US primary markets saw $35.4bn in new deals last week as compared to $14bn in deals a week prior to it. Of the deal volumes, IG issuers raised $24.8bn in new issuances led by Meta’s $8.5bn five-trancher and Comcast’s $5bn four-trancher. HY saw $4.8bn in new deals with BCP Emerald’s $2.4bn deal and Tenet Healthcare’s $1.35bn deal leading the table. In North America, there were a total of 27 upgrades and 34 downgrades across the three major rating agencies last week. US IG bond funds saw $321.6mn in inflows for the week ended May 3, reversing the $1.32bn in outflows seen in the week prior to it. HY funds saw $1.58bn in outflows, reversing four straight weeks of inflows.
EU Corporate G3 issuance fell to $14.5bn vs. $26.7bn a week prior. Issuance volumes were led by Barclays’ $4bn and Danske Bank’s €2.25bn two-tranchers each. Across the European region, there were 16 upgrades and 9 downgrades. The GCC dollar primary bond market saw no new deals for a second consecutive week. Across the Middle East/Africa region, there were 6 upgrades and 4 downgrades across the major rating agencies. LatAm saw no new deals vs. $625mn in new deals a week prior to it. The South American region saw 5 upgrades and 2 downgrades each across the rating agencies.
Issuance volumes from the APAC ex-Japan G3 region were lower at $1.9bn vs. $3.3bn in deals a week prior to it. There were only two deals led by Glencore Funding’s $1bn two-trancher and SK On’s debut $900mn deal. In the APAC region, there were 3 upgrades and 6 downgrades combined across the three rating agencies last week.