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Primary market bullets:

** The European primary market stepped up a gear on Tuesday with a total of E7.025bn printed in the single currency whilst the UK issued a new long-dated GBP linker (more below). See IGM's Daily EUR Supply Snapshot for a detailed breakdown of the day's Euro issuance.


** Morgan Stanley, Great-West Lifeco and Euroclear all took advantage of the better tone with benchmark sized FIG deals, raising a combined EUR3.35bn. See IGM's FIG SNAPSHOT.


** Lanxess launched its well flagged Euro hybrid on the day, printing a EUR500m no grow 60NC6.5 issue at 4.75% which was revised from 5-5.125% IPTs via guidance 4.875% area (+/- 0.125%) on the back of demand topping EUR1.7bn. For the full comps list on the new Lanxess deal see IGM's CORP SNAPSHOT.


** Another three corporates printed Euro senior offerings with Vonovia Finance, Bouygues and CETIN Finance attracting aggregate demand of over EUR7.55bn for the combined EUR2.875bn paper printed. For more background and analysis on all Tuesday's corporate deals see IGM's Corporate Snapshot.

** United Kingdom issued a GBP2.25bn 40yr (Nov 2056) syndicated Index-Linked gilt at 2bps over 0.125% Mar-2058 UKTi which was the tight end of guidance at UKTi +2-2.75bp. Demand was heard in excess of GBP10.5bn. BofAML, Deutsche Bank, Morgan Stanley and Scotiabank were leads on the trade.

** Looking ahead, Australian utility AusNet Services Holdings Pty Ltd could launch an EUR 9yr benchmark this week whilst energy company Uniper SE is eyeing a EUR 2yr benchmark as early as tomorrow after both wrapped up investor meetings on Tuesday.

Broader market price action on Tuesday:

** European risk markets open weaker following cautious Wall Street/Asian handover but regain footing as political jitters subside. Get mid-session boost on sources story ECB is ready to temporarily lift BTP purchases if Sunday's referendum drives up yields.

** BTPs were already outperforming after drama free BTP auction with 10yr spread vs bunds tightening up to 9bps intraday while OATs also saw massive tightening versus bunds (8 bps in 10yr)

** Oil resumes decline ahead of Wednesday's OPEC meeting, as market chips away at Monday's 2.2% rally (Brent), down 3.57% at US$46.51 as at 15:55 GMT.

** iTraxx indices tighten after weaker start with Main -2.15 at 80.32 and Crossover -3.11 at 340.22 as at 15:56 GMT with Stoxx50 up 0.60%, with IT and energy lagging at -0.59% and -0.41%.

** Gilts sharply outperform Bunds (1/3pt) as slumping oil undermines FTSE (down 0.60% at 15:43 GMT). Hence, 10yr yield spread has narrowed to almost 115bps having failed for a 4th day to breach the post-Brexit wide.

Link to IGM FI Close for more details.

What to watch Wednesday:

** Data: Watching UK Consumer Confidence for indications on sentiment post-Brexit. German Retail Sales are seen rebounding in Oct, jobless figures seen improving again albeit at a slower pace in Nov. Eurozone Nov flash CPI is forecast to pick up, following in line Spanish and German reads. Across the pond, ADP Employment precedes Fri's NFP, while the Fed's preferred PCE Core index is also due. Personal Income and Expenditure are seen little changed.

** Events: Expect to see volatility in oil prices as OPEC members meet Weds in a bid to reach a deal on an oil production cut/freeze. UK publishes its latest Financial Stability report, the first post-Brexit, with Carney press conference to follow. ECB's Hansson and Draghi are among some of the few ECBers scheduled to speak ahead of next week's ECB policy meeting. Attention then shifts to a trio of Fed officials in the shape of Kaplan, Powell and Mester. It may be too premature, however, for any further policy clues from the Fed ahead of Fri's NFPs. Fed Beige book is also on the agenda.

** Supply: Germany has the auction stage to itself (EUR3bn 2021 Bobls). Also watching out for any setting up into Thursday's French, Spanish and UK sales

** It's also month-end.

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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