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Bond Market News
The Week That Was ( 7 July – 13 July 2025)
July 14, 2025
US primary market issuances rose to $19.2bn vs. $9.2bn in the prior week. IG issuers took up only $14bn of the total, led by Broadcom’s $6bn three-trancher and Honda Motor’s $2.85bn four-part issuance. HY issuances stood at $5.2bn, led by Carnival’s $3bn deal and Gray Media’s $900mn issuance. In North America, there were a total of 15 upgrades and 39 downgrades each, across the three major rating agencies last week. US IG funds saw $1.8bn in inflows during the week ended July 9, adding to the $4bn inflows seen during the week before that. US HY bond funds saw $304mn of inflows, adding to the $811mn inflows in the prior week.
EU Corporate G3 issuances fell to $15bn vs. $21.1bn in the prior week, led by Banco Santander’s €2.25bn two-trancher, followed by Groupe Credit Mutuel’s €1.82bn three-part deal. The region saw 30 upgrades and 22 downgrades each, across the three major rating agencies. Last week, the GCC dollar primary bond market saw $2.6bn in issuances, led by Riyad Bank’s $1.25bn issuance and Alinma’s $1bn two-part sukuk issuance. In the Middle East/Africa region, there was 1 upgrade and downgrade each, across the major rating agencies. LatAm saw $1.9bn in new issuances last week vs. $520mn in the week before that. This was led by Guatemala’s $1.5bn issuance and EnfraGen’s $400mn deal. The South American region saw 2 upgrades and 1 downgrade each across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region stood at $4bn vs. $3.4bn in the prior week. This was led by Toyota Motors’ €750mn issuance, followed by CITIC’s $600mn deal and Shinhan Financial’s $500mn issuance. In the APAC region, there were 3 upgrades and 4 downgrades across the three rating agencies.
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