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Bond Market News
The Week That Was (15th Sep – 21st Sep 2025)
September 22, 2025
US primary market issuances nearly halved last week to $23.2bn vs. the $44.2bn in new deals seen a week prior to it. IG issuers took up $16.5bn of the total, led by AT&T’s $5bn four-trancher, followed by Hyundai Motor’s and Phillips 66’s $2bn deals each. HY deals stood at $8bn, led by American Axle & Manufacturing’s $2bn two-part issuance and Honeywell’s $1bn deal. In North America, there were a total of 41 upgrades and 30 downgrades, across the three major rating agencies last week. US IG funds saw $2.2bn in inflows during the week ended September 17, adding to the $2.1bn inflows seen during the week before that. US HY bond funds saw $940mn in inflows, adding to the $1.21bn inflows seen in the prior week. Credit spreads as measured by the CDS spreads are at its tightest levels in the month.
EU Corporate G3 issuances rose to $44.4bn vs. $25.1bn in the prior week, with volumes led by Altice’s (Next Alt Sarl) $8.2bn multi-tranche deal, UBS’s $5bn five-part issuance and Capgemini’s €4bn four-trancher. The region saw 50 upgrades and 83 downgrades across the three major rating agencies – a majority of the downgrades were on French corporates following the sovereign’s downgrade to A+ by Fitch; the upgrades were on Spanish and Portuguese companies, following the sovereigns’ upgrades to A+ and A respectively. Last week, the GCC dollar primary bond market saw $1.04bn in new issuances, dropping sharply from the $8bn in new deals seen a week before that. This was led by Emirates NBD’s $530mn two-trancher and Almarai’s $500mn deal. In the Middle East/Africa region, there was 1 upgrade and no downgrades across the major rating agencies. LatAm saw $8bn in new issuances with a sole deal by Mexico. The South American region saw 4 upgrades and no downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $12bn vs. $5.4bn in the prior week. This was led by Kaisa Group’s $5.7bn five-trancher as part of its debt restructuring transaction, followed by Korea’s $1.6bn three-part issuance and FWD’s $1.15bn two-part deal. In the APAC region, there were 9 upgrades and 8 downgrades across the three rating agencies.
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