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Wednesday's primary market

** While incoming data is keeping thoughts on a nascent inflation uptick, there's little sign of this limiting demand for primary product where investors lapped up EUR19bn of fresh supply Wednesday with combined demand topping EUR44.4bn. For more see IGM's EUR NICs & Books Report. That marked a sharp increase from the EUR7.5bn which priced Tuesday

** Supportive conditions in primary markets during early 2017 follow very light supply in December, a resumption of inflows into Euro IG + HY credit funds into year-end (EPFR) and sense that risk markets have brushed aside 2016 shocks

** Wednesday's corporate issuance was dominated by the auto sector with BMW, PSA Banque France and Valeo all tapping the single currency. For more, including relative value please see IGM's Corp Snapshot

** KfW and Ireland spearheaded SSA issuance printing respective EUR5bn Jan 2024 and EUR4bn May 2037 lines, with the latter attracting demand of over EUR10.75bn

** FIG supply came via higher beta product with well received deals from Intesa Sanpaolo (EUR1.25bn PNC10 AT1) and Santander Issuances (EUR1bn 10yr T2 bullet) attracting total demand topping EUR8.3bn . See IGM's FIG Snapshot

** Covered's saw another five issuers from as many jurisdictions price deals across a trio of currencies on Wednesday, adding to the four transactions which hit the screens the day before. See IGM's Covered Snapshot

Supply to watch out for

** The next batch of SSA's are ready and waiting for Thursdays business with MuniFin taking IoIs for a EUR1bn no grow Nov 2026 line whilst EIB and Cades have begun marketing respective USD Mar 2022 Global and USD 3yr issues

** COVERED PREVIEW: Coventry BS & Heleba poised to add to busy week?

Broader market developments on Wednesday

** European stocks initially extended Tuesday's rally but gains fizzled

** Data was generally strong again where EZ Mfg PMI, UK Construction PMI and EZ inflation all beat but limited impact seen

** iTraxx Main and Crossover indices both touched fresh tights in early trade but Crossover led a drift wider into the close

** Govvies were surprisingly resilient given stronger data, deal related receiving cited as supportive - See IGM's FI Close

Market Snapshot (15.45 GMT)

SXXP +0.43%

Brent +0.09% at USD55.53

iTraxx Main -0.7 at 68.7 / Crossover +3.7 at 284.9

Event risk to watch on Thursday

** Data: Eyeing forward looking UK services PMI for indications on strength of economy post Brexit. EC PPI to edge closer to its first positive print YoY since June 2013 (f/c -0.1%, prev -0.4%). Across the pond, US ADP and weekly jobless claims to provide warm up acts for Fri's NFPs. Final Dec Mfg PMI seen matching flash, Non-Mfg Composite forecast lower but still seen above 50 boom/bust threshold.

** Events: UK's Haldane is first scheduled UK central bank speaker of 2017

** Supply: Watch out for any final concessions going into Spanish (up to 4.75bn), French (up to EUR9.5bn) and UK (GBP2.25bn) bond auctions


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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