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Bond Market News
The Week That Was (26 Jan – 1 Feb, 2026)
February 2, 2026
US primary market issuances jumped to $40bn vs. $28.6bn in the week prior to it. IG issuers took up $34.6bn of the total, led by Morgan Stanley’s $7bn three-part deal, followed by AT&T’s $6.5bn and IBM’s $3.25bn three-tranche deal each. HY deals stood at $5.2bn, with volumes led by Icahn Enterprises and Snow Phipps Group’s $1bn two-part deal each and United Airlines’ $1bn deal. In North America, there were a total of 21 upgrades and 29 downgrades, across the three major rating agencies last week. US IG funds saw $5.4bn in inflows during the week ended January 28, adding to the $3.1bn inflows seen during the week before that. US HY bond funds saw $232.7mn in inflows, reversing the $1.4bn outflows seen in the prior week.
EU Corporate G3 issuances stood at $35.6bn vs. $24.9bn a week earlier. Tugela and Zambezi BV’s €3.3bn deal each led the tables followed by Nationwide Building Society’s €2bn two-tranche deal. The region saw 55 upgrades and 12 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $7.6bn vs $3.6bn in new deals in the prior week. Volumes were led by Saudi Aramco’s $4bn four-tranche deal followed by Bahrain’s $2.1bn two-tranche deal. In the Middle East/Africa region, there were 10 upgrades and 2 downgrades across the major rating agencies. LatAm issuance jumped to $12bn compared to $2.4bn in new deals in the week prior. Azul’s $4.1bn three-tranche deal led the tables followed by Ecuador’s $4bn two-part deal. The South American region saw 3 upgrades and 1 downgrade, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week stood at $6.8bn vs. $9.9bn with volumes led by Macquarie Group’s $1.7bn and Listrik Negara’s $1.5bn two-part deal each, followed by Link REIT’s and Muthoot Group’s $600mn deals each. In the APAC region, there were 6 upgrades and no downgrades each across the three rating agencies.
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