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Bond Market News
The Week That Was (8-14 December, 2025)
December 15, 2025
US primary market issuances fell last week to $12.3bn vs. $36.2bn in new deals seen a week prior to it, as we approach the year end holidays. IG issuers took up $5.2bn of the total, led by Antero Midstream and Guardian Life Insurance’s $600mn deal each, followed by Campbell’s $550mn single tranche issuance. HY deals stood at $7.1bn, with volumes led by Asurion Group’s $3.3bn and Lumen Technologies’ $1.25bn deals. In North America, there were a total of 41 upgrades and 35 downgrades, across the three major rating agencies last week. US IG funds saw $1.65bn in inflows during the week ended December 10, adding to the $1.6bn inflows seen during the week before that. US HY bond funds saw $541.8mn in inflows, adding to the $1.2bn inflows seen in the prior week.
EU Corporate G3 issuances fell marginally to $13.8bn vs $15.7bn in the prior week, with volumes led by Credit Agricole’s €3.25bn, Beheersmaatschappij Antwerpen’s €1.1bn and BNP Paribas’s $1.25bn issuance. The region saw 29 upgrades and 37 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw no new deals compared to $440mn issuance seen a week before that. In the Middle East/Africa region, there were 15 upgrades and 3 downgrades across the major rating agencies. LatAm saw just $260mn in new issuances compared to $2.1bn seen in the prior week, with volumes led by Cresud Sacif’s $180mn deal. The South American region saw 5 upgrades and 6 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $2.2bn vs. $4.5bn in deals seen during the prior week. This was led by China Minmetals’ $1.2bn two-tranche issuance and Chengdu Xingcheng’s $445mn issuance. In the APAC region, there were 13 upgrades and 6 downgrades each across the three rating agencies.
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