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Bond Market News
The Week That Was (11 – 17 May, 2026)
May 18, 2026
US primary market issuances surged to $55.3bn vs. $38.8bn in the week prior to it. IG issuers took up $45.6bn of the total, led by Wells Fargo’s $6bn three-trancher, followed by ServiceNow and Verizon raising $4bn each via multi-tranche deals. HY deals stood at $8.4bn, led by Kennedy-Wilson’s $1.8bn two-part issuance and Directv’s $1.4bn issuance. In North America, there were a total of 61 upgrades and 81 downgrades across the three major rating agencies last week. US IG funds saw $4bn in inflows during the week ended May 13, adding to the $6.9bn inflows seen during the week before that. US HY bond funds saw $943mn in inflows during the week, adding to the $643mn inflows seen in the prior week.
EU Corporate G3 issuances rose to $32.5bn vs. $19bn a week earlier. Deutsche Bank raised a combined €2.4bn via a dual currency issuance, followed by Eni SpA’s $2.5bn dual-trancher and BMW’s €2.2bn three-tranche deal leading the tables. The region saw 43 upgrades and 35 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw only $500mn in new deals as compared to $8.6bn in issuances seen in the prior week, with the Saudi Energy Co being the sole issuer. In the Middle East/Africa region, there were 8 upgrades and 2 downgrades across the major rating agencies. LatAm issuances fell to $2.2bn vs. $9.2bn in issuances seen in the week prior. This was led by JSP Holding’s $1.05bn three-part issuance and Pampa Energia’s $1bn two-part deal. The South American region saw 9 upgrades and 1 downgrade, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $5.6bn vs. $11bn a week prior to it. CBA’s $1.25bn issuance led the tables, followed by Bank of China and ICBC raising $600mn each. In the APAC region, there were 18 upgrades and 6 downgrades across the three rating agencies.
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