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Primary market bullets:

A slower day for European primary markets although still decent for a Thanksgiving day by historical standards thanks to FIG and Corporate issuers which provided EUR2.65bn of combined issuance from five separate benchmarks. For more details including book sizes and NICs see IGM's Daily EUR Supply report.

Corporates

** Autostrade offers test of investor sentiment for Italian corporate debt ahead of upcoming referendum with first IG corp deal from the country for a month.

** Also reaching out to investors in another active session for the corporate market was Iberdrola which refreshed its Green credentials with a new EUR750m Mar 2024 line and ITV which boosted its fledgling curve with a EUR500m Dec 2023 issue.

** Secondary corp spreads resumed a widening bias having temporarily benefited from a bit of bottom fishing in recent sessions amid a more stable broader market tone. Wednesday's deals from Adecco and ASML struggle after squeezing the NIC down to a final 5bps during execution.

For more details see IGM Corporate Snapshot

FIG

** Following a deal from UBS on Wednesday which marked the first senior supply in over a week, BNP Paribas provided more senior supply Thursday via its inaugural Green bond. The long 5yr trade was capped at EUR500m at the outset and attracted orders topping EUR1bn. See IGM's FIG SNAPSHOT for more detail.

Broader market price action

** European risk markets experience a fairly constructive session albeit in subdued Thanksgiving holiday flows which was accentuated by a paucity of other market moving impulses.

** Regional stocks open higher and hold onto gains throughout the session with EuroStoxx50 up 0.27% at 15:20 GMT, with the financial subsector lagging at -0.40%.

** Synthetic credit markets also firmed with iTraxx Main -1.18 at 81.29 as at 15:22 GMT and the Crossover -6.36 at 340.47.

** EU government bonds constrained within narrow ranges with little event risk to provide fresh direction. However, decent ebb & flow was seen in the 10yr Bund/Gilt yield spread which hit a post-Brexit high of 119.5bps. See IGM EI FI Close for more details.

Looking ahead to Friday's event risk

** Expect Friday's session to be characterised by low liquidity/low conviction conditions as US players bridge Thursday's holiday into the weekend.

** Data: Provisional UK Q3 GDP is the key release in the morning while attention in afternoon trade will fall on US Wholesale Inventories and Markit Service PMI data, although neither should change the 100% call for a Dec hike which has helped propel DXY to fresh 13.5yr highs this week.

** Supply: comes from Italy although 2yr zero coupon and index linked sales are not usually associated with any drama and should proceed smoothly.

** Events: No key events scheduled

** Watching: DXY and special offers on Black Friday


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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