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Primary market highlights

** The Euro primary market was devoid of supply on Friday, taking a breather at the end of another bumper week, with IGM data showing that EUR41.535bn of IG paper printed in the single currency courtesy of 47 separate tranches. For more see IGM's WEEKLY VOLUME Report

** The SSA sector was busiest, with 17 deals pricing for a combined EUR17.5bn, spearheaded by respective EUR3bn Apr 2027 and EUR3bn Nov 2022 trades from The Republic of Portugal and The European Financial Stability Facility (EFSF)

** Corporates were also busy again pricing a combined EUR10.935bn, meaning we have seen EUR17.535bn print already this year. Peripheral borrowers dominated with 69.4% of the week's total paper issued by Italian and Spanish borrowers. For some observations on the latest week of EUR investment grade corporate issuance please see IGM's CORP SNAPSHOT

** The Covered bond market remained active with a further 7 new transactions hitting the screens totalling EUR5.75bn, to follow the EUR12.75bn which printed in the first week of 2017. For some takeaways from the latest covered supply please see IGM's COVERED SNAPSHOT

** FIG EUR supply totalled EUR7.35bn or 17.3% of the week's total Euro issuance (all sectors) with the deals generating an aggregate cover ratio of circa 2.3 times. For more, including the secondary market performance of the week's deals please see IGM's FIG SNAPSHOT

** Euro IG fund flows again saw positive flows where data from EPFR Global shows investors put money in totalling $623.52m for the week ending 11th Jan, although this was less than the $1,015.54m of inflows the week previous. For more details see earlier 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

** EU risk assets advance, extending gains into the afternoon session, following mixed US data (see below). Price action also follows upbeat Fed chair Yellen remarks and most FOMC members (yest) affirming baseline views in favour of 3 (x 25 bp) rate hikes in 2017

** FTSE100 posts fresh historical high after taking a pause for breath Thurs on its recent run of higher highs

** Gilts significantly underperform their German counterpart as BoE's MPC Saunders indicated that he sees an inflation overshoot off the back of Sterling weakness

** US retail sales advance MoM close to expectations at 0.6%, PPI Final Demand MoM as expected, while UoM Sentiment slightly missed

** Brent was on course for a weekly loss of over 2%

** Credit ratings reviews � DBRS to review Italy's credit rating after EU hours on Friday (13th Jan). Downgrade fairly likely given ongoing banking troubles. Portugal and Ireland also up for review by Moody's and S&P respectively

** iTraxx indices tighten but weeks' tights still respected


Market Snapshot (14.53)

SXXP +0.78% / SX7P +1.99% / FTSEMIB +2.00%

GER 2yr +0.9bps / 10yr +3.9bps

Brent -0.21% at USD55.89, and on course for a weekly loss

iTraxx Main -1.4 at 69.6 / Crossover -6.3 at 288.5


What to watch Monday

** Data: Italy reports Final EU Harmonised CPI YoY and the Eurozone trade figures for Nov. US is out for Martin Luther King Holiday. Expect volumes to be light

** Events: Key focus will be on ECB speakers Villeroy (08.00), Mersch (12.30) and Praet (15.30) for any policy hints ahead of Thurs policy verdict � for more details see IGM's FIXED INCOME WEEK AHEAD

** Supply: No significant term bond auctions scheduled in Europe


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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