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US primary market issuances fell to $22.8bn vs. $23.3bn in the week prior to it. IG issuers took up $13.8bn of the total, led by Nexstar Media’s $3.39bn deal and Berkshire Hathaway’s $2.5bn four-trancher. HY deals stood at $8.1bn, with volumes led by OAK-Eagle Acquireco’s $5.375bn two-part issuance. In North America, there were a total of 31 upgrades and 29 downgrades, across the three major rating agencies last week. US IG funds saw $2.86bn in inflows during the week ended March 25, adding to the $5.07bn inflows seen during the week before that. US HY bond funds saw $1.97bn in outflows during the week, adding to the $3.14bn outflows seen in the prior week. This marked the seventh straight weekly outflow for high yield funds.
EU Corporate G3 issuances fell to $25.8bn vs. $34.1bn a week earlier. Bankinter’s €2.5bn two-trancher led the tables, followed by NatWest Group’s €2.375bn four-part issuance and Coca-Cola’s €2.1bn three-trancher. The region saw 20 upgrades and 23 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $100mn in new deals as compared to no issuances seen in the prior week, with a sole deal by First Abu Dhabi Bank. In the Middle East/Africa region, there were no upgrades and 4 downgrades across the major rating agencies. LatAm issuances stood at $400mn vs. $500mn in new deals in the week prior led by sole deal by Peru. The South American region saw 1 upgrade and no downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week stood at $9.8bn vs. $4.5bn a week prior to it. Glencore’s $2.5bn three-part issuance, CBA’s $2bn two-tranche deal and LG Chem’s $1.6bn four-trancher led the tables. In the APAC region, there were 13 upgrades and 7 downgrades across the three rating agencies.
