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US primary market issuances rose to $59.4bn vs. $56.1bn in the week prior to it. IG issuers took up $40.3bn of the total, led by Alphabet’s $20bn seven-part deal, followed by Walt Disney’s $4bn four-trancher and Thermo Fisher Scientifc’s $3.8bn four-tranche deal. HY deals stood at $14.5bn, with volumes led by SV RNO’s $7.6bn and TransDigm’s $2.4bn two-part issuances each. In North America, there were a total of 19 upgrades and 29 downgrades, across the three major rating agencies last week. US IG funds saw $4.3bn in inflows during the week ended February 11, adding to the $6.7bn inflows seen during the week before that. On a separate note, January saw the highest monthly inflows into IG funds in five years, standing at $43.3bn. US HY bond funds saw $84mn in outflows during the week, reversing the $420mn inflows seen in the prior week.
EU Corporate G3 issuances fell to $25.8bn vs. $33.8bn a week earlier. Banco Santander’s €4bn four-trancher led the tables, followed by Credit Agricole’s €2.2bn and Infineon Technology’s €2bn three-part issuances each. The region saw 16 upgrades and 23 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $500mn in new deals vs. $860mn seen in the prior week, with a sole deal by Mashreqbank. In the Middle East/Africa region, there were 6 upgrades and 2 downgrades across the major rating agencies. LatAm issuance jumped sharply to $7.3bn compared to only $697mn in new deals in the week prior. Brazil’s $4.5bn two-part issuance and Dominican Republic’s $2.75bn two-tranche deal were the only two deals that were priced. The South American region saw 4 upgrades and 6 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week stood at only $972mn vs. $7.5bn with volumes led by Macquarie Bank’s $650mn deal and Inner Mongolia Xingye’s $200mn deals each. In the APAC region, there were 4 upgrades and 2 downgrades each across the three rating agencies.
