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Bond Market News
The Week That Was (24 – 30 Nov, 2025)
December 1, 2025
US primary market issuances dropped significantly last week to only $5bn vs. $53.9bn in new deals seen a week prior to it, due to a festive-shortened trading week. IG issuers took up $3bn of the total, led by Roche Holdings’ $1.9bn three-part deal, followed by Duke Energy’s $1.1bn two-tranche issuance. HY deals stood at $1.5bn, with a solo issuance by United Rental. In North America, there were a total of 27 upgrades and 29 downgrades, across the three major rating agencies last week. US IG funds saw $874mn in outflows during the week ended November 26, reversing to the $1bn inflows seen during the week before that. US HY bond funds saw $706mn in inflows, reversing the $334mn outflows seen in the prior week.
EU Corporate G3 issuances fell to $28.6bn vs. $31.8bn in the prior week, with volumes led by Nordea Bank’s €2.9bn issuance, Erste Group Bank’s €2bn issuance and HSBC’s €1.25bn issuance. The region saw 95 upgrades and 18 downgrades across the three major rating agencieswith a majority of the upgrades occuring on Italian corporates after Moody’s upgrade of the sovereign. Last week, the GCC dollar primary bond market saw $1bn in new deals vs. $2.3bn in deals seen a week before that. This came on the back of $500mn issuances each by Arabian Centres and Qatar Investment Authority. In the Middle East/Africa region, there were 12 upgrades and 4 downgrades across the major rating agencies. LatAm saw no new issuances last week. The South American region saw 3 upgrades and 2 downgrades each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $4.5bn vs. $12.7bn in deals seen during the prior week. This was led by China Huaneng’s $1bn issuance, UOB’s €850mn issuance and China Orient’s $800mn issuance. In the APAC region, there were 10 upgrades and 4 downgrades each across the three rating agencies.
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