US primary markets saw $20.7bn in new deals last week as compared to $19.9bn in new deals a week prior to it. The deal volumes were almost fully taken up by IG issuers with $20.4bn in new issuances led by Lowe’s and Hyundai Capital issuing $2bn via dual-tranchers each. HY saw a lone deal by LABL that raised $300mn. In North America, there were a total of 37 upgrades and 53 downgrades across the three major rating agencies last week. US IG bond funds saw $881mn in outflows for the week ended March 29 after $865mn was withdrawn in the week prior to it. HY funds saw $2.1bn in outflows adding to the $902mn withdrawal the week before.
EU Corporate G3 issuance jumped to over $22.9bn vs. $9bn a week prior. Issuance volumes were led by NRW Bank’s €2bn dual-trancher and Siemens’ €1.5bn dual-trancher. Across the European region, there were 22 upgrades and 25 downgrades. The GCC dollar primary bond market saw $1.2bn in new deals vs. $390mn in the week before that, led by Al Rajhi’s Bank’s $1bn sukuk. Across the Middle East/Africa region, there were 13 upgrades and no downgrades across the major rating agencies. LatAm saw $1.5bn in in new deals with Costa Rica being the sole issuer, as compared to $1.8bn in new deals a week prior to it. The South American region saw 2 upgrades and 36 downgrades across the rating agencies.
The APAC ex-Japan G3 region saw an increase in issuances to $6.5bn after just $350mn in new issuances the week prior to it. This was led by ANZ’s €1.5bn and Westpac’s €1.25bn issuances followed by AIA’s $600mn deal. In the APAC region, there were 9 upgrades and 7 downgrades combined across the three rating agencies last week.