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Bond Market News
The Week That Was (1 – 5 September, 2025)
September 8, 2025
Primary markets saw a deluge of new issuances last week. US primary market issuances jumped significantly to $52bn vs. only $1.3bn in the prior week. IG issuers took up $40.8bn of the total, led by Citi’s $6.8bn four-tranche issuance and Merck’s $6bn six-part deal. HY deals stood at $10.8bn, led by Energy Transfer’s $3.4bn issuance, followed by Clarios and Kodiak Gas raising $1.2bn each. In North America, there were a total of 24 upgrades and 25 downgrades, across the three major rating agencies last week. US IG funds saw $2.6bn in inflows during the week ended September 3, adding to the $1.8bn inflows seen during the week before that. US HY bond funds saw $250mn in outflows, adding to the $705mn outflows seen in the prior week.
EU Corporate G3 issuances rose to $40.4bn vs. $25bn in the prior week, led by Volkswagen’s $2bn three-tranche deal, HSBC’s $1.5bn issuance and Credit Agricole’s $1.25bn deal. The region saw 12 upgrades and 18 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $8.4bn in new issuances, double that of the $4.2bn in new deals seen a week ago. This was led by Saudi Arabia’s $5.5bn two-tranche sukuk, followed by Arab National Bank and FAB raising $750mn each. In the Middle East/Africa region, there were 4 upgrades and 2 downgrades across the major rating agencies. LatAm saw $7.2bn in new issuances led by Petrobras’ $2bn two-part issuance, Brazil’s $1.75bn two-part sovereign issuance and Suzano’s $1bn issuance. The South American region saw 3 upgrades and no downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $7.4bn vs. $7.1bn in the prior week. This was led by BHP Group and CCB’s $1.5bn two-tranchers each, followed by SK Hynix’s $1.2bn and PTT Global’s $1.1bn two-part deals respectively. In the APAC region, there were no upgrades and 4 downgrades across the three rating agencies.
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