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US primary market issuances doubled to nearly $22bn vs. $10.5bn in the week prior to it. IG issuers took up $13.3bn of the total, led by Vistra Corp’s’ $4bn four-trancher and Enterprise Holding’s $3bn three-trancher. HY deals stood at $4.1bn, led by CoreWeave’s $1.75bn deal and Televisa Univision’s $1.5bn issuance. In North America, there were a total of 18 upgrades and 21 downgrades, across the three major rating agencies last week. US IG funds saw $1.3bn in outflows during the week ended April 8, adding to the $5.1bn outflows seen during the week before that. US HY bond funds saw $808mn in inflows during the week, reversing the $2.56bn in outflows seen in the prior week. It was the first week of net inflows for high-yield bond funds after eight consecutive weeks of outflows.
EU Corporate G3 issuances jumped to $28.8bn vs. $14bn a week earlier. Banco Santander’s $3.9bn dual-currency issuances led the tables, followed by Commerzbank’s €2bn three-part deal. The region saw 6 upgrades and 17 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $2.8bn in new deals as compared to $3bn in issuances seen in the prior week, with Abu Dhabi’s $2.5bn three-part deal and Emirates NBD’s $325mn issuance being the only two deals from the region. In the Middle East/Africa region, there was 1 upgrade and downgrade each across the major rating agencies. LatAm issuances stood at $722mn vs. $703mn in new deals in the week prior led by Inversiones Quinchamali’s $600mn issuance. The South American region saw no upgrades and 14 downgrades, across the three major rating agencies last week – a majority of the downgrades were on Colombian corporates after the sovereign was cut to BB- by S&P.
G3 issuances from the APAC ex-Japan region last week stood at $1.6bn vs. $4.1bn a week prior to it. Hana Financial’s $702mn issuance and UOB’s $500mn deal led the tables. In the APAC region, there were 3 upgrades and 9 downgrades across the three rating agencies.
