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US primary markets continued to stay active, with new deals at $28.3bn vs. $24.8bn seen a week before this. IG issuers racked up $20.9bn in deals led by IBM’s $5.5bn seven-part debt deal and Kinder Morgan’s $2.25 two-part deal. HY issuers accounted for $6.9bn of the volume with UKG’s $2.5bn deal and Allied Universal’s $1bn issuance leading the tables. In North America, there were a total of 21 upgrades and 23 downgrades across the three major rating agencies last week. US IG funds saw $2.7bn in inflows for the week ending January 31, adding to the $1.24bn seen a week before that. HY funds saw $2.4bn in inflows during the same period, adding to the $72mn seen a week prior.
EU Corporate G3 issuances recorded $30.1bn in new deals after seeing $27.2bn in issuances a week prior to it. The largest deals were led by HSBC Bank’s $3bn issuance, BMW’s €2bn two-part deal and LBBW’s €1.5bn deal. The region saw 15 upgrades and 18 downgrades across the three major rating agencies. The GCC dollar primary bond market saw only $110mn in deals after a strong $6.2bn in new deals a week prior to it with a solo issuance by QNB Finance. Across the Middle East/Africa region, there were 6 upgrades and no downgrades across the major rating agencies. LatAm saw a $2.5bn new deals vs. $7.1bn a week ago with Ambipar’s $750mn deal and Chile’s Banco de Crédito e Inversiones raising $500mn to lead the tables. The South American region saw 2 upgrades and 10 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $3.4bn last week vs. $4.6bn a week prior to it, led by NAB’s $1.35bn deal, Hyundai Capital Services’ $1bn two-part deal and Science City Guangzhou’s $400mn deals raising the tables. In the APAC region, there were 10 upgrades and 22 downgrades across the three rating agencies last week. The downgrades were predominantly on account of the rating action on Chinese SOEs.