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US primary market issuances rose to $43.8bn vs. $30bn in the week prior to it. IG issuers took up $38.1bn of the total, led by Nvidia’s $25bn five-trancher and NextEra Energy’s $3.75bn three-tranche deal. HY deals stood at $5.2bn, led by Iron Mountain’s $1.5bn issuance, followed by EquipmentShare.com’s $1.35bn deal. In North America, there were a total of 36 upgrades and 24 downgrades each across the three major rating agencies last week. US IG funds saw $3.2bn in inflows during the week ended June 17, adding to the $5.2bn inflows seen during the week before that. US HY bond funds saw $862mn in inflows during the week, adding to the $490mn inflows seen in the prior week.
EU Corporate G3 issuances rose to $44.6bn vs. $35bn a week earlier. Barclays’ $4.5bn three-trancher, along with Vodafone’s $3.5bn three-trancher and BBVA’s €2.25bn dual-tranche issuance led the tables. The region saw 24 upgrades and 25 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $4.5bn in new deals as compared to $1.3bn in issuances seen in the prior week, with QatarEnergy raising $3.5bn, followed by Bank Al-Jazira’s $500mn deal. In the Middle East/Africa region, there were no upgrades nor downgrades across the major rating agencies. LatAm issuances rose to $1.6bn vs. $452mn seen in the week prior, led by Grupo Mexico SAB’s $1.25bn issuance. The South American region saw 4 upgrades and 5 downgrades each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $4.8bn vs. $10bn a week prior to it. Philippines’ $2.5bn three-tranche issuance led the tables, followed by HDFC Bank’s $750mn deal and Korea Gas’ $700mn issuance. In the APAC region, there were 14 upgrades and 2 downgrades across the three rating agencies.
