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US primary market new deals rose sharply last week to $23.3bn vs. $581mn a week prior. Among this, IG deals stood at $22.5bn, led by Philip Morris’ $2.35bn three-tranche deal and Gilead Sciences’ $2bn two-trancher. HY deals last week stood at $833mn led by Permian Resources’ $500mn and Crescent Energy’s $150mn deal. In North America, there were a total of 24 upgrades and 42 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $2.1bn, adding to the $971mn in outflows seen during the prior week. For the same period, HY funds saw inflows of $252mn, adding to the $1.21bn in inflows seen in the week prior.
EU Corporate G3 issuances jumped to $47.5bn vs. $37.3bn a week prior. Issuance volumes were led by Barclays’ $4.5bn four-trancher and ING Groep’s $2.5bn two-trancher. The region saw 23 upgrades and 7 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $2.2bn in new deals after six consecutive weeks of no deals. Issuances were led by DP World’s $1.5bn and ADCB’s $650mn deals. Across the Middle East/Africa region, there were 2 upgrades and 1 downgrade across the major rating agencies. LatAm saw $3.75bn in new deals after no deals for the two prior weeks. Deal volumes were led by Codelco’s $2bn two-trancher and Minerva’s $900mn issuance. The South American region saw no upgrades and 3 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan were significantly higher at $12.1bn vs. $1.6bn a week prior to it led by Australia’s BHP raising $3.6bn four-trancher, CBA’s $2.65bn two-tranche issuance and DBS’s $1.5bn dual-trancher. In the APAC region, there were 7 upgrades and downgrades each across the three rating agencies last week.