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US primary market new deals dropped sharply last week to only $581mn vs. $3.8bn a week prior. Among this, IG deals stood at $341mn, led by MassMutual’s $200mn deal and JPMorgan’s minor $140mn deal. HY deals last week stood at only $139mn with Seaport raising $115mn. In North America, there were a total of 24 upgrades and 42 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $971mn, adding to the $983.7mn in outflows seen during the prior week. For the same period, HY funds saw $1.21bn in inflows, reversing the $1.17bn in outflows seen in the week prior.
EU Corporate G3 issuances jumped to $37.3bn vs. $21.9bn a week prior. Issuance volumes were led by KfW’s €4bn deal, followed by LVMH two-trancher and Engie’s three-trancher raising $2.5bn each. The region saw 17 upgrades and 9 downgrades across the three major rating agencies. The GCC dollar primary bond market saw no new deals for a sixth straight week. Across the Middle East/Africa region, there were no upgrades nor downgrades across the major rating agencies. LatAm saw no new deals for a second consecutive week. The South American region saw no upgrade and 1 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were at $1.6bn vs. $2.7bn a week prior to it led by state-owned companies with Taizhou Urban’s $500mn issuance, followed by Xianjin Industry and Sobe Development’s $300mn and $200mn deals each. In the APAC region, there were 5 upgrades and 17 downgrades each across the three rating agencies last week.