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Bond Market News
The Week That Was (16 – 22 Feb, 2026)
February 23, 2026
US primary market issuances more than halved to $28.2bn vs. $59.4bn in the week prior to it. IG issuers took up $21.3bn of the total, led by Amgen’s $4bn four-part deal, PG&E’s $2.2bn three-trancher and DTE Energy’s $1.6bn two-tranche deal. HY deals stood at $6.7bn, with volumes led by Magic Acquiraco’s $2.75bn two-part issuance and Copper-Standard’s $1.1bn issuance. In North America, there were a total of 25 upgrades and 32 downgrades, across the three major rating agencies last week. US IG funds saw $3.8bn in inflows during the week ended February 18, adding to the $4.3bn inflows seen during the week before that. US HY bond funds saw $152mn in outflows during the week, adding to the $84mn outflows seen in the prior week.
EU Corporate G3 issuances rose to $30.5bn vs. $25.8bn a week earlier. Barclays’ $4bn four-trancher led the tables, followed by ING Groep’s €3bn issuance and Banco Santander’s €2.5bn two-part issuance. The region saw 20 upgrades and 15 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $200mn in new deals vs. $500mn seen in the prior week, with a sole deal by the Qatar Investment Authority. In the Middle East/Africa region, there were 3 upgrades and no downgrades across the major rating agencies. LatAm issuance fell to $3.1bn compared to $7.3bn in new deals in the week prior led by Panama’s $2.98bn dual-tranche offering. 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 last week stood at only $592mn vs. $972mn a week prior to it. CBA’s €500mn issuance was the only deal from the region amid the Lunar New Year holidays in China. In the APAC region, there were 10 upgrades and 2 downgrades across the three rating agencies.
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