US primary market issuances last week were at $19bn vs. $22.1bn in the week prior with Investment grade (IG) corporates issuing $17.7bn of deals while high yield (HY) issuances were at a mere $1.3bn. The largest IG deals included Intercontinental Exchange’s $8bn eight-trancher and Albermale’s $1.7bn three-trancher. In the HY space, Frontier Communications raised $1.2mn. In North America, there were a total of 24 upgrades and 30 downgrades combined across the three major rating agencies last week. LatAm saw $900mn in issuances last week vs. $10.5bn in the prior week, led by Antofagasta raising $500mn. In South America, there 1 upgrade and 9 downgrades across the major rating agencies. EU Corporate G3 issuances stood at $16.6bn vs. $27.3bn in the week prior, led by Coloplast Finance raising €3.2bn and Unilever raising €1.5bn via a dual-trancher. Across the European region, there were 29 upgrades and 13 downgrades across the three major rating agencies. The GCC G3 region saw no new deals last week for a third consecutive week. Across the Middle East/Africa region, there were no upgrades and 3 downgrades across the three major rating agencies. The APAC ex-Japan G3 region saw $3.4bn in issuances last week vs. $5.7bn in the week prior led by CCB’s $1bn deal, followed by Industrial Bank Hong Kong’s $650mn issuance and ENN Energy’s $550mn issuance. In the APAC region, there were 5 upgrades and 15 downgrades combined across the three major rating agencies last week.
