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Bond Market News
The Week That Was (1 – 7 December, 2025)
December 8, 2025
US primary market issuances rose last week to only $36.2bn vs. $5bn in new deals seen a week prior to it, due to a festive-shortened trading week. IG issuers took up $25.6bn of the total, led by Merck’s $8bn eight-part deal, followed by Citigroup’s $3.75bn four-tranche issuance. HY deals stood at $10.5bn, with a solo issuance by Venture Global’s $3bn and Celanese’s $1.4bn two-part deals each. In North America, there were a total of 26 upgrades and 21 downgrades, across the three major rating agencies last week. US IG funds saw $1.6bn in inlows during the week ended December 3, reversing the $926mn outflows seen during the week before that. US HY bond funds saw $1.2bn in inflows, adding to the $703mn inflows seen in the prior week.
EU Corporate G3 issuances fell to $15.7bn vs. $28.6bn in the prior week, with volumes led by Volkswagen’s €2.5bn three-part issuance, Deutsche Bank’s €2.75bn mutli-currency issuance and HSBC’s €1.25bn issuance. The region saw 38 upgrades and 32 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $440mn in new deals vs. $1bn in deals seen a week before that. This came on the back of Saudi National Bank’s $250mn issuance and Doha Bank’s $150mn deal. In the Middle East/Africa region, there were 2 upgrades and 5 downgrades across the major rating agencies. LatAm saw $2.1bn in new issuances last week, led by the Province of Santa Fe’s $800mn deal and MercadoLibre’s $750mn issuance. The South American region saw 1 upgrade and downgrade each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $4.5bn vs. $12.7bn in deals seen during the prior week. This was led by ANZ’s $2bn three-tranche issuance, AgBank of China’s $300mn issuance and Bank of China’s $300mn issuance. In the APAC region, there were 9 upgrades and 4 downgrades each across the three rating agencies.
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