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Thursday's primary market highlights

** There was no Euro supply in the primary market on Thursday with all eyes instead on the latest ECB meeting (more on that below.) Despite Thursday's blank, the weekly EUR IG total still stands at a healthy EUR38.3bn which is slightly shy of the EUR41.535bn which printed the previous week

** There was however some USD paper on Thursday courtesy of the Council of Europe Development Bank and NRW Bank which both targeted the 3yr part of the curve, printing a combined USD1.75bn. See earlier IGM SSA PREVIEW for more

** In the Sterling market, TP ICAP plc issued a GBP500m 7yr line after holding an investor roadshow last week. For more on this deal including a comprehensive comps list see IGM's FIG SNAPSHOT

** Wednesday's 5 EUR corporate deals have all gone on to perform well in the secondary market on Thursday, with all seen bid inside reoffer. See IGM's CORP SNAPSHOT for our full performance tracker of recent corporate deals.

The biggest corporate deal of the week so far is the EUR2.6bn four-trancher from Fresenius which printed Tuesday. For a full review of the deal see VIEWPOINT: Fresenius prescribes perfect tonic

Broader market developments on Thursday - no convincing signs of inflation says Mr. Draghi

** If credit markets have anything to fear, it's not a hawkish ECB with President Draghi saying the GC were looking through higher inflation which is seen as oil driven and transient

** That was more dovish than expected - EUR fell while stocks and synthetic credit improved (a bit)

** While growth risks remain tilted to the downside, Draghi flagged up positivity in recent data but there was no discussion about reduction of stimulus

** ECB confirmed it would buy govt bonds below the depo rate but not credit though. See here for the ECB press release

** So, policy accommodation to continue but little threat from inflation - a supportive mix for credit

** While Draghi was talking, US jobless claims fell to a multi-decade low - follows Yellen's comments Wednesday that US eco was close to max employment

Market snapshot (15.50 GMT)

EUR/USD -0.15% at 1.0613

SXXP +0.18% / SX7P +0.78%

GER 2yr +1.6bps at -0.719% / 10yr +1.9bps at 0.37%

Brent +1.17% at USD54.55 / Spot gold -0.37% at USD 1199.76

iTraxx Main -0.1 at 69.5 / Crossover -3.0 at 286.6

Friday's event risk

** Data: German PPI is seen rising sharply in Dec, while UK Retail sales could turn negative in MoM terms for the first time since June 2016. The US data slate is blank

** Events: US Pres-elect Trump gets officially sworn in as the 45th US President. Also watching Fed's Yellen (01.00), Harker (14.00) and Williams (18.00). ECB releases Survey of Professional Forecasters

** Supply: There is no significant term supply scheduled on Friday 19th January

** Earnings: 1 Stoxx600 and 8 S&P500 companies report


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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