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Bond Market News
The Week That Was (09-15 March, 2026)
March 16, 2026
US primary market issuances soared to $114.9bn vs. $45.8bn in the week prior to it. IG issuers took up $109.9bn of the total, led by Amazon’s $37bn eleven-part deal and Salesforce’s $25bn eight-trancher. HY deals stood at $4.6bn, with volumes led by Esab Corp, Fair Isaac and Kodiak Gas raising $1bn each. In North America, there were a total of 46 upgrades and 38 downgrades, across the three major rating agencies last week. US IG funds saw $3.28bn in inflows during the week ended March 11, adding to the $1.88bn inflows seen during the week before that. US HY bond funds saw $1.53bn in outflows during the week, adding to the $182mn outflows seen in the prior week, marking its largest weekly outflows in over 10 months.
EU Corporate G3 issuances fell to $11.7bn vs. $27.1bn a week earlier. UBS Group’s $3bn three-trancher led the tables, followed by Novo Nordisk’s €1.6bn three-part issuance and Intesa Sanpaolo’s €1.05bn two-trancher. The region saw 55 upgrades and 35 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $1.75bn in new deals vs. $4.9bn in issuances seen in the prior week, with a sole issuance by the Qatar Investment Authority. In the Middle East/Africa region, there were 6 upgrades and 5 downgrades across the major rating agencies. LatAm issuance stood at $570mn vs. $441mn in new deals in the week prior led by sole YPF’s $550mn issuance. The South American region saw no upgrades and 4 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week jumped to $4.4bn vs. $2.5bn a week prior to it. The State of Queensland’s ~$1.74bn issuance and ICBC’s $1.6bn two-part deal led the tables. In the APAC region, there were 15 upgrades and 23 downgrades across the three rating agencies.
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