This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Whilst overall deal volumes were milder due to the BOJ and FOMC meeting, US primary markets stayed active, with new deals at $23.1bn vs. $24.8bn seen a week before this. IG issuers racked up $18.3bn in deals with UnitedHealth’s $6bn six-part deal and Toyota’s Motor Credit’s $2.25bn three-trancher leading the tables. HY issuers accounted for $4bn of the volume with RHP Hotel’s and Medline’s $1bn deals each leading the tables. In North America, there were a total of 48 upgrades and 38 downgrades across the three major rating agencies last week. US IG funds saw inflows of $1.4bn for the week ending March 20, adding to the $1.6bn in inflows seen the week before this. HY funds saw outflows of $2bn during the same period, reversing the inflows of $289mn seen a week prior.
EU Corporate G3 issuances recorded $37bn in new deals, slightly lower than the $41.7bn seen in the week prior to it. The largest deals were led by BAE System’s $4.8bn multi-trancher and AB InBev €4bn three-part deal. The region saw 53 upgrades and 20 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $1.85bn in new deals with QNB Finance’s $1bn and Saudi Electricity’s $500mn issuances leading the tables, after seeing $350mn in deals a week prior to it. In the Middle East/Africa region, there were 11 upgrades and 4 downgrades each across the major rating agencies. LatAm saw just $150mn in new deals after $750mn in deals a week ago. This was led by Aluar Alumino’s $100mn and IDC Overseas’ $50mn issuances. The South American region saw 13 upgrades and 2 downgrades across the rating agencies.
G3 issuance volumes from APAC ex-Japan stood at $3.8bn as compared to a strong $9.7bn in the week prior to it. Deal volumes were led by FWD Group’s $900mn and CIMIC Finance’s $650mn deals, followed by Philippines’ BPI $400mn and eHi Car’s $325mn issuances. In the APAC region, there were 7 upgrades and 9 downgrades across the three rating agencies last week.