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US primary market issuances jumped to $67.8bn vs. $38bn in the week prior to it. IG issuers took up $59.6bn of the total, led by Meta’s $25bn six-trancher, Intel’s $6.5bn five-trancher and Walmart’s $4.25bn five-part deal. HY deals stood at $7.9bn, led by PR RNO Property’s $4.6bn issuance and SE Cosmos’ $1bn issuance. In North America, there were a total of 47 upgrades and 25 downgrades across the three major rating agencies last week. US IG funds saw $1.39bn in inflows during the week ended April 29, adding to the $1.55bn inflows seen during the week before that. US HY bond funds saw $1.49bn in inflows during the week, adding to the $567mn inflows seen in the prior week.
EU Corporate G3 issuances fell to $19bn vs. $22.6bn a week earlier. BBVA’s $2.25bn two-part issuance led the tables, followed by Belgium’s €1.5bn issuance and SEB Bank’s $1bn deal. The region saw 24 upgrades and downgrades each, across the three major rating agencies. Last week, the GCC dollar primary bond market saw $750mn in new deals as compared to $1.7bn in issuances seen in the prior week, with Emirates NBD’s AT1 issuance being the sole deal. In the Middle East/Africa region, there were 4 upgrades and 1 downgrade across the major rating agencies. LatAm issuances stood at $1.3bn vs. $2.2bn in issuances seen in the week prior. This was led by Generadora de Gatun’s $1.05bn issuance and Central Puerto’s $130mn deal leading the tables. The South American region saw 4 upgrades and 6 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region last week stood at $2.2bn vs. $8.5bn a week prior to it. KB Financial Group’s $700mn dual-trancher led the tables, followed by Korea Expressway’s $600mn issuance and SK Inc’s $500mn deal. In the APAC region, there were 8 upgrades and 6 downgrades across the three rating agencies.
