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** The primary market drew a complete blank in terms of EUR supply on Friday due to a partial European holiday (Epiphany) and US payroll data. Despite this, it has still been a robust start to 2017 with IGM data showing that EUR38.2bn printed via 32 separate deals in the first week of the new year. For more see IGM's WEEKLY VOLUME report

** Lower beta supply dominated issuance with the SSA and covered sectors accounting for 64.79% of the week's issuance. Covered supply totalled EUR12.75bn which was equivalent to more than the asset class produced in the last 11 weeks of 2016 combined. See IGM's COVERED SNAPSHOT for some takeaways from a busy start for the sector

** SSA's were led by KfW and Ireland which printed sizeable EUR5bn Jan 2024 and EUR4bn May 2037 trades respectively. For an in depth review on the latter please see earlier SSA VIEWPOINT: Ireland prints inaugural 20yr

** Corporates raised a combined EUR6.6bn in the first week, with the automotive sector accounting for 68.18% of this total. See IGM's CORP SNAPSHOT for some observations on the first week of 2017 EUR investment grade corporate issuance

** FIG markets started the year with a bang where the week's EUR 6.85bn of new supply made up 17.9% of the YTD IG total in the single currency. Traditional senior, senior non-preferred, T2 and AT1 issuance was all on offer. See IGM's FIG SNAPSHOT

** Fund inflows continued in the latest week where data from EPFR Global shows that investors put money into Euro-denominated IG bond funds for the third consecutive week. Inflows decreased slightly to $1,015.54m equivalent from $1,050.43m the week before. For more details, see IGM's EPFR Fund Flows Report .

IGM Credit Excel weekly overview

** The IGM European Weekly Credit Overview is your comprehensive round-up of primary European new issue activity in Excel format, which allows users to conveniently download, save and edit the data as required. As well as new issue terms and conditions the spreadsheet incorporates additional sought after new issue data sets including distribution stats, book sizes, NICs and secondary market performance.

Broader market developments on Friday � Fed's hawkishness validated

** European stocks trade defensively in run up to NFPs, before recouping some losses as an upward revision to Nov's NFP figure made up for the slight miss in Dec, at 156k (exp 175k, prev 204k revised from 178k). Annual wage gains of 2.9% strongest since June 2009

** That saw govvies retreat, volumes pick up, Gilts underperformed peers

** AM data saw Eurozone economic confidence hit its highest level since Mar 2011 (at 107.8, exp 106.8 f/c)

** iTraxx indices widen with Main touching fresh 2017 wide before the pair make a u-turn

Market Snapshot (15.27)

SXXP -0.13% / SX7P +0.23%

GER 2yr -0.4bp / 10yr +4.1bp

UK 10yr +7.4bp

Brent -0.14% at USD56.81

iTraxx Main -0.2 at 68.6, Crossover -0.3 at 287.1

What to watch Monday

** Data: A few snippets are out in Europe in the shape of German Industrial Production and Trade figures, as well as Eurozone's Sentix Investor Confidence and Unemployment rate. None are expected to have a material impact on markets though as investors eye other macro events in the week commencing 9th Jan in the shape of Fed speak, ECB and Riksbank meeting minutes and US Retail sales (click here for IGM's Fixed Income Week Ahead)

** Events: Central bank speak comes from Fed's Rosengren and Lockhart

** Supply: There are no significant term auctions scheduled on Monday 9th January, although there are a raft of sovereigns lined up later in the week with regular auction activity

** Japanese markets are closed Monday (Coming of Age)

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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