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US primary markets saw a drop in new deals last week to $7.1bn as compared to $17.7bn a week prior. Of this, IG deals accounted for $4.3bn led by Prologis’ $2bn three-trancher and Hyatt’s $60mn deal. HY saw $2.3bn in new deals with Vikings’ $720mn and Howard Midstream $550mn deal. In North America, there were a total of 25 upgrades and 34 downgrades across the three major rating agencies last week. US IG bond funds saw $919.2mn in inflows for the week ended June 28, adding to the $2.17bn in inflows during the week prior. For the same period, HY funds saw $729.8mn in inflows adding to the $265.2mn in inflows seen in the week prior.
EU Corporate G3 issuance was marginally higher at $21.1bn vs. $17.1bn a week prior. Issuance volumes were led by StanChart’s $2bn two-trancher Intesa Sanpaolo’s €1.25bn deal and Credit Agricole’s $1bn issuance. Across the European region, there were 21 upgrades and 12 downgrades. The GCC dollar primary bond market saw no new deals for a second consecutive week. Across the Middle East/Africa region, there were 2 upgrades and 1 downgrades across the major rating agencies. LatAm saw $5.5bn in new deals last week as compared to $1.1bn in new deals the week prior led by Chile’s $2.25mn and Ecopetrol’s $1.5bn two-part issuances each. The South American region saw 1 upgrade and downgrade each across the rating agencies.
G3 issuance volumes from APAC ex-Japan rose to $4.1bn vs. $2.1bn a week prior to it. ANZ’s $1.5bn dual trancher led the table followed by Luso International’s $700mn two-trancher. In the APAC region, there were 11 upgrades and downgrades each across the three rating agencies last week.