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Thursday's primary market highlights

** Euro issuance stood at EUR5.5bn in the European primary market on Thursday, falling sharply from the EUR12.8bn issued Wednesday. For a full list of Thursday's EUR deals please see IGM's DAILY EUR NICS & BOOKS Report

** Dexia Credit Local and SNCF Mobilities added a combined EUR3bn to the weekly SSA total which now stands at EUR29.55bn, the largest weekly SSA total in more than a year. See IGM SSA PREVIEW for more on Thursday's trades

** Atlantia SpA and Sixt Leasing SE represented the corporate market with EUR750m Feb 2025 and EUR250m Feb 2021 lines which both offered quite eye-catching NICs of 24bps and 23bps respectively. See IGM's CORP SNAPSHOT for more

** After a break of more than two weeks the Euro senior non-preferred sector was re-opened on Thursday by Banco Santander, S.A. which printed a EUR1.5bn Feb 2022 line at m/s +120 on the back of demand of around EUR4.25bn. The deal tightened 5bp on the break. For relative value analysis see IGM's FIG SNAPSHOT

** The covered bond market was devoid of fresh issuance but Wednesday's triple-tranche Obligations de Financement de l'Habitat from Credit Agricole Home Loan SFH was tighter in the secondary market on Thursday. For distribution stats on the deal as well as our performance tracker of recent covered deals please see IGM's COVERED SNAPSHOT

Broader market developments on Thursday

** Trumponomics inspired European equity gains faded during the course of session, following a positive handover from US and Asia overnight. European financial stocks continued to outperform, hitting a 12-month high (SX7P) while S&P500 touched a fresh record high for a 3rd straight day

** Dollar rebounds strongly with DXY on course for bullish engulfing day (candlesticks) - close above 100.26 needed to confirm. Would suggest multi-week slide is over

** Govvie yields rise again on underlying bullish tone in equities. Political uncertainty in Italy sparks BTP angst (10yr yield +11bps), PGBs get dragged significantly lower in the process

** UK GDP beat sees 10yr Gilts underperform Bunds. Spanish unemployment falls to its lowest in 7 years. US data mixed � new home sales miss expectations, while Markit Services PMI beat

** iTraxx indices start tighter then make a u-turn, decoupling from stocks � both indices respect week's wide

Market snapshot (15.10)

SXXP +0.3% / SX7P +0.45%

GER 2yr +0.3bps at -0.667% / 10yr +1.1bps at 0.473%

iTraxx Main +0.8 at 69.3 / Crossover +2.1 at 289.1

What to watch on Friday

** Data: Focus on first estimate of US Q4 GDP. Also watching US Durable Goods Orders. No top-tier data out in Europe. M3 Money Supply YoY seen a tad firmer at 4.9%.

** Events: None scheduled

** Supply: No significant term bond auctions scheduled on Friday 27th January

** Earnings: 9 Stoxx600 (incl BT & UBS Group) and 9 S&P500 companies report

**Holidays: It's Lunar New Year's eve. Hong Kong and Singapore financial markets are still open but expect regional liquidity to be significantly reduced

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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