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US primary market new deals were lower last week at $7.35bn vs. $12bn a week prior, comprising solely of IG deals led by Honda’s $1.75bn three-trancher and Fox Corp’s $1.25bn deal. In North America, there were a total of 35 upgrades and 19 downgrades across the three major rating agencies last week. US IG bond funds saw outflows of $4.7bn for the week ended September 4, adding to the outflows of $1.7bn seen during the prior week. For the same period, HY funds saw outflows of $2.6bn, adding to the $$2.4bn in outflows seen in the week prior.
EU Corporate G3 issuances fell to $12.97bn vs. $29bn a week prior. Issuance volumes were led by Diageo’s $1.75bn two-trancher and Credit Agricole’s 1bn issuances. The region saw 27 upgrades and 55 downgrades across the three major rating agencies. The GCC dollar primary bond market saw $1.05bn in new deals after $2.5bn in deals a week prior with Emirates NBD and Damac raising $700mn and $350mn each. Across the Middle East/Africa region, there were 4 upgrades and no downgrades across the major rating agencies. LatAm saw $2.5bn in new deals after no new issuances a week ago. Volumes were led by Panama’s $1.4bn two-tranche deal and Guatemala’s $565mn issuance. The South American region saw 1 upgrades and 7 downgrades each across the rating agencies.
G3 issuance volumes from APAC ex-Japan fell sharply to $1.05bn vs. $7.9bn a week prior to it with Kookmin Bank being the sole issuer. In the APAC region, there were 2 upgrades and 1 downgrades each across the three rating agencies last week.