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Monday's primary market highlights

** It was a measured start to the week in the European primary market where just EUR4.5bn of paper was printed in the single currency on Monday courtesy of six deals from four separate issuers. For the full supply breakdown please see IGM's EUR NICS & BOOKS Report

** Deutsche Telekom International Finance led the way with a EUR3.5bnbn three-part issue which commanded combined demand exceeding EUR7.5bn. For more on this transaction including comps and fair value analysis, see IGM's CORP SNAPSHOT

** Deutsche Pfandbriefbank AG was also in the market on Monday, extending its senior curve with a new EUR500m no grow Jan 2021 issue which landed at m/s +90 having been tightened in from m/s +95 area IPTs on the back of books above EUR850m+ (125+ accounts). See IGM's FIG SNAPSHOT for more

** The ECB released its latest CSPP update on Monday, with the central bank revealing it holds EUR56.886bn of corporate securities as of 20th January. The latest data implies a daily purchase rate of EUR575m, the highest since the programme began. For more see IGM's ECB CSPP Review

** COMMENT: Observations and thoughts on Euro supply in 2017 (so far)


Tuesday's potential primary supply

** After conducting investor calls and meetings earlier in the month, Republic of France is getting ready to pull the trigger on its debut EUR Jun 2039 Green OAT via Barclays, BNP Paribas, CA CIB, Morgan Stanley, Natixis and SocGen.

** The Kingdom Of Spain has mandated Barclays, BBVA, BNP Paribas, CaixaBank, Citi and Santander to lead manage a new Apr 2027 syndicated benchmark Bono which could also launch as soon as Tuesday. See SSA PREVIEW

** The Grand-Duchy of Luxembourg is holding an investor call on Tuesday via BCEE, BGL BNP Paribas, BIL, Bank of China, Deutsche Bank and SG CIB at 10:45 UKT / 11:45 CET ahead of a possible EUR 10yr benchmark

** Turning to dollars, Nordic Investment Bank (NIB) is taking IoIs for a USD1bn 5yr Global at m/s +19 area IPTs whilst the Province of Quebec is marketing a USD 5yr Global of its own at m/s +45 area IPTs

** Credit Suisse Group AG is prepping a Perp NC5.5, USD-denominated RegS only 7% transitional CET1 trigger equity conversion Perpetual Tier 1 Contingent Convertible Capital Notes via sole bookrunner Credit Suisse

** In the covered market, Landesbank Baden-Wurttemberg (LBBW)

could go live with a USD benchmark 3-year German public sector fixed-rate covered bond (Oeffentlicher Pfandbrief) after hiring Citi, Credit Suisse, LBBW and RBC CM on Monday


Broader market developments on Monday

** Risk markets spent Monday's session under pressure as jitters related to Trump's combative/protectionist inauguration speech continued to weigh

** Energy led the equity retreat as crude gave back a large chunk of Friday's gains despite more dollar weakness

** Sterling continued its rebound into Tuesday's high court ruling

** Govvies benefited from a haven bid, curves bear flattened. Spanish bonds rallied despite announcement of 10yr syndicated deal. See IGM's FI CLOSE


Market snapshot (15.50)

EUR/USD +0.36% at 1.0741, GBP/USD +0.96% at 1.2494

SXXP -0.65% / SX7P -1.4%

GER 2yr -0.9bps at -0.698% / 10yr -5.3bps at 0.365%

Brent -0.96% at USD54.96 / Spot gold +0.54% at 1217.04

iTraxx Main +1.7 at 71.0 / Crossover +7.5 at 293.4


Event risk to watch on Tuesday

** Data: It's Flash PMI day in the Eurozone with weakness expected in the manufacturing sector, while the services PMI is anticipated to further expand. UK reports public finances for Dec with PSNB (ex-banking groups) forecast at GBP6.7bn from GBP12.6bn previously

** Events: Focus on UK supreme court verdict on whether PM May can legally trigger Article 50 without Parliamentary approval. Also watching central bank speakers in the shape of ECB's Lane (09.05), Praet (16.00) and Lautenschlaeger (18.00)

** Supply: Watch out for any concession going into the Netherlands EUR2-3bn 2022 DSL auction, and USD26bn worth of US 2-year Notes

** Earnings: 3 Stoxx600 and 21 S&P500 companies report



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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