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US primary markets were relatively muted last week ahead of the extended weekend, with new deals at only $11.6bn vs. $23.1bn seen a week before this. IG issuers racked up $6.5bn in deals with New York Life and Marathon Oil raising $1.2bn via dual-tranchers each. HY issuers accounted for $4.7bn of the volume with AMC Networks raising $875mn, followed by Surgery Center and Matador Resources’ $800mn deals each, leading the tables. In North America, there were a total of 56 upgrades and 42 downgrades across the three major rating agencies last week. US IG funds saw inflows of $1.9bn for the week ending March 27, adding to the $1.4bn in inflows seen the week before this. HY funds saw inflows of $603mn during the same period, reversing the outflows of $2bn seen a week prior.
EU Corporate G3 issuances recorded $34.5bn in new deals, slightly lower than the $37bn seen in the week prior to it. The largest deals were led by KfW’s €5bn deal, followed by ING Bank’s €3bn deal and Smurfit Kappa’s $2bn two-trancher. The region saw 52 upgrades and 28 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $1.75bn in new deals with Mubadalah’s $1bn sukuk and CBQ’s $750mn deal leading the tables, after seeing $1.85bn in deals a week prior to it. In the Middle East/Africa region, there were 18 upgrades and 1 downgrade each across the major rating agencies. LatAm saw $950mn in new deals after $150mn in deals a week ago. There were only two deals, by St. Mary’s $500mn and Millicom’s $450mn issuances. The South American region saw 6 upgrades and 7 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $9.5bn as compared to $3.8bn in the week prior to it. Deal volumes were led by Glencore’s $5bn five-trancher, CSL Finance’s $1.25bn two-part deal and AIA’s $1bn issuance. In the APAC region, there were 11 upgrades and 5 downgrades across the three rating agencies last week.