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US primary market issuances fell to $26bn vs. $35.2bn in the week prior to it. IG issuers took up $24.1bn of the total, led by Goldman Sachs’ $9bn four-trancher, followed by Stellantis’ $2.5bn two-trancher and NextEra Energy’s $2.25bn three-part deal. HY deals stood at $2bn, led by WS Escrow’s $700mn issuance, followed by Navient Corp and PBF Energy raising $500mn each. In North America, there were a total of 38 upgrades and 79 downgrades across the three major rating agencies last week. US IG funds saw $2.4bn in inflows during the week ended May 27, adding to the $4.3bn inflows seen during the week before that. US HY bond funds saw $69mn in inflows during the week, adding to the $769mn inflows seen in the prior week.
EU Corporate G3 issuances fell to $34.9bn vs. $49.6bn a week earlier. UBS Group raised ~$3.8bn via dual currency issuances, followed by SAP SE’s €3.5bn four-trancher and BPCE’s $2.75bn two-tranche deal leading the tables. The region saw 22 upgrades and 13 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $1.5bn in new deals as compared to $2.5bn in issuances seen in the prior week, with FAB being the sole issuer. In the Middle East/Africa region, there were 18 upgrades and 4 downgrade across the major rating agencies. LatAm issuances soared to $7.2bn vs. $967mn seen in the week prior. This was led by Borr Drilling’s $6.1bn six-part deal and BBVA’s $1bn issuance. The South American region saw 4 upgrades and no downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region fell to $5.2bn vs. $9.2bn a week prior to it. NAB raised $3bn via three-tranche issuance to lead the tables, followed by Bocom’s $750mn deal and Shandong Finance and Yiwu State-owned Capital’s $350mn issuances each. In the APAC region, there were 18 upgrades and 6 downgrades across the three rating agencies.
