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Bond Market News
The Week That Was (4th Aug 2025 – 10th Aug 2025)
August 11, 2025
US primary market issuances shot higher to $49.9bn vs. $14.4bn in the prior week. IG issuers took up $31.9bn of the total, led by Marathon Petroleum’s $4.5bn four-trancher and ONEOK’s $3bn three-part issuance. HY issuances stood at $17.3bn, led by Argos Holdings’ $5.4bn four-part deal and Balboa Holdings’ $2bn two-tranche issuance. In North America, there were a total of 31 upgrades and 30 downgrades each, across the three major rating agencies last week. US IG funds saw $3.6bn in inflows during the week ended August 6, adding to the $1.3bn inflows seen during the week before that. US HY bond funds saw $1.7bn in inflows, reversing the $169mn outflows in the prior week.
EU Corporate G3 issuances rose to $16.3bn vs. $9.1bn in the prior week, led by Barclays’ $3.65bn four-tranche deal and BMW’s $2.75bn four-part issuance. The region saw 14 upgrades and 28 downgrades, across the three major rating agencies. Last week, the GCC dollar primary bond market saw no new deals after having seen $1.2bn of issuances during the prior week. In the Middle East/Africa region, there were 3 upgrades and 2 downgrades across the major rating agencies. LatAm saw no new issuances last week vs. $12bn in the week before that. The South American region saw 5 upgrades and 2 downgrades across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $1.5bn vs. $1.3bn in the prior week. This was led by Macquarie Bank’s $1bn issuance and Zhengzhou Urban’s $210mn deal. In the APAC region, there were 12 upgrades and 2 downgrades across the three rating agencies.
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