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Bond Market News
The Week That Was (15 – 21 November, 2025)
December 22, 2025
US primary market issuances fell sharply last week to just $3.5bn vs. $12.3bn in new deals seen a week prior to it, as we approach the year end holidays. IG issuers took up $1.1bn of the total, led by Willis Towers Watson’s $1bn two-trancher. HY deals stood at $1.9bn, with volumes led by Flash Compute’s $1.3bn and Perimeter Solutions’ $550mn deals. In North America, there were a total of 24 upgrades and 45 downgrades, across the three major rating agencies last week. US IG funds saw $1.3bn in inflows during the week ended December 17, adding to the $2.3bn inflows seen during the week before that. US HY bond funds saw $1.8bn in inflows, adding to the $542mn inflows seen in the prior week.
EU Corporate G3 issuances fell to $7.9bn vs. $13.8bn in the prior week, with volumes led by Intesa Sanpaolo’s €3bn issuance, Nordea Bank’s €600mn deal and BNP Paribas’ €500mn issuance. The region saw 26 upgrades and 48 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $410mn in new deals compared to no issuances a week before that, with Saudi National Bank raising $360mn. In the Middle East/Africa region, there were 10 upgrades and 1 downgrade across the major rating agencies. LatAm saw no new deals after $260mn in new issuances in the prior week. The South American region saw 23 upgrades and 18 downgrades, across the three major rating agencies last week.
There were no G3 issuances from the APAC ex-Japan region last week, as compared to $2.2bn in deals seen during the prior week. In the APAC region, there were 4 upgrades and 5 downgrades each across the three rating agencies.
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