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Bond Market News
The Week That Was (29 Sep – 05 Oct, 2025)
October 6, 2025
US primary market issuances fell last week to $27.4bn vs. $63.3bn in new deals seen a week prior to it. IG issuers took up $12bn of the total, led by Thermo Fisher’s $2.5bn four-trancher, followed by $2bn three-tranche deals by PG&E and Vistra Corp each. HY deals stood at $11.8bn, led by Viking Holdings’ $1.7bn issuance and ION Platform Investment Group’s $1.5bn issuance. In North America, there were a total of 50 upgrades and 43 downgrades, across the three major rating agencies last week. US IG funds saw $1.8bn in inflows during the week ended October 1, similar to the $1.8bn inflows seen during the week before that. US HY bond funds saw $1.2bn in inflows, reversing the $354mn outflows seen in the prior week.
EU Corporate G3 issuances fell to $21.2bn vs. $40.2bn in the prior week, with volumes led by EDF’s €1.25bn deal, followed by BayernLB’s €1.2bn issuance. The region saw 95 upgrades and 17 downgrades across the three major rating agencies – a majority of the upgrades were of Spanish corporates and banks following the sovereign’s upgrade by Moody’s. Last week, the GCC dollar primary bond market saw $14.1bn in new issuances, doubling from the $7.1bn in new deals seen a week before that. This was led by Kuwait’s $11.25bn three-trancher and Bahrain’s $2.5bn two-trancher. In the Middle East/Africa region, there were 3 upgrades and no downgrades across the major rating agencies. LatAm saw $2.2bn in new issuances with only two deals, by Codelco and Panama raising $1.4bn and $779mn respectively. The South American region saw 2 upgrades and 9 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $3.6bn vs. $12.4bn in deals seen during the prior week. This was led by CBA’s €1.25bn issuance, followed by Glencore and Scentre’s €500mn issuances each, and thereafter by Vedanta Resources’ $500mn deal. In the APAC region, there were 11 upgrades and 19 downgrades across the three rating agencies.
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