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Primary market bullets

** Primary markets drew a blank on Friday but weekly EUR supply still totalled a healthy EUR12.635bn, which is historically impressive for a Thanksgiving week. For a more details please see IGM's WEEKLY VOLUME REPORT.

** Corporate sector once again spearheaded issuance with EUR5.675bn printed which was covered around 2.9 times on average although marginally larger NICs were still on offer to investors. For more analysis on recent corporate NICs please see earlier COMMENT: Inflated NICs set to continue? here.

** EPFR EUR IG funds saw more outflows, accelerating to a massive $1,895.46m equivalent in the week ending 23rd Nov, which is the largest week of outflows since w/e 17th Feb. For more detail see EPFR Fund Flows Report.

** Cash credit spreads end the week trending tighter after a choppy the week. For IGM's performance tracker of recent EUR FIG issues see IGM FIG Snapshot and for the Corporate issues see IGM Corp Snapshot.

IGM Credit Excel weekly overview

** The IGM European Weekly Credit Overview is your comprehensive round-up of primary European new issue activity in Excel format, which allows users to conveniently download, save and edit the data as required. As well as new issue terms and conditions the spreadsheet incorporates additional sought after new issue data sets including distribution stats, book sizes, NICs and secondary market performance.

Broader market price action on Friday

** Global oil prices were lower on Friday as some of the initial optimism that an output cut could be agreed at next week's OPEC meeting waned. Brent Crude was down by 1.96% at US$48.03 at 15:52 GMT.

** European stocks were little changed for second consecutive session, trading sideways most of the day. EuroStoxx50 was up 0.07% at 15:39 GMT, with the financial subsector underperforming once again at -0.69%.

** iTraxx indices opened slightly wider but were also largely flat at the time of writing with the Main +0.11 at 81.50 and the Crossover -0.02 at 341.94 (15.23 GMT).

** EU government bond yields ease amidst ongoing ECB hopes while US impulses sidelined. For more details see IGM's EU Fixed Income close here.

Monday's event risk

Liquidity levels should improve across the globe as US players make a full return.

** Data: Eurozone M3 is the main release in the morning while US markets are devoid of top tier data.

** Supply: There's no term government auction supply in Europe or US Monday but it will be worth watching for any setting up into Tuesday's BTP sales as the Dec 4th Italian referendum draws ever closer.

** Events: ECB's Coeure and Draghi both speak which could give more colour on the tapering debate which has become more lively in the view of the renewed fragmentation in markets which saw widening between French and German yields get serious ahead of Sunday's 2nd round vote for centre-right nomination.

** Also watching: OECD Eco outlook (10.00), ECB CSPP update (14.45) and oil as Tuesday's OPEC meeting nears.

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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