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Bond Market News
The Week That Was (03 – 09 November, 2025)
November 10, 2025
US primary market issuances eased marginally last week to $61.4bn vs. $65.7bn in new deals seen a week prior to it. IG issuers took up $51.9bn of the total, led by Alphabet’s $17.5bn eight-part deal, followed by Global Payments’ $6.2bn four-part issuance and Novartis’ $6bn seven-trancher. HY deals stood at $8.7bn, led by Cipher Compute’s $2.8bn two-part issuance and Tenet Healthcare’s $2.25bn two-tranche issuance. In North America, there were a total of 36 upgrades and 41 downgrades, across the three major rating agencies last week. US IG funds saw $3.1bn in inflows during the week ended November 5, adding to the $1.8bn inflows seen during the week before that. US HY bond funds saw $955mn in outflows, reversing the $459mn inflows seen in the prior week.
EU Corporate G3 issuances rose slightly to $37.9bn vs. $35.5bn in the prior week, with volumes led by Orange’s €5bn five-trancher, UBS’s $3.25bn two-trancher and Vonovia’s €2.2bn three-part deal. The region saw 26 upgrades and 13 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $7.2bn in new deals vs. no new issuances seen a week before that. This was led by Qatar’s $4bn two-part issuance and Saudi Arabia’s $850mn issuance. In the Middle East/Africa region, there were 7 upgrades and 1 downgrade across the major rating agencies. LatAm saw $4.1bn in new issuances last week. This was led by Brazil’s $2.25bn two-part deal and Carlyle’s $650mn issuance. The South American region saw 4 upgrades and downgrades each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region jumped to $12.1bn vs. $3.5bn in deals seen during the prior week. This was led by China’s $4.5bn three-part issuance, Santos’ $2bn two-part issuance and Korea’s €1bn issuance. In the APAC region, there were 3 upgrades and 4 downgrades each across the three rating agencies.
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