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US primary market issuances fell to $10.5bn vs. $22.8bn in the week prior to it. IG issuers took up $7.9bn of the total, led by Hyundai Motors’ and JBS raising $2bn via a three-part and two-part deal respectively. HY deals stood at $2.35bn, with a sole deal by Sealed Air Corp’s two-part issuance. In North America, there were a total of 38 upgrades and 40 downgrades, across the three major rating agencies last week. US IG funds saw $5.35bn in outflows during the week ended April 1, reversing the $2.86bn inflows seen during the week before that. This marked the highest weekly outflows since mid-April 2025. US HY bond funds saw $2.56bn in outflows during the week, adding to the $1.96bn outflows seen in the prior week. This marked the eighth straight weekly outflow for high yield funds.
EU Corporate G3 issuances fell to $14bn vs. $25.8bn a week earlier. ING Groep’s €1.5bn led the tables, followed by ABN Amro’s and Erste Group’s €1.25bn issuances each. The region saw 29 upgrades and 24 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $3bn in new deals as compared to only $100mn in issuances seen in the prior week, with a sole deal by the State of Qatar. In the Middle East/Africa region, there was 1 upgrade and downgrade each across the major rating agencies. LatAm issuances stood at $703mn vs. $400mn in new deals in the week prior led by Vista Energy’s $500mn issuance and Pampa Energia’s $200mn deal. The South American region saw 4 upgrades and 5 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week stood at $4.1bn vs. $9.8bn a week prior to it. Korea’s $1.65bn two-part issuance, Bank Mandiri’s $750mn deal and Shinhan Financial’s $600mn led the tables. In the APAC region, there were 8 upgrades and 6 downgrades across the three rating agencies.
