The US yield curve bear steepened last week – the 2s10s curve bear steepened 20bp to levels of 40bp as long-end yields continued to move higher. US primary market issuances rose 2x last week to $22.1bn vs. $11.5bn in the week prior with Investment grade (IG) corporates issuing $21.7bn of deals while high yield (HY) issuances were at a mere $350mn. The largest IG deals included Capital Group raising $4bn via a four-trancher and PG&E Wildlife raising $3.6bn via a five-trancher. In the HY space, College Holdings LLC was the sole issuer. In North America, there were a total of 25 upgrades and 15 downgrades combined across the three major rating agencies last week. LatAm saw $10.5bn in issuances last week vs. $500mn in the prior week, with Banco Santander Brasil raising $10bn. In South America, there were no upgrades and 5 downgrades across the major rating agencies. EU Corporate G3 issuances stood at $27.3bn vs. $23.5bn in the week prior, led by TenneT Holdings raising €3bn and UBS raising $3bn via a three-trancher. Across the European region, there were 12 upgrades and 18 downgrades across the three major rating agencies. The GCC G3 region saw no new deals last week for a second consecutive week. Across the Middle East/Africa region, there were no upgrades and 3 downgrades across the three major rating agencies. The APAC ex-Japan G3 region saw no issuances last week vs. $5.7bn in the week before in a short trading week also marred by volatility. In the APAC region, there were 12 upgrades and 2 downgrades combined across the three major rating agencies last week.