US primary market issuances saw a drop in deal volumes to $11.9bn last week vs. $14.5bn in the week prior to it. IG issuances stood at $5.7bn led by Citigroup’s $2.75bn issuance and Blackstone’s $600mn deal. HY issuances were at $6.3bn with Citrix raising $4bn, followed by Royal Caribbean’s $2bn dual-trancher. In North America, there were a total of 20 upgrades and 40 downgrades across the three major rating agencies last week. As per Lipper data, US IG funds saw $4.97bn in outflows in the week ended 21 September, a fifth straight week of outflows, while HY funds also saw $1.66bn in outflows. In the LatAm region, there were no new issuances for a fourth consecutive week. In South America, there was 1 upgrade and 7 downgrades across the major rating agencies. EU Corporate G3 issuances dropped significantly to $16.6bn vs. $40.1bn one week prior – Santander raised €1.5bn and Rentenbank raised $1.3bn to lead the tables. Across the European region, there were 16 upgrades and 28 downgrades. The GCC G3 primary bond market saw no new deals vs. $300mn in the week prior. Across the Middle East/Africa region, there were no upgrades and 7 downgrades across the three major rating agencies. APAC ex-Japan G3 issuances were at $1.3bn vs. $700mn in the week prior led EXIM Korea’s $500mn issuance and Oriental Capital’s $230mn deal. In the APAC region, there were no upgrades and 23 downgrades combined across the three rating agencies last week.