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US primary market issuances fell to $30bn vs. $54.1bn in the week prior to it. IG issuers took up $24.4bn of the total, led by Citibank NA’s $5.75bn three-trancher and Dell’s $3bn three-tranche deal. HY deals stood at $5.5bn, led by Applied Digital’s $1.59bn issuance, followed by CoreWeave’s $1.25bn deal. In North America, there were a total of 26 upgrades and 31 downgrades each across the three major rating agencies last week. US IG funds saw $5.17bn in inflows during the week ended June 10, adding to the $3.76bn inflows seen during the week before that. US HY bond funds saw $490mn in inflows during the week, adding to the $881mn inflows seen in the prior week.
EU Corporate G3 issuances rose to $35bn vs. $30bn a week earlier. Credit Agricole’s €4bn two-trancher, along with Barclays’ €3bn two-trancher and UniCredit’s €2.5bn dual-tranche issuance led the tables. The region saw 37 upgrades and 17 downgrades across the three major rating agencies. Last week, the GCC dollar primary bond market saw $1.3bn in new deals as compared to $4.7bn in issuances seen in the prior week, with DIB raising $1bn, followed by QIA’s $300mn deal. In the Middle East/Africa region, there were 11 upgrades and no downgrades across the major rating agencies. LatAm issuances fell to only $452mn vs. $2bn seen in the week prior, led by MSU Green Energy’s $400mn issuance. The South American region saw 22 upgrades and 10 downgrades each, across the three major rating agencies last week.
G3 issuances from the APAC ex-Japan region rose to $10bn vs. $8.8bn a week prior to it. Tencent’s $2.45bn two-tranche issuance led the tables, followed by Westpac’s $2.39bn multicurrency deal and PT Danantara’s $1.5bn dual-tranche issuance. In the APAC region, there were 5 upgrades and 1 downgrade across the three rating agencies.
