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US primary market issuances jumped last week to $65.7bn vs. $12.8bn in new deals seen a week prior to it. IG issuers took up $59.2bn of the total, led by Meta’s massive $30bn six-tranche deal, the largest this year, followed by Amphenol’s $7.5bn seven-part issuance. HY deals stood at $6.2bn, led by VoltaGrid’s $4bn two-part issuance and White Cap’s $650mn issuance. In North America, there were a total of 39 upgrades and 47 downgrades, across the three major rating agencies last week. US IG funds saw $1.8bn in inflows during the week ended October 29, adding to the $3.7bn inflows seen during the week before that. US HY bond funds saw $459mn in inflows, reversing the $97mn outflow seen in the prior week.
EU Corporate G3 issuances rose to $35.5bn vs. $20.2bn in the prior week, with volumes led by HSBC’s $5bn, Lloyds’ $3.05bn and Santander’s $2.8bn three-part deals each. The region saw 23 upgrades and 15 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw no new deals vs. $920mn in new issuances seen a week before that. In the Middle East/Africa region, there were 2 upgrades and no downgrades each across the major rating agencies. LatAm saw $1.3bn in new issuances last week. This was led by Tecpetrol’s $750mn deal and YPF’s $500mn issuance. The South American region saw 4 upgrades and 3 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $3.5bn vs. $7.5bn in deals seen during the prior week. This was led by Meituan’s $2bn three-part issuance, Hon Hai’s €650mn issuance and Fosun’s $350mn issuance. In the APAC region, there were 19 upgrades and 3 downgrades each across the three rating agencies.
