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Bond Market News
The Week That Was ( 28th July 2025 – 3rd Aug 2025)
August 4, 2025
US primary market issuances fell to only $14.4bn vs. $33.9bn in the prior week. IG issuers took up $7.6bn of the total, led by NextEra Energy’s $2bn issuance and Sherwin-Williams’ $1.5bn three-part issuance. HY issuances stood at $6.6bn, led by Advance Auto Parts’ $1.95bn two-part deal and CHS’ $1.79bn issuance. In North America, there were a total of 26 upgrades and 49 downgrades each, across the three major rating agencies last week. US IG funds saw $1.3bn in inflows during the week ended July 30, adding to the $1.7bn inflows seen during the week before that. US HY bond funds saw $167mn of outflows, reversing the $910mn inflows in the prior week.
EU Corporate G3 issuances fell to $9.1bn vs. $11.5bn in the prior week, led by UBS’ $2bn two-tranche AT1 deal and Deutsche Bank’s $1.7bn two-part issuance. The region saw 42 upgrades and 22 downgrades, across the three major rating agencies. Last week, the GCC dollar primary bond market saw $1.2bn in new deals after having seen no issuances during the prior week. This top deals included Binghatti’s $500mn issuance, KBW Investments’ $450mn deal and Abu Dhabi’s $250mn deal. In the Middle East/Africa region, there was 1 upgrade and no downgrade across the major rating agencies. LatAm saw $12bn in new issuances last week vs. $2.1bn in the week before that with a sole deal Mexico. The South American region saw 6 upgrades and 4 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $1.3bn vs. $3.7bn in the prior week. This was led by Boroo Investments, CITIC Group and Golden Lincoln’s $300mn issuances each. In the APAC region, there were 7 upgrades and 6 downgrades across the three rating agencies.
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