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Bond Market News
The Week That Was (11th Aug 2025 – 17th Aug 2025)
August 18, 2025
US primary market issuances fell to $39.2bn vs. $49.9bn in the prior week. IG issuers took up $31bn of the total, led by Chevron’s $5.5bn seven-trancher and CVS’s $4bn four-part issuance. HY issuances stood at $8.1bn, led by TransDigm’s $5bn four-part deal and Novelis’ $1.5bn two-tranche issuance. In North America, there were a total of 32 upgrades and 41 downgrades, across the three major rating agencies last week. US IG funds saw $2.5bn in inflows during the week ended August 13, adding to the $3.6bn inflows seen during the week before that. US HY bond funds saw $138mn in inflows, adding to the $1.6bn inflows in the prior week. Credit spreads, as measured by the CDS spreads, across all regions are at their lowest levels seen in the last month.
EU Corporate G3 issuances fell to $13.3bn vs. $16.3bn in the prior week, led by Merck’s $4bn four-tranche deal and NXP’s Semiconductors’ $1.5bn three-part issuance. The region saw 8 upgrades and 18 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw no new deals for a second consecutive week. In the Middle East/Africa region, there were 4 upgrades and no downgrades across the major rating agencies. LatAm also saw no new issuances for a second consecutive week. The South American region saw 1 upgrade and 2 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $5bn vs. $1.5bn in the prior week. This was led by Temasek’s $1.5bn two-part issuance, CBA’s €1bn and Wynn Resorts’ $1bn issuance. In the APAC region, there were 10 upgrades and 7 downgrades across the three rating agencies.
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