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Primary market bullets:

** The primary market leapt into action on Tuesday with EUR4.775bn of Euro issuance pricing after two-days of inactivity. Combined demand for the day's bonds stood at over EUR9.8bn. See earlier IGM Daily EUR Supply Cheat Sheet here for a breakdown of Tuesday's supply.

** SES SA headiness busy day for corporates with well-flagged EUR550m perp NC Jan 2024 hybrid, providing a strong test of investor sentiment after recent market volatility. See the IGM Corp Snapshot for more details including relative value analysis on this and the rest of Tuesday's corporate issuance.

** Sp Mortgage Bank kick-started EUR covered supply with a debut EUR500m Nov 2021 Finnish Covered bond after three days of inactivity. For the official comps list and more background see IGM Covered Snapshot.

Broader market price action

** European stocks open higher and maintain upside on largely oil and financial inspired gains, with EuroStoxx50 up 0.80% at 15:20 GMT, also supported by renewed gains on Wall Street after Monday's record closes for Dow, S&P500 and Nasdaq.

** Oil prices were off their intra-day highs in afternoon trading as some profit taking took the edge off solid gains in the past couple of sessions. That saw Brent Crude fail to test USD, hitting an intra-day high of USD49.96 before fading; that still left the contract 1.17% higher as at 15:11 GMT, adding to the 4.4% rally on Monday on optimism that OPEC members can reach a deal to cut production next week.

** Synthetic credit markets were sharply tighter on the day with iTraxx Main -1.55 at 79.73 as at 15:22 GMT and Crossover -6.12 at 339.19 as at 15:20 GMT, the first time the former has been below 80 this week while the Crossover was at its lowest level since last Thursday.

** Cash credit bonds have also found something of a base with spreads marked a shade tighter having trended wider overall since the US election. See the IGM Corporate Snapshot and IGM FIG Snapshot for our performance trackers of recent deals.

** UK Chanc Hammond to raise an extra GBP10bn via T.Bills as borrowing shrinks in Oct. Gilts undermined by the 3.18 offer cover at the 15+ yr reverse auction but virtually in lock-step with Bunds as recent bear steepening continues to be unwound. For more details see here.

Look ahead to Wednesday's event risk

** Data: It's flash PMI day in the Eurozone where the picture is expected to be that of steady rather than spectacular expansion. France kick off at 08.00. Then it's over to the US for a data flurry which includes Advance Durable Goods, Jobless Claims, New Home Sales and UoM sentiment.

** Supply: comes from the Portugal (2021), Germany (2026) and US (7yr) although the latter will take place an environment of sub-optimal liquidity as US players focus on making a quick getaway for Thursday's Thanksgiving holiday which will keep cash UST markets shut across all time zones.

** Events: UK Chancellor's Autumn Statement and FOMC Minutes

** Watching: Oil and EIA inventory data


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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