The Week That Was (22nd – 29th November 2021)

US primary markets saw a sharp decrease in issuances last week given the Thanksgiving holidays to just $3.7bn vs. $44.1bn in the prior week. IG issuances dropped to $3bn vs. $33.7bn in the prior week and HY saw almost no new deals vs. $9.2bn in the week before. CDW LLC’s $2.5bn three-trancher led the table followed by RGA Global’s $500mn deal. In North America, there were a total of 16 upgrades and 8 downgrades combined across the three major rating agencies last week. LatAm too saw no issuances as compared to $980mn in the week prior. In South America, there were 2 upgrades and 3 downgrades combined across the major rating agencies. EU Corporate G3 issuances saw a drop to $23.4bn vs. $33.9bn in the week prior with EDF raising $1.75bn, and Banque Federative du Crédit Mutuel, SocGen and Rabobank raising $1.5bn each. Across the European region, there were 6 upgrades and 21 downgrades across the three major rating agencies. The GCC also saw no G3 issuances vs. $645mn in deals in the prior week. Across the Middle East/Africa region, there were 0 upgrades and 1 downgrade across the three major rating agencies. APAC ex-Japan G3 issuances also saw a sharp dip to $2.2bn vs. $11.4bn in the week before. The largest deals were led by Chengdu Communications’ $600mn deal and Yankuang Group’s $500mn deal, followed by China Everbright and Hafoo raising $300mn each. In the Asia ex-Japan region, there were 4 upgrades and 7 downgrade combined across the three major rating agencies last week.