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Bond Market News
The Week That Was (25 – 31 Aug, 2025)
September 1, 2025
US primary market issuances dropped sharply to just $1.3bn vs. $23.5bn in the prior week. IG issuers took up $1.2bn of the total, led by Sempra’s $800mn issuance and Sammons Financial’s $400mn deal. There were no HY issuances. In North America, there were a total of 19 upgrades and 3 downgrades, across the three major rating agencies last week. US IG funds saw $1.8bn in inflows during the week ended August 27, adding to the $3.4bn inflows seen during the week before that. US HY bond funds saw $708mn in outflows, reversing the $185mn inflows seen in the prior week.
EU Corporate G3 issuances rose to $25bn vs. $16bn in the prior week, led by ING Groep’s €2.5bn two-tranche deal and NatWest Group’s €2.25bn two-trancher. The region saw 9 upgrades and 18 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $4.2bn in new issuances after seeing no deals for three consecutive weeks. This was led by Saudi Awwal’s $2.5bn two-trancher and Banque Fransi’s $1bn issuance. In the Middle East/Africa region, there was 1 upgrade and no downgrades across the major rating agencies. LatAm saw only $270mn in new issuances led by YPF’s $109mn issuance followed by other small ticket deals. The South American region saw 1 upgrade and 2 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $7.1bn vs. $5.8bn in the prior week. This was led by BHP Group’s €1.4bn two-part deal, KDB’s €1.25bn issuance and OCBC’s $1bn issuance. In the APAC region, there were 19 upgrades and 8 downgrades across the three rating agencies.
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