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Bond Market News
The Week That Was (10 – 16 November, 2025)
November 17, 2025
US primary market issuances eased last week to $35.9bn vs. $61.4bn in new deals seen a week prior to it. IG issuers took up $28bn of the total, led by Verizon’s $11bn five-part deal, followed by Charles Schwab’s $2bn two-part issuance. HY deals stood at $7.7bn, led by Applied Digital’s $2.35bn issuance and Commercial Metals’ $2bn two-tranche issuance. In North America, there were a total of 30 upgrades and 34 downgrades, across the three major rating agencies last week. US IG funds saw $2.1bn in inflows during the week ended November 12, adding to the $3.1bn inflows seen during the week before that. US HY bond funds saw $367mn in outflows, adding to the $956mn outflows seen in the prior week.
EU Corporate G3 issuances fell to $25bn vs. $37.9bn in the prior week, with volumes led by Novo Nordisk’s €4bn six-trancher, L’oreal’s €3bn three-trancher. The region saw 18 upgrades and 33 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $2.6bn in new deals vs. $7.2bn in deals seen a week before that. This was led by DIB’s $1bn issuance, followed by Bank of Shajah and MAF’s $500mn issuances each. In the Middle East/Africa region, there were 11 upgrades and 5 downgrades across the major rating agencies. LatAm saw $1.5bn in new issuances last week. This was led by Cia de Inversiones de Energia and Pluspetrol’s $500mn issuances each. The South American region saw 6 upgrades and 3 downgrades each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $6.5bn vs. $12.1bn in deals seen during the prior week. This was led by Amcor’s €1.5bn two-part issuance, AgBank of China’s $800mn issuance and Hong Kong SAR’s ~$647mn multi-currency issuance. In the APAC region, there were 6 upgrades and 9 downgrades each across the three rating agencies.
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