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Bond Market News
The Week That Was (4 – 10 May, 2026)
May 11, 2026
US primary market issuances fell to $38.8bn vs. $67.8bn in the week prior to it. IG issuers took up $25.7bn of the total, led by Eli Lilly’s $9bn eight-trancher and Morgan Stanley’s $3bn two-trancher. HY deals stood at $13.1bn, led by Bond US Bidco’s $1.5bn two-part issuance and Solaris Energy’s $1.3bn issuance. In North America, there were a total of 37 upgrades and 30 downgrades across the three major rating agencies last week. US IG funds saw $6.9bn in inflows during the week ended May 6, adding to the $1.5bn inflows seen during the week before that. This was the largest inflow into IG funds since September 2020. US HY bond funds saw $643mn in inflows during the week, adding to the $1.5bn inflows seen in the prior week.
EU Corporate G3 issuances fell to $19bn vs. $22.6bn a week earlier. HSBC raised ~$7.4bn across multiple currencies, followed by ING Groep’s €3.25bn three-part issuance and Lloyds Banking Group’s €2.75bn three-tranche deal leading the tables. The region saw 25 upgrades and 31 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $8.6bn in new deals as compared to $750mn in issuances seen in the prior week, with the PIF’s $7bn three-tranche issuance and FAB’s $700mn deal leading the tables. In the Middle East/Africa region, there were 5 upgrades and 1 downgrade across the major rating agencies. LatAm issuances surged to $9.2bn vs. $1.3bn in issuances seen in the week prior. This was led by COX Abg’s $2bn two-part issuance and Esentia’s Energy’s $2bn two-part deals leading the tables. The South American region saw 1 upgrade and 2 downgrades, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region jumped to $11bn vs. $2.2bn a week prior to it. Westpac’s $4.9bn multi-currency deal led the tables, followed by Hong Kong SAR’s ~$1.4bn dual-currency issuance and Bank of East Asia’s $1.2bn two-part deal. In the APAC region, there were 18 upgrades and 1 downgrade across the three rating agencies.
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