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US primary market issuances fell to $45.8bn vs. $60.3bn in the week prior to it. IG issuers took up $37.2bn of the total, led by Eaton Corp’s $8.5bn six-part deal and Fidelity National Info’s $6.8bn four-trancher. HY deals stood at $8.6bn, with volumes led by APLD Compute’s $4.3bn and Aptiv’s $1.6bn two-part deals each. In North America, there were a total of 37 upgrades and 27 downgrades, across the three major rating agencies last week. US IG funds saw $1.88bn in inflows during the week ended March 4, adding to the $1.75bn inflows seen during the week before that. US HY bond funds saw $182mn in outflows during the week, adding to the $382mn outflows seen in the prior week.
EU Corporate G3 issuances fell to $27.1bn vs. $30.5bn a week earlier. HSBC’s $8bn four-trancher led the tables, followed by Mercedes-Benz’s $3bn five-part issuance. The region saw 19 upgrades and 27 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw no new deals vs. $4.9bn in issuances seen in the prior week. In the Middle East/Africa region, there were 6 upgrades and 3 downgrades across the major rating agencies. LatAm issuance fell to $441mn vs. $650mn in new deals in the week prior led by Ueno Bank’s $350mn issuance. The South American region saw 9 upgrades and 6 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week stood at $2.5bn vs. $9.9bn a week prior to it. Industrial Bank Co’s $800mn issuance led the tables, followed by Mongolia’s $500mn issuance and Guotai Huanong’s $400mn deal. In the APAC region, there were 3 upgrades and 20 downgrades across the three rating agencies – a majority of the downgrades were on Indonesian corporates after Fitch cut the sovereign’s outlook to negative.
