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Bond Market News
The Week That Was (06-12 Oct, 2025)
October 13, 2025
US primary market issuances fell last week to $16bn vs. $27.4bn in new deals seen a week prior to it. IG issuers took up $9.7bn of the total, led by Deutsche Telekom’s $2.8bn and CRH’s $2.5bn three-tranche deals. HY deals stood at $6.3bn, led by Talen Energy’s $5.38bn four-tranche issuance and Getty Images’ $628mn issuance. In North America, there were a total of 54 upgrades and 32 downgrades, across the three major rating agencies last week. US IG funds saw $3.3bn in inflows during the week ended October 8, adding to the $1.8bn inflows seen during the week before that. US HY bond funds saw $2.1bn in inflows, adding to the $1.2bn inflows seen in the prior week.
EU Corporate G3 issuances fell to $17.2bn vs. $21.2bn in the prior week, with volumes led by Elia Group’s €1.1bn two-part deal, followed by Engie’s and Sparebanken Norge’s €1bn two-issuance. The region saw 26 upgrades and 17 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw a sharp drop to only $3.2bn in new issuances from $14.1bn in new deals seen a week before that. This was led by Oman’s $1bn issuance, followed by Mubadala’s $750mn deal and Dubai Aerospace Enterprise (DAE) $650mn deal. In the Middle East/Africa region, there were 10 upgrades and 4 downgrades across the major rating agencies. LatAm saw $1.7bn in new issuances with PRIO SA and Credicorp raising $700mn and $500mn respectively. The South American region saw 6 upgrades and no downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $3.1bn vs. $3.6bn in deals seen during the prior week. This was led by Indonesia’s ~$2.54bn via a multi-currency issuance, followed by Sammaan Capital’s $450mn issuance and Muthoot Finance’s $150mn tap deal. In the APAC region, there was 1 upgrade and downgrade each across the three rating agencies.
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