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US primary market issuances more than doubled to $54.1bn vs. $26bn in the week prior to it. IG issuers took up $33bn of the total, led by Mastercard’s $5bn five-trancher, followed by Chpe’s $4bn four-tranche deal. HY deals stood at $16.7bn, led by Whirlpool’s $4bn four-part issuance, followed by QXO’s $3bn two-part deal. In North America, there were a total of 28 upgrades and downgrades each across the three major rating agencies last week. US IG funds saw $3.77bn in inflows during the week ended June 3, adding to the $2.39bn inflows seen during the week before that. US HY bond funds saw $881.8mn in inflows during the week, reversing the $65.3 outflows seen in the prior week.
EU Corporate G3 issuances fell to $30bn vs. $34.9bn a week earlier. BPCE’s $2.75bn two-trancher, along with Svenska Handelsbannken’s $1.75bn three-trancher and SocGen’s €1.5bn dual-tranche issuance lead the tables. The region saw 28 upgrades and 21 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $4.7bn in new deals as compared to $1.5bn in issuances seen in the prior week, with Green Palm raising $3.5bn via a two-trancher, followed by Bahrain’s $1bn deal. In the Middle East/Africa region, there were 8 upgrades and 1 downgrade across the major rating agencies. LatAm issuances fell to $2bn vs. $7.2bn seen in the week prior. This was led by Cemex’s $1.5bn issuance and Empresa Distribuidora de Electricidad’s $300mn issuance. The South American region saw 1 upgrade and downgrade each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region rose to $8.8bn vs. $5.2bn a week prior to it. MTR raised €3bn via three-tranche issuance to lead the tables, followed by CBA’s $1.75bn two-part deal, Macquarie’s $1.25bn issuance and NAB’s $1bn two-tranche issuance. In the APAC region, there were 13 upgrades and 4 downgrades across the three rating agencies.
