This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
US primary markets new deals were higher last week at $22.7bn vs. $16.7bn in deals a week prior. IG deals took the majority of volumes with $19.1bn in deals led by Columbia Pipelines’ $5.6bn seven-trancher and Wells Fargo’s $5bn four-part deal. HY issuers contributed to $3.4bn in volumes led by CDK Global’s $750mn and Carnival Corp’s $500mn issuances. In North America, there were a total of 34 upgrades and 44 downgrades across the three major rating agencies last week. US IG bond funds saw $1.77bn in outflows for the week ended August 3, reversing the $1.15bn in inflows during the prior week. For the same period, HY funds saw $1bn in outflows, adding to the $376mn in outflows seen in the week prior. These were the biggest weekly outflows since May for both IG and HY funds.
EU Corporate G3 issuances jumped to $17.4bn vs. $6.8bn a week prior. Issuance volumes were led by Santander’s $3.5bn two-trancher and Lloyds’ $1.5bn deal and issuances. Across the European region, there were 16 upgrades and 8 downgrades. The GCC dollar primary bond market saw no new deals for a second straight week. Across the Middle East/Africa region, there were no upgrades and 12 downgrades each across the major rating agencies. LatAm saw no new deals deals last week as compared to $850mn in deals the week prior. The South American region saw 8 upgrades and no downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were marginally higher at $2.2bn vs. $1.4bn a week prior to it. Deal volumes were led by Huatai Securities’ $800mn and Korea Housing’s $210mn deals. In the APAC region, there were 5 upgrades and 9 downgrades each across the three rating agencies last week.