US primary market issuances rose to $25.7bn vs. $9bn in the prior week. IG issuances were at $19.2bn vs. $3.7bn in the week prior while HY issuances were at $3.1bn vs. $5.3bn. The IG space was led BofA’s jumbo $9bn five-trancher and Alexandria Real Estate’s $1.8bn dual-trancher. In the HY space, AMC raised $800mn followed by Scientific Games Holdings raising $800mn. In North America, there were a total of 30 upgrades and 17 downgrades combined across the three major rating agencies last week. LatAm saw $800mn in deals last week vs. $5.3bn in the week prior led by CSN Resources’ $500mn and Inversiones La Construccion’s $300mn deals. In South America, there were 2 upgrades and 5 downgrades across the major rating agencies. EU Corporate G3 issuances were slightly lower at $12.9bn vs. $17.3bn in the week before, led by Argenta Spaarbank’s €1.8bn two-trancher and Skandinaviska Bank’s €1bn issuance. Across the European region, there were 10 upgrades and 17 downgrades across the three major rating agencies. GCC G3 issuances were at a mere $109mn vs. $170mn in the week prior with Emirates NBD raising the amount via a JPY issuance. Across the Middle East/Africa region, there was 1 upgrade and 3 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances stood at only $450mn vs. $3.6bn in the week prior due to the lunar new year holidays. The two deals were National Australia Bank and EXIM Bank of Korea’s $250mn and $200mn issuances. In the APAC region, there were no upgrades and 5 downgrades combined across the three major rating agencies last week.