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Thursday's primary market highlights

** Primary supply slowed significantly on Thursday where just EUR1.65bn of IG/Split rated paper printed in the single currency via 4 deals, although the weekly total still stands at a healthy EUR24.65bn. For more on Thursday's quartet of EUR deals see IGM's EUR DAILY NICS & BOOKS

** Real estate company Klepierre offered a decent test of investor sentiment towards French corporates amid heightened political concerns ahead of the French presidential elections and recent related OAT/Bund spread widening. The issuer secured EUR500m of funding in the 10yr part of the curve at m/s +67 (from m/s +80/85 IPTs) although there was significant price sensitivity in the book as final demand fell sharply to EUR950m+, having earlier peaked at EUR1.5bn. For more on this and a rare Sterling corporate deal from BP Capital Markets, see the IGM CORP SNAPSHOT

** The Republic of Latvia was the latest sovereign to visit the Euro market with a two-pronged transaction. The borrower reopened its 0.375% Oct 2026 line for EUR150m and printed a new EUR500m 30yr line on the back of demand which stood at over EUR450m and EUR850m respectively. See earlier PREVIEW for more

** Eika Boligkreditt AS became the fifth borrower to tap the covered bond market this week, raising EUR500m via a 7yr deal which was backed by 100% prime Norwegian residential mortgages. Demand came in at a modest at EUR600m+ although this was sufficient for a m/s +6bp print, inside the +8bp area starting point. See IGM's COVERED SNAPSHOT

** There was no fresh supply in the FIG market while French bank paper tightened with real money buying and shortcovering cited FIG SNAPSHOT

** More dollar SSA supply was on tap Thursday where Asian Development Bank (ADB) printed a USD3.75bn 5yr Global at m/s +18bp while FMS Wertmanagement issued a USD500m 2yr floater at 3mL +3bp


Friday's possible primary supply

** American health care company McKesson Corporation (Baa2/BBB+/BBB+) concluded an investor roadshow on Thursday via Barclays, Deutsche Bank, MUFG and UniCredit and could launch an M&A driven debut multi-tranche EUR/GBP transaction, although this is more likely to come next week.


Thursday's broader market developments

** EU risk assets improved Thursday as markets took a more sanguine view of political risk while gold fell as haven demand ebbed

** European stocks were led higher by healthcare with banks boosted by earnings updates

** S&P500 hit a fresh record high as Trump pledged a �phenomenal" tax announcement

** Govvies - bunds went nowhere while Italian, Spanish and French yields all fell. Greek yields rose though as tensions between Brussels and the IMF increased

** iTraxx indices edged tighter for most of the session, a day after Main and Crossover touched fresh 2017 wides

** The S&P500 index has now gone 85 consecutive sessions without a 1% pull-back in prices, the longest ever streak in a 'bull' run & the longest since 1963 (ended the day before JFK's assassination). See earlier COMMENT: S&P500 � the streak continues for more

Market snapshot (15.40)

EUR/USD -0.25% at 1.0672

SXXP +0.61% / SX7P +0.98%

GER 2yr +1.2bps at -0.795% / 10yr +1.2bps at 0.304%

POR 10y -5.1bps at 4.01%

Brent +1.00% at USD55.67, Spot gold -0.75% at 1232.33

iTraxx Main -1.4 at 74.1 / Crossover -3.4 at 301.1


Event risk to watch on Friday

** Data: The opening tone could be set by China Jan Trade figures. Dec Industrial Production numbers from the UK, France and Italy will provide a signal on how Q4 panned out while UK Q4 advance GDP figures point to 0.5% QoQ growth. Also watching latest UK Trade numbers and NIESR GDP before attention shifts to a light US agenda (Import prices and UoM Sentiment)

** Events: Watching central bank speakers in the form of ECB's Mersch and Weidmann

** Supply: There are no significant term auctions scheduled on Friday 10th Feb, although watch out for any pressure on BTPs approaching Monday's chunky up to EUR10.75bn worth of Italian bond auctions with maturities ranging from 3-30 years

** Earnings agenda lightens as the week draws to an end with just 11 Stoxx600 and 5 S&P500 companies due to report



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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