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** The European primary market was devoid of supply in any currency on ECB day

** Deutsche Bank SAE's EUR1bn 0.625% Cedulas Hipotecarias tightens 7-8bps in secondary market having offered a ca. 16bp NIC versus the mid-point of the curve at the m/s +56bp reoffer level, on books in excess of EUR2bn from ~105 orders.

Broader market developments on Thursday:

** Risk sentiment ultimately remained positive as stocks extended gains on dovish ECB, although synthetic credit markets were choppy with financials outperforming

** Stoxx600 touched a 12-month high as the ECB kept interest rates on hold (as exp) but agreed to extend QE for 9 months with EUR60bn purchases from April to Dec 2017 (down from EUR80bn). ECB also said it will buy assets yielding below the deposit rate if needed and lifted its 2017 inflation forecast to 1.3% (was 1.2%)

** Bunds pared worst losses on an initial knee-jerk pop in the aftermath of the ECB announcement. Peripherals underperformed with Portugal hardest hit (10yr yield +26bps at 16:11 GMT), with yield curves broadly bear steepening across the region

** The 10yr Bund yield carved out a fresh multi month high of 0.456%, highest since 27th Jan. Our tech team see scope for higher yields, see here (

** iTraxx Main and Crossover were marginally wider by 0.15 and +0.11 at 74.14 and 316.48 respectively as at 15.52 GMT, with the Sub Financial index 5.7 tighter in contrast and Senior -2.66 at 228.76 and 97.36.

** In oil markets Brent Crude rose by 1.81% to USD54.11 as at 15.50 GMT, following two straight days of losses totalling 3.56%

** EUR/USD dropped as low as 1.0615 intra-day in response to the ECB , the lowest since 5th Dec, having previously spiked to an intra-day high of 1.0875

What to watch Friday:

** Data: Germany and UK report Trade data for Oct with more focus likely to fall on the latter post Brexit. No top tier releases scheduled in the US with just Preliminary UoM Sentiment

** Events: Few ECBers lined up following Thurs ECB meeting in the shape of ECB Smets (08.00/16.00), Knot (09.45) and Rimsevics (12.00)

SSA Priced / SSA Pipeline

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FIG + Covered Priced / FIG + Covered Pipeline

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