US primary market issuances stood at $6.1bn vs. $10.4bn in the week prior. IG issuances were at $4.7bn vs. $10.4bn in the week prior led by Toyota Motors’ $2.75bn three-trancher, followed by Northwestern Mutual that raised $600mn. HY issuances were at $450mn vs. none in the week before, coming from a single deal by FTAI Infrastructure. In North America, there were a total of 9 upgrades and 19 downgrades combined across the three major rating agencies last week. US IG funds saw $3.64bn in outflows in the week ended July 1 as per Lipper data, following an outflow of $7.5bn in the week prior. Bloomberg notes that investors are continuing to exit IG bond funds, lengthening the longest losing streak on record to fourteen consecutive weeks. The total amount of withdrawals during this stretch has now reached $59.4bn. HY funds were not spared either with $1.59bn in outflows for the week ended July 1. LatAm saw $200mn in deals last week after no new deals in the 4 weeks prior, with Banco BV being the sole issuer. In South America, there were no upgrades and 2 downgrades across the major rating agencies. EU Corporate G3 issuance dropped to $12.7bn vs $23.4bn in the week prior – KFW raised €4bn to lead the table, followed by NatWest which raised $944mn. Across the European region, there were 17 upgrades and 28 downgrades across the three major rating agencies. The GCC G3 region saw $1.1bn in deals vs. $4bn in the week prior, led by Dar Al-Arkan and Qatar Insurance Company that raised $400mn each. Across the Middle East/Africa region, there were 2 upgrades and 6 downgrades across the three major rating agencies. The APAC ex-Japan G3 region saw $2.3bn worth of new deals vs. $1.5bn in the week prior – Hongkong International Qingdao raised $750mn, followed by China Railway Xunjie raising $500mn. In the APAC region, there were 9 upgrades and 10 downgrades combined across the three major rating agencies last week.

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