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Bond Market News
The Week That Was (17 – 23 Nov, 2025)
November 24, 2025
US primary market issuances rose last week to $53.9bn vs. $35.9bn in new deals seen a week prior to it. IG issuers took up $48.6bn of the total, led by Amazon’s $15bn six-part deal, followed by $6bn multi-tranche deals by Pfizer and Morgan Stanley each. HY deals stood at $5bn, led by ARD Holdings’ $1.24bn issuance and Sabre Corp’s $1bn issuance. In North America, there were a total of 52 upgrades and downgrades each, across the three major rating agencies last week. US IG funds saw $807mn in inflows during the week ended November 19, adding to the $2.1bn inflows seen during the week before that. US HY bond funds saw $333mn in outflows, adding to the $367mn outflows seen in the prior week.
EU Corporate G3 issuances rose to $31.8bn vs. $25bn in the prior week, with volumes led by Unilever’s €3bn four-trancher, Genmab’s $2.5bn two-trancher and ING Groep’s €1bn issuance. The region saw 69 upgrades and 21 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $2.3bn in new deals vs. $2.6bn in deals seen a week before that. This was led by FAB’s $1bn issuance, followed by Sharjah’s $750mn issuance. In the Middle East/Africa region, there were 26 upgrades and 7 downgrades across the major rating agencies. LatAm saw $2.3bn in new issuances last week. This was led by Ciudad Autonoma’s $600mn issuance, followed by Eldorado Brasil and FIBRA Prologis’s $500mn deals each. The South American region saw 6 upgrades and 3 downgrades each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region rose to $12.7bn vs. $6.5bn in deals seen during the prior week. This was led by China’s €4bn two-part deal, Indonesia’s $2bn two-part sukuk issuance and Westpac’s €1bn issuance. In the APAC region, there were 11 upgrades and 8 downgrades each across the three rating agencies.
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