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Bond Market News
The Week That Was (14 July 2025 – 20 July 2025)
July 21, 2025
US primary market issuances rose to $26.3bn vs. $19.2bn in the prior week. IG issuers took up $20.3bn of the total, led by Morgan Stanley’s $6bn three-trancher and JPMorgan’s $4bn issuance. HY issuances stood at $5.7bn, led by Grupo Televisa’s $1.5bn deal and AG Artemis’ $1.4bn three-tranche issuance. In North America, there were a total of 25 upgrades and downgrades each, across the three major rating agencies last week. US IG funds saw $1.3bn in inflows during the week ended July 16, adding to the $1.8bn inflows seen during the week before that. US HY bond funds saw $868mn of inflows, adding to the $304mn inflows in the prior week.
EU Corporate G3 issuances fell to $8.5bn vs. $15bn in the prior week, led by Froneri’s €1.1bn two-trancher, followed by Commerzbank and El Corte Ingles’ €1bn deals each. The region saw 18 upgrades and downgrades each, across the three major rating agencies. Last week, the GCC dollar primary bond market saw $1bn in issuances, with a sole deal from the Qatar Investment Authority. In the Middle East/Africa region, there were 8 upgrades and 4 downgrades across the major rating agencies. LatAm saw $1.1bn in new issuances last week vs. $1.9bn in the week before that. This was led by Comisión Ejecutiva Hidroeléctrica del Río Lempa’s $580mn issuance and YPF’s $417mn two-part deal. The South American region saw 13 upgrades and 2 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $3.7bn vs. $4bn in the prior week. This was led by Indonesia’s $2.2bn two-part sukuk issuance, followed by National Agricultural Cooperative Federation’s $600mn two-part deal and Korea Electric’s $500mn issuance. In the APAC region, there was 1 upgrade and 5 downgrades across the three rating agencies.
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