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** Deutsche Lufthansa secured EUR1.2bn of funding via privately placed promissory notes. For more see IGM's Corp Snapshot

** CHART WATCH - Could GER/US differentials become even more extreme in 2017? Charts suggest they could with our technical team highlighting a number of reasons why. See here for more

Broader market developments on Thursday

** EU risk assets were on course to end marginally lower in absence of any top tier European data, following a negative handover from US and Asia overnight

** Govvie yields edge higher, although Gilts buck the trend outperforming peers despite better than expected UK GfK Consumer Confidence - see IGM's Fixed Income Close

** FTSEMIB eventually succumbs to selling pressure, reversing an initial rise attributed to Italy's Parliament approval of a EUR20bn bank support package, after BMPS failed to secure sufficient interest for a EUR5bn capital hike

** Brent partially recovers following Weds 1.61% drop aligned to the unexpected EIA crude inventory build of 2256k (exp -2500k)

** iTraxx indices widen, Crossover on course to break 9-day tightening streak

Market snapshot (15.13)

  • SXXP -0.35% / SX7P -0.47% / FTSEMIB -0.34%
  • Brent +0.79% at USD54.89
  • iTraxx Main +1.1 at 71.1 / Crossover +1.5 at 287.6

What to watch Friday

** Data: France and UK report final Q3 GDP figures. Both are expected to match their flash prints, the latter affirming a slowdown in the UK economy post-Brexit. Prior to that, German GfK could help set the opening tone. In the US, no major game changing impulses to take note of, although for the record, New Home Sales and Final UoM Sentiment are due.

** Events: None scheduled

** Supply: No significant term auctions scheduled in Europe or US

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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