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** There was just the one public Euro deal on Wednesday and it was another debut senior non-preferred issue courtesy of Societe Generale which placed a EUR1bn 2022 line on demand of circa EUR3.5bn, hot on the heels of Credit Agricole which opened the asset class for French banks on Tuesday. For more information on the two trades see here

** There was also a privately priced FIG deal from UniCredit S.p.A on Wednesday as the issuer raised EUR500m of AT1 debt via a perp non-call Jun 2022 deal which priced at a yield of 9.25%. Details here

** Corporate issuers have turned their attention to next year and are expected to hit the ground running in 2017 after inflated NICs and cautious investors have largely kept a lid on issuance recently. For more see IGM's CORP SNAPSHOT


Wednesday's broader market price action:

Risk sentiment turns mildly negative as markets fall fully into the shadow of the Wed evening's Fed policy announcement/presser; US data (weaker Retail Sales and IP, but stronger PPI) garnered only limited reaction

EGB yield curves bull flatten, led by BTPs after PM Gentiloni government wins confidence vote in the Senate. BTP price action also aligned to more unwinding of the previous BMPS related angst

Brent crude pares losses after latest EIA crude stocks fell by more than exp at -2.563k (f/c -1.5k)

iTraxx indices sea sawed but ultimately widened, in line with broader risk sentiment


Market Snapshot (as at 16.03GMT)

BTP 10yr yield -9.4bps at 1.777%, 3rd straight day of falling yields

SXXP -0.31%, SX7P -0.67%

iTraxx Main +1.3 at 72.6 / Crossover -0.5 at 295.5

Brent crude down 0.1% at USD55.68, off worst levels but on course to end 4-day winning streak

USD trades sideways for a second day


What to watch Thursday

** Data: Forward looking Eurozone Dec flash PMIs to provide an early indication on economic activity in the region, but with German Services seen a tad softer. UK Nov Retail Sales precede the BoE rate announcement. Various US activity surveys seen rising, while MoM inflation is forecast to ease in Nov.

** Events: Focus on BoE policy announcement, no change expected. That follows the SNB which is also expected to stand pat on policy in Dec.

** Supply: Watching for any concession going into Spain's EUR1.5-2.5bn 2021 and 2026 SPGB auction


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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