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US primary market new deals were flat last week at $12bn vs. $12.3bn a week prior. Among this, IG deals stood at $8.5bn, led by Citibank’s $4bn three-trancher and Constellation Energy’s $1.4bn two-trancher. HY deals last week stood at $3.4bn led by Lifepoint Health’s $1.1bn issuance and Ameritex’s $530mn deal. In North America, there were a total of 37 upgrades and 25 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $1.7bn for the week ended September 27, reversing the inflows of $2.06bn seen during the prior week. For the same period, HY funds saw outflows of $2.4bn, adding to the $416mn in outflows seen in the week prior.
EU Corporate G3 issuances fell to $29bn vs. $44.4bn a week prior. Issuance volumes were led by KfW’s €3bn deal, ALD SA’s €2bn two-trancher and Credit Agricole’s $1.75bn issuances. The region saw 26 upgrades and 15 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $2.5bn in new deals after $1.5bn in deals a week prior with Shelf Drilling raising $1.1bn and FAB raising $1bn. Across the Middle East/Africa region, there were 4 upgrades and no downgrades across the major rating agencies. LatAm saw $2.5bn in new deals after no new issuances a week ago. Volumes were led by Panama’s $1.4bn two-tranche deal and Guatemala’s $565mn issuance. The South American region saw 12 upgrades and 9 downgrades each across the rating agencies.
G3 issuance volumes from APAC ex-Japan were at $7.9bn vs. $4.4bn a week prior to it led by Glencore’s $2.5bn three-trancher, NBN’s $1.25bn two-trancher and Mineral Resources’ $1.1bn issuances. In the APAC region, there were 15 upgrades and 10 downgrades each across the three rating agencies last week.