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Bond Market News
The Week That Was (18 – 24 May, 2026)
May 25, 2026
US primary market issuances fell to $35.2bn vs. $55.3bn in the week prior to it. IG issuers took up $33.4bn of the total, led by Merck’s $6bn seven-trancher, followed by Ecolab’s $5bn four-trancher and FMC Corp’s $2.4bn two-part deal. HY deals stood at $1.5bn, led by RRD’s $900mn issuance and Granite Construction’s $600mn issuance. In North America, there were a total of 42 upgrades and 79 downgrades across the three major rating agencies last week. US IG funds saw $4.4bn in inflows during the week ended May 20, adding to the $4bn inflows seen during the week before that. US HY bond funds saw $776mn in outflows during the week, reversing the $951mn inflows seen in the prior week.
EU Corporate G3 issuances rose to $49.6bn vs. $32.5bn a week earlier. Volkswagen raised a €2.75bn via a three-tranche issuance, followed by Enel’s €2.5bn dual-trancher and BNP Paribas’ €2.25bn two-tranche deal leading the tables. The region saw 20 upgrades and 25 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $2.5bn in new deals as compared to $500mn in issuances seen in the prior week, with Abu Dhabi’s $1bn issuance and Dar Al Arkan’s $600mn deals leading the tables. In the Middle East/Africa region, there were 12 upgrades and 1 downgrade across the major rating agencies. LatAm issuances fell to only $967mn vs. $2.2bn in issuances seen in the week prior. This was led by SOMA Management’s $800mn issuance and other smaller deals. The South American region saw 2 upgrades and 4 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region rose to $9.2bn vs. $5.6bn a week prior to it. Indonesia raised ~$3.45bn via dual-curency issuance to lead the tables, followed by CBA’s €1.25bn deal and VEON Ltd’s $1.4bn two-part deal. In the APAC region, there were 6 upgrades and 7 downgrades across the three rating agencies.
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