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US primary market new deals were lower last week at $9.9bn vs. $30bn a week prior with IG deals at $8.5bn led by Capital One and American Express raising $2.5bn each via two and three-tranchers respectively. HY issuances stood at $1.4bn with a sole two-tranche deal by Aretec. In North America, there were a total of 26 upgrades and 40 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $1.79bn, adding to outflows of $2.31bn for the week ended October 25. For the same period, HY funds saw outflows of $942mn, adding to the $1.92bn in outflows seen in the week prior.
EU Corporate G3 issuances were lower at $11.3bn vs. $13.3bn a week prior. Issuance volumes were led by Rabobank raising €1.75bn via a two-trancher and Nationwide Building’s €1.25bn issuance. The region saw 22 upgrades and 28 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $500mn in new deals after $3.5bn in deals a week prior. Deal volumes were solely Mubadala’s deal. Across the Middle East/Africa region, there was 1 upgrade and 17 downgrades across the major rating agencies. LatAm saw$1.5bn in new deals after no major deals for two consecutive weeks, with a sole dual-trancher by Borr Drilling. The South American region saw 7 upgrades and 9 downgrades each across the rating agencies.
G3 issuance volumes from APAC ex-Japan dropped to just $607mn vs. $6bn a week prior to it with Fujian Zhanglong and Tongren State-Owned Corporation raising $500mn and $107mn respectively. In the APAC region, there were 15 upgrades and 2 downgrades each across the three rating agencies last week.