US primary markets saw an increase in issuances over the prior week to $36.5bn vs. $22.6bn in the prior week. IG issuances rose to $30bn vs. $19.1bn in the prior week, led by Merck’s jumbo $8bn five-part deal and JPMorgan’s $2.35bn issuance. HY issuances rose to $5.2bn vs. $400mn in issuances in the week before led by SouthWestern Energy’s $1.15bn deal and Vistra Corp’s $1bn. In North America, there were a total of 23 upgrades and 19 downgrades combined across the three major rating agencies last week. LatAm saw $2bn in issuances vs. nil issuances in the prior week led by Pemex’s $1bn deal while Bance de Chile and Alsea SAB raised $500mn each. In South America, there was 1 upgrade and 14 downgrades each combined across the major rating agencies. EU Corporate G3 issuance rose marginally to $17.5bn vs. $11.3bn in the week prior with Roche Holdings raising $6bn via a three-trancher and ABN Amro’s $2bn two-trancher. Across the European region, there were 27 upgrades and 30 downgrades across the three major rating agencies. The GCC saw $199mn in issuances vs. nil issuance in the previous week with Emirates NBD raising $125mn. Across the Middle East/Africa region, there were 2 upgrades and no downgrades across the three major rating agencies. APAC ex-Japan G3 issuances were at $3bn vs. $2bn in issuances in the week before led by Greenko’s $1bn deal and Westpac’s €750mn deals. In the Asia ex-Japan region, there were 6 upgrades and 14 downgrades combined across the three major rating agencies last week.