The Week That Was

US primary market issuances rose to $34.5bn vs. $28.9bn in the week prior. IG issuances rose marginally to $21.9bn vs. $20.2bn in the prior week while HY issuances picked up to $11.5bn vs. $7.7bn in the prior week. The IG space was led by Amgen’s $5bn four-part issuance and Raytheon’s $2bn dual-trancher. In the HY space, Sirius XM Radio’s $2.5bn dual-trancher and CCO Holdings’ $2bn deal led the tables. In North America, there were a total of 74 upgrades and 15 downgrades combined across the three major rating agencies last week. LatAm saw $2.1bn vs. $1.3bn in issuances in the prior week led by Aeropuerto’s $1.85bn dual-trancher and Gran Columbia’s $300mn deals. EU Corporate G3 issuances rose sharply to $19.3bn vs. $2.3bn and $13.6bn in the weeks prior – Credit Suisse’s $3.5bn and Volkswagen’s $2.5bn two-tranchers led the tables. Across the European region, there were 23 upgrades and 21 downgrades across the three major rating agencies. The GCC and Sukuk region saw no new bond issuances last week vs. $150mn in the week prior. Across the Middle East/Africa region, there was 1 upgrades and 52 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances fell to $3.8bn from $5.96bn in the prior week – BOC HK raised $2bn via a dual-trancher, leading the table followed by Ping An Insurance’s $550mn deal and India’s Summit Digitel’s $500mn issuance. Other issuances from the region included Gemdale’s $480mn deal, Kasikornbank’s $350mn deal and Korea Midland Power’s $300mn issuance. In the Asia ex-Japan region, there were 9 upgrades and 13 downgrades combined across the three major rating agencies last week.