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Bond Market News
The Week That Was (20-26 April, 2026)
April 27, 2026
US primary market issuances eased to $38bn vs. $60.9bn in the week prior to it. IG issuers took up $32bn of the total, led by AT&T’s $6bn five-trancher and Truist Financial’s $2bn two-trancher. HY deals stood at $6.1bn, led by Core Scientific’s $3.3bn issuance and Edged Compute’s $1.3bn deal. In North America, there were a total of 37 upgrades and downgrades each, across the three major rating agencies last week. US IG funds saw $1.5bn in inflows during the week ended April 22, adding to the $85mn inflows seen during the week before that. US HY bond funds saw $567mn in inflows during the week, adding to the $2.8bn inflows seen in the prior week.
EU Corporate G3 issuances fell to $22.6bn vs. $35.3bn a week earlier. Deutsche Bank’s €3.25bn two-part issuance led the tables, followed by Deutsche Telekom’s €1.5bn two-part deal. The region saw 25 upgrades and 34 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $1.7bn in new deals as compared to $4.8bn in issuances seen in the prior week, with QIA’s $1.3bn two-trancher and Dukhan Bank’s $200mn issuance. In the Middle East/Africa region, there were no upgrades and 8 downgrades across the major rating agencies. LatAm issuances stood at $2.2bn, similar to the volumes seen in the week prior. This was led by Rede D’Or Sao Luiz’s $1bn two-tranche issuance and Provincia del Chubut’ Argentina’s $650mn deal. The South American region saw 5 upgrades and 4 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week stood at $8.5bn vs. $9.4bn a week prior to it. Goodman Group’s $1.9bn multi-currency deal led the tables, followed by CBA’s $1.75bn issuance. This was followed by Mineral Resources’ $1.3bn two-part issuance and Genting Bhd’s $1.25bn two-part deal. In the APAC region, there were 6 upgrades and 23 downgrades across the three rating agencies – the majority of the downgrades were of entities in New Zealand following the outlook being revised to negative from stable by Moody’s.
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