US primary market issuances saw a massive increase to $51.3bn vs. just $2bn and $2.3bn in the weeks prior. IG issuances rose to $44.3bn vs. just $1bn in the prior week. HY issuances were also much higher at $4.5bn vs. $527mn in the prior week. Data provider Dealogic says 22 deals priced in the US on Tuesday — the first day back after the long weekend in the country. It was “the busiest day ever!”, UBS syndicate head Armin Peter enthused. The IG space saw Walmart’s $7bn five-trancher lead the table followed by Nestle’s $5bn six-trancher and Toyota Motor Credit’s $2.5bn four-trancher. In the HY space, Caesar’s Entertainment’s $1.2bn deal and Allegheny’s $1bn three-trancher. In North America, there were a total of 49 upgrades and 18 downgrades combined across the three major rating agencies last week. LatAm saw $4.5bn in issuances last week vs. $133mn in week prior with Empresa Nacional’s $1.36bn two-trancher followed by Alfa Desarrolo’s $1.1bn issuance. EU Corporate G3 issuances rose to $28.2 vs. $19.9bn in the week prior led by ING Groep’s $2bn dual-trancher and Cellnex Finance’s €1.85bn two-part deals. Across the European region, there were 21 upgrades and 17 downgrades across the three major rating agencies. GCC G3 issuances stood at $4bn vs. $600mn in the week before with the Abu Dhabi Government’s $3bn dual-trancher and National Bank of Kuwait’s $1bn issuance. Across the Middle East/Africa region, there was 1 upgrade and 1 downgrade each across the three major rating agencies. APAC ex-Japan G3 issuances rose to $9.4bn vs. $6.84bn in the prior week – Commonwealth Bank of Australia’s $2bn two-trancher, and Sands China’s $1.5bn two-trancher. This was followed by CMB Financial Leasing’s $900mn dual-trancher and DBS’s $800mn deals. Other large deals included Sands China’s In the Asia ex-Japan region, there were 7 upgrades and 12 downgrades combined across the three major rating agencies last week.
