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US primary markets continued to stay active, with new deals at $38.1bn vs. $55.3bn seen a week before this. IG issuers racked up $34bn in deals with Aon North America’s $6bn five-trancher and Prologis Targeted $2bn two-part deals leading the tables. HY issuers accounted for $4bn of the volume with WESCO’s $1.75bn two-trancher and Builder Firstsource’s $1bn issuance leading the tables. In North America, there were a total of 34 upgrades and 32 downgrades across the three major rating agencies last week. US IG funds saw $1.96b in inflows, adding to the $2.24b inflows inflows for the week ending February 28. HY funds saw outflows of $448.8mn during the same period, reversing the $10.9mn in inflows seen a week prior.
EU Corporate G3 issuances recorded $37.4bn in new deals, higher than the $28.7bn seen in the week prior to it. The largest deals were led by NatWest’s $3.5bn three-trancher and HSBC that raised $2.75bn via a two-part TLAC deal. The region saw 27 upgrades and 16 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $5.3bn in new deals with Saudi PIF’s $2bn deal and DIB’s $1bn sukuk leading the tables, after seeing $2bn in deals a week prior to it. In the Middle East/Africa region, there were 8 upgrades and 3 downgrades each across the major rating agencies. LatAm saw $1.8bn in new deals after $3.7bn in deals a week ago. This was led by Raizen Fuels’ $1.5bn two-trancher and Borr IHC’s $200mn deal. The South American region saw 3 upgrades and 9 downgrade across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $3.1bn last week, similar to the week prior to it with Metro Bank’s $1bn dual-trancher, Australia Pacific Airports’ €650mn two-trancher and IRB Infrastructure’s $540mn issuance leading the tables. In the APAC region, there were 13 upgrades and 12 downgrades across the three rating agencies last week.