgrades. The GCC G3 primary bond market saw no issuances last week as compared to $6.7bn in the week prior. Across the Middle East/Africa region, there was 1 upgrade and 11 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances were at only $410mn vs. $4.5bn in the week prior with only two deals – Yichun Investment & Development raising $210mn and Korea Development Bank raising $200mn. In the APAC region, there were no upgrades and 13 downgrades combined across the three rating agencies last week.

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