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Bond Market News
The Week That Was ( 21 July 2025 – 27 July 2025)
July 28, 2025
US primary market issuances rose to $33.9bn vs. $26.3bn in the prior week. IG issuers took up $22.6bn of the total, led by American Express’ $4bn three-trancher and PepsiCo’s $3.5bn four-part issuance. HY issuances stood at $8.9bn, led by Clear Channel Outdoor’s $2.05bn two-part deal and CoreWeave’s $1.75bn issuance. In North America, there were a total of 32 upgrades and 24 downgrades each, across the three major rating agencies last week. US IG funds saw $1.7bn in inflows during the week ended July 23, adding to the $1.2bn inflows seen during the week before that. US HY bond funds saw $913mn of inflows, adding to the $876mn inflows in the prior week.
EU Corporate G3 issuances rose to $11.5bn vs. $8.5bn in the prior week, led by Intrum’s €3.71bn six-trancher, followed by Flutter Entertainment’s ~€1.96bn multi-currency deals. The region saw 25 upgrades and downgrades each, across the three major rating agencies. Last week, the GCC dollar primary bond market saw no new deals after having seen $1bn in issuances during the prior week. In the Middle East/Africa region, there was 1 upgrade and 2 downgrades across the major rating agencies. LatAm saw $2.1bn in new issuances last week vs. $1.1bn in the week before that. This was led by Adecoagro’s and Sabesp’s $500mn issuances each, followed by Telecom Argentina’s $400mn deal. The South American region saw 19 upgrades and 2 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $3.7bn vs. $4bn in the prior week. This was led by CSC Financial’s $400mn issuance, followed by Guotai Haitong’s $300mn issuance. In the APAC region, there were 13 upgrades and 6 downgrades across the three rating agencies.
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