US primary market issuances rose to $28.9bn vs. $20.9bn in the week prior. IG issuances rose to $20.2bn vs. $15.2bn in the prior week and HY issuances were also higher at $7.7bn vs. $5.4bn in the prior week. IG deals were led by Apple’s $6.5bn four-trancher, followed by Amex’s $1.6bn deal. In the HY space, Venture Global’s $2.5bn and Novelis’ $1.5bn dual-tranchers led the tables. In North America, there were a total of 41 upgrades and 17 downgrades combined across the three major rating agencies last week. LatAm saw $1.3bn vs. $6.35bn in issuances in the prior week with only two issuances, an $880mn deal by Oi Movel and a $380mn deal by San Miguel Industrias. EU Corporate G3 issuances dropped sharply to $2.3bn vs. $13.6bn in the week prior – Valeo’s €700mn deal and Deutsche Bank’s $350mn deals led the table. Across the European region, there were 23 upgrades and 9 downgrades across the three major rating agencies. GCC and Sukuk G3 issuances saw only one new bond deal last week, ADCB’s $150mn vs. no issuance in the week prior. Across the Middle East/Africa region, there were 5 upgrades and 5 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances fell to $5.96bn vs. $8.9bn in the prior week – Temasek’s $2.5bn three-trancher, ICBC Financial Leasing’s $1.25bn triple-trancher and Adani Ports SEZ’s $750m dual-trancher led the issuances in the region. In the Asia ex-Japan region, there were 10 upgrades and 8 downgrades combined across the three major rating agencies last week.