US primary market issuances fell to $2.3bn in the week leading up to Fed’s Jackson Hole meeting vs. $13.7bn in the week prior. IG issuances fell to $1.9bn vs. $9.4bn in the prior week. HY issuances were lower at $0.4bn vs. $3.9bn in the prior week. The IG space was led by Charles Schwab’s $850mn deal and Pricoa Global Funding’s $700mn deal. In the HY space, Bridgeland Holding’s $275mn issuance led the table followed by Midas’ $100mn deal. In North America, there were a total of 51 upgrades and 29 downgrades combined across the three major rating agencies last week. LatAm saw $168mn in issuances last week as compared to $50mn in the week before that led by Vista Oil & Gas’ $110mn dual-trancher. EU Corporate G3 issuances rose almost 3x to $21.2bn vs. $7.5bn in the week prior led by Vonovia’s €5bn five-trancher, Credit Suisse’s €3bn dual-trancher and Nordea’s $1bn PerpNC8 AT1. Across the European region, there were 15 upgrades and 6 downgrades across the three major rating agencies. GCC G3 issuance was at a mere $85mn as compared to $603mn in the week before. Across the Middle East/Africa region, there was 1 upgrade and 2 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances fell to $2.6bn vs. $4.6bn in the prior week – ABC International Holdings raised $800mn via a two-tranche issuance and CMB Luxembourg branch raised $600mn via a dual-trancher sustainability/green offering, leading the tables. These were followed by Taizhou Urban Construction’s $500mn deal and SGX’s $250mn debut dollar issuance. In the Asia ex-Japan region, there were 4 upgrades and 20 downgrades combined across the three major rating agencies last week.