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Bond Market News
The Week That Was ( 30 June – 7 July 2025 )
July 7, 2025
US primary market issuances dropped sharply to just $9.2bn vs. $27bn in the shortened trading week. IG issuers took up only $2.4bn of the total, led by National Grid’s $1.25bn two-trancher and Northwell Healthcare’s $447mn issuance. HY issuances stood at $6.5bn, led by Venture Global’s $4bn two-part deal and Hilton’s $1bn issuance. In North America, there were a total of 18 upgrades and 21 downgrades each, across the three major rating agencies last week. US IG funds saw $3.9bn in inflows during the week ended July 2, adding to the $1.3bn inflows seen during the week before that. US HY bond funds saw $811mn of inflows, adding to the $3.5bn inflows in the prior week.
EU Corporate G3 issuances fell to $21.1bn vs. $45.7bn in the prior week, led by Paprec Holdings’ €2.55bn six-trancher, followed by Vodafone’s €1.9bn three-part deal. The region saw 36 upgrades and 19 downgrades each, across the three major rating agencies. Last week, the GCC dollar primary bond market saw $2.6bn in issuances, led by Qatar Insurance’s $1bn two-part deal and National Bank of Kuwait’s $800mn issuance. In the Middle East/Africa region, there was 1 upgrade and downgrade each, across the major rating agencies. LatAm saw $520mn in new issuances last week, with N Logistics raising $400mn followed by Different Technologies’ $120mn deal. The South American region saw 1 upgrade and 2 downgrades each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $3.4bn vs. $12.8bn in the prior week. This was led by Bright Food’s €800mn issuance, followed by Korea Gas’ $800mn deal. In the APAC region, there were 2 upgrades and 7 downgrades across the three rating agencies.
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