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Bond Market News
The Week That Was (13 – 19 Oct, 2025)
October 21, 2025
US primary market issuances jumped higher last week to $31bn vs. $16bn in new deals seen a week prior to it. IG issuers took up $27bn of the total, led by the big banks – Goldman Sachs’ $10bn five-trancher, Morgan Stanley’s $8bn four-trancher and JPMorgan’s $5bn two-tranche deal led the tables. HY deals stood at $3.9bn, led by WULF Compute’s $3.2bn issuance and Ferrellgas Partners’ $650mn issuance. In North America, there were a total of 34 upgrades and 26 downgrades, across the three major rating agencies last week. US IG funds saw $2.2bn in inflows during the week ended October 15, adding to the $3.3bn inflows seen during the week before that. US HY bond funds saw $1.3bn in outflows, reversing the $2.1bn inflows seen in the prior week.
EU Corporate G3 issuances fell to $16.3bn vs. $17.2bn in the prior week, with volumes led by AXA’s €1.5bn two-part deal, followed by BPCE, Nordea Bank and Salzgitter AG’s €1bn deals each. The region saw 19 upgrades and 36 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw a sharp drop to only $500mn in new issuances from $3.2bn in new deals seen a week before that, with a solo deal by Majid Al Futtaim Capital. In the Middle East/Africa region, there were 5 upgrades and downgrades each across the major rating agencies. LatAm saw no major issuances last week. The South American region saw 7 upgrades and 2 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $2.9bn vs. $3.1bn in deals seen during the prior week. This was led by KCC’s $700mn issuance, followed by $600mn deals each by Bank of China and Hana Financial each. In the APAC region, there were 10 upgrades and 5 downgrades each across the three rating agencies.
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