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Primary market quiet in Europe but pipeline suggests Tuesday could provide some excitement

** European primary market draws a complete blank at the start of the week but the pipeline continues to grow thanks to mandate announcements from a handful of potential issuers across the investment grade spectrum. See earlier IGM comment entitled 'Primary draws another blank but pipeline builds' for more details.

** Cash credit spreads continue to trend wider overall with the iBoxx EUR Corporates index closing on Friday at a spread of Bunds +138.5bp, having widened ca. 12.5bps over past week, with the index at its widest level since 13th July. Click here for our IGM FIG Performance tracker and here for the Corporate Bond tracker.

** Risk markets largely enjoyed a constructive start to the week in choppy trade on Monday with Eurostoxx50 up 0.54% at 15:05 GMT, led by the energy sector (+2.16%) on higher oil prices amid increased optimism for a production cut agreement at the OPEC meeting next week. Brent Crude was 2.84% higher at US$48.19 as of 15:05 GMT, its highest level since 01st Nov.

** Bunds underperform in what was otherwise a fairly constructive day in the EU bond complex, 10yr UST/DBR spread narrows ca. 3.5bps at the time of writing as some UST bear steepeners get unwound on calmer trade ahead of Thanksgiving holiday Thursday. Elsewhere, Gilt/DBR 10yr spread also tightens ca. 3.5bps having hit a pre-Brexit wide of 118bps on Friday. Portugal outperforms the periphery (10yr -14bp) while Spain lags (+1.3bps). See IGM's EU FI close for more details of Monday's price action.

ECB CSPP picks up the pace

** The ECB released its latest CSPP tally on Monday where it revealed it has settled EUR44.322bn of holdings as of 18-Nov. This implied a daily purchasing rate of EUR433m which is up from EUR360m seen the week previous. See IGM's earlier CSPP REVIEW for more analysis. .

Economic releases & other events to look out for on Tuesday

Data - It's another relatively light day for data with UK public finance data a scene setter for the Autumn Statement (due Wed). Flash Eurozone Consumer Confidence should show a third straight improvement and US Existing Home Sales should ease slightly.

Supply - sees the UK sell 10yr Gilts with yields near 6-month highs and US sell 5yr USTs with yields near YTD highs.

Speakers - just one ECB and one BoE member are scheduled to speak.

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

andrew.perrin@informagm.com


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