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US primary markets continued to stay active, with new deals at $41.2bn vs. $28.3bn seen a week before this. IG issuers racked up $40.4bn in deals led by Eli Lily’s $6.5bn six-part debt deal and Citigroup’s $5.5bn two-part deal. HY issuers accounted for $5.4bn of the volume with Post Holdings’ $1bn deal and Ardonagh Group’s $750mn issuance leading the tables. In North America, there were a total of 34 upgrades and 41 downgrades across the three major rating agencies last week. US IG funds saw $2.8bn in inflows for the week ending February 7, adding to the $2.7bn seen a week before that. HY funds saw $549mn in inflows during the same period, adding to the $2.4bn seen a week prior.
EU Corporate G3 issuances recorded $30.2bn in new deals, unchanged from the week prior to it. The largest deals were led by ING Groep’s ~$3.5bn multi-currency issuance, BPCE’s €2.25bn two-part deal and BNP Paribas’ €1.5bn deal. The region saw 24 upgrades and 18 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $5.4bn in new deals after only $110mn in deals a week prior to it with Saudi Electricity’s $2.2bn and Bahrain’s $2bn two-tranchers leading the table. Across the Middle East/Africa region, there were no upgrades and 19 downgrades across the major rating agencies. LatAm saw $1.7bn in new deals vs. $2.5bn a week ago with Trust Fibra’s $600mn and Paraguay’s $500mn deals leading the tables. The South American region saw 1 upgrade and 11 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $5.7bn last week vs. $3.4bn a week prior to it, led by KDB’s $3bn two-tranche deal, DBS’s €1bn deal and HDFC Bank’s $750mn two-part deals leading the tables. In the APAC region, there were 16 upgrades and 11 downgrades across the three rating agencies last week.