This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
US primary markets saw a sharp drop in new deals last week to only $2.7bn as compared to $7.1bn a week prior. IG deals took the entire share of volumes led by American Honda Motor’s $1.75bn two-trancher and John Deere’s $500mn deal. In North America, there were a total of 19 upgrades and 16 downgrades across the three major rating agencies last week. US IG bond funds saw $1.6bn in inflows for the week ended July 5, adding to the $919.2mn in inflows during the week prior. For the same period, HY funds saw $283.4mn in outflows, reversing the $729.8mn in inflows seen in the week prior.
EU Corporate G3 issuances were near flat at $22.3bn vs. $21.1bn a week prior. Issuance volumes were led by CRH’s €1.5bn two-trancher and Banque Credit Mutuel’s $1.4bn issuance. Across the European region, there were 38 upgrades and 13 downgrades. The GCC dollar primary bond market saw no new deals for a third consecutive week. Across the Middle East/Africa region, there were 3 upgrades and 1 downgrade across the major rating agencies. LatAm saw no new deals last week as compared to $5.5bn in new deals the week prior. The South American region saw 1 upgrade and no downgrade across the rating agencies.
G3 issuance volumes from APAC ex-Japan dropped to only $1.2bn vs. $4.1bn a week prior to it. ANZ’s €500mn deal and Korea East-West Power’s $350m deal led the table followed by Luso International’s $700mn two-trancher. In the APAC region, there were 3 upgrades and 11 downgrades each across the three rating agencies last week.