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Monday's primary highlights and weekly reports

** It was a fairly active start to the week for the European primary market on Monday where EUR4.9bn of paper printed in the single currency courtesy of six separate tranches. For the supply breakdown see the IGM DAILY NICS & BOOKS Report

** Swedish telecommunications company Telefonaktiebolaget LM Ericsson was the sole corporate issuer in the market Monday, with the borrower printing a very well received, equally weighted EUR1bn 4/7yr two-parter. This marked the first opportunity for investors to gain exposure to Ericsson in Euros since 2012 and demand for the issue was a blowout, finishing up at around EUR4.8bn on the 4yr and EUR2.9bn on the longer 7yr. This allowed pricing to be ramped in 35 and 30bps from IPTs respectively. For the official comps list for the deal see the IGM CORP SNAPSHOT

** The FIG sector saw its first Euro supply in almost a week and the response from investors was positive where Svenska Handelsbanken's EUR1bn 5yr senior landed at m/s +20 (from +high 20s IPTs) on demand topping EUR1.75bn while DNB's EUR650m 10NC5 T2 was more than 4x covered. See IGM FIG SNAPSHOT

** Landesbank Baden-Wuerttemberg (LBBW) extended its EUR Hypothekenpfandbrief curve with a new EUR1bn Feb 2025 line which landed at m/s -12 from a -8 area guidance starting point on the back of books over EUR1.6bn. This equated to a final NIC of around 2.5bps. See IGM's COVERED SNAPSHOT

** The ECB released its latest CSPP update Monday afternoon, with the central bank revealing it holds EUR64.971bn of corporate securities as of 17th February. The latest data implies a monthly purchasing rate of EUR7.57bn, which is slightly up from EUR7.54bn last week. See IGM's ECB CSPP Review for more

** EUR swap spreads widened as a FTQ pushed German yields lower. 2yr swap spread tops 70bps for first time since Aug 2012, generating optical tightening of shorter dated cash product vs swaps


Tuesday's potential primary issuance

** EFSF, the European Financial Stability Facility is readying a EUR two-part issue consisting long 4yr and 39yr tranches via Goldman Sachs International, J.P. Morgan and UniCredit

** The United Kingdom is expected to tap its GBP 0.125% Nov 2065 Index-linked Treasury Gilt via Barclays, Lloyds Bank, NatWest Markets and UBS

** US borrower Parker-Hannifin Corporation may go live with a EUR and/or USD deal after wrapping up an investor roadshow last Thursday via Citi and Morgan Stanley

** Caisse des Depots et Consignations (CDC) could pull the trigger on a EUR 5-7yr debut EUR green bond after holding a series of investor meetings last week via BNP Paribas, CA CIB, HSBC, JP Morgan, Natixis and SG CIB


IGM European Weekly Credit Excel Spreadsheet

** 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 new issue data sets including distribution stats, book sizes, NICs and secondary market performance

IGM/EPFR Weekly Cheat Sheet in Excel

** IGM/EPFR Weekly Cheat Sheet provides proprietary intelligence on Euro primary market trends using various key data points in an easily digestible Excel spreadsheet. This includes Euro new issue volumes, average new issue concessions and book cover ratios across asset classes, as well as EPFR fund flow data and other key credit proxies


Broader market developments on Monday

** Govvies � OATs get hammered, 10y yield hits an almost 2-week high of 1.1292% before pulling back, while the spread vs Bunds temporarily posted a new 2017 wide at over 80bps as political uncertainty in France continues to weigh. Peripherals slightly outperformed the core as German curve further steepened, 2yr yield carves out a fresh record intraday low of -0.8733%

** European stocks were little changed in light volume trade. DAX outperforms with telecommunications leading the charge, while FTSE100 is hurt by a plunge in Unilever shares (down circa 8% at worst) after Kraft withdraws merger proposal. US markets out for President's Day Holiday

** Brent on course for two straight days of gains

** iTraxx indices start tighter and then make a u-turn, although Main and Crossover both respect Fri's wides

Market snapshot (15.55 GMT)

SXXP +0.14% / SX7P +0.20%

GER 2yr -3bps at -0.864% / 10yr -0.6bp at 0.293%

OAT 10yr +0.6bps at 1.035%

Brent +0.65% at USD56.17


Event risk to watch Tuesday

** Data: Focus on flash PMIs from the Eurozone and the US, as well as UK public finances and final French EU Harmonised CPI YoY (flash est 1.6%, prev 0.8%).

** Events: Watching BoE's Carney (10.00), ECB's Draghi (no time specified) and a trio of Fed speakers in the shape of Kashkari (13.50), Harker (17.00) and Williams (20.30)

** Auction supply is limited to USD26bn worth of 2-year US Notes

** Earnings: 9 Stoxx600 and 21 S&P500 companies report

** Politics: Watching any fresh polls amid looming French presidential vote and increased attention on German elections


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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