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Friday's primary highlights / weekly reports

** The European primary market saw a combined EUR1.25bn price on Friday courtesy of Avery Dennison Corp and Swedbank AB which tapped the Mar 2025 and Sep 2022 part of the EUR curve respectively. For details see the IGM DAILY EUR NICs & BOOKS Report

** Swedbank AB refreshed its EUR senior curve with a EUR750m Sep 2022 line which was met with a solid response from investors. Final books of over EUR1.4bn allowed the borrower to print the deal at m/s +18bps from a +25 area IPTs starting point. See IGM's FIG SNAPSHOT

** US issuer Avery Dennison Corp made its debut in the Euro market with a EUR500m no grow 8yr line. Due to the SEC-registered nature of the trade no booksize was revealed but demand was sufficient for the borrower to print the deal 30bps inside IPTs at a m/s +80bps reoffer. For more on this and observations on this week's corporate supply see IGM CORP SNAPSHOT

** The duo of bonds on the day bought total weekly supply for the EUR IG market up to EUR25.735bn, easily surpassing the EUR16.175bn total last week. For the full supply breakdown see IGM'S WEEKLY VOLUME Report

** The covered bond market saw only EUR2.25bn price in the single currency this week, but activity looks set to pick-up starting from next week?. See IGM COVERED SNAPSHOT

** Data from EPFR Global for Euro-denominated IG bond funds shows investors put money in for a fifth consecutive week, with the pace of inflows accelerating to an equivalent $897.94m from $182.06m last week. See IGM's EPFR FUND FLOWS Report for more.



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, booksizes, NICs and secondary market performance

IGM/EPFR Weekly Cheat Sheet in Excel

** The 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


Possible supply next week

** National Australia Bank (NAB) is expected to pull the trigger on a EUR 5-7yr Green bond at some point next week via Citi/HSBC/NAB

** Polish energy group Energa Finance AB could launch a EUR 10-12yr via BNP Paribas and JP Morgan after concluding an investor roadshow on Friday

** Bank of England is poised to visit the USD market with a new 3yr Global via BAML, Citi, Goldman Sachs and HSBC. This is rather traditional for the BoE, with the issuer printing a 3yr USD Global benchmark in Feb or Mar every year since 2007


Broader market developments

** EU risk assets trade heavily underwater amid safe haven flows that saw European bond yields get dragged lower and spot gold hit a fresh YTD high. DAX forms the weakest link

** Govvies � 2yr German yield posts a new 2017 low (-0.953%), 10-30s German and French curves bull flatten

** Brent is lower on the day, but still on course for a small weekly gain. That's despite Thur's EIA crude inventory build

** iTraxx indices widen, Crossover on course to break 4-day tightening run, but Main and Crossover both respect week's wide

Market snapshot (15.09 GMT)

SXXP -0.94% / SX7P -1.74%

Brent -0.88% at USD56.08

GER 2yr -3.2bps at -0.964% / GER 10yr -2.8bps at 0.20%

iTraxx Main +0.7 at 74.8 / Crossover +1.4 at 296.0


What to watch Monday

** Data: Eurozone Money Supply for Jan, Feb Sentiment Indicators, and the preliminary release of Spanish CPI for Feb form the key highlights in Europe. On the US agenda is Durable Goods Orders, Pending Home Sales and Dallas Fed Mfg Activity

** Events: Fed's Kaplan is the only scheduled central bank speaker of the day

** Supply: Watching Italian 2022, 2026 and 2027 BTP and 2022 and 2024 CCT auctions (target range: EUR5.5-7bn and EUR2.5-3bn respectively), following a cheapening of BTPs against Bunds in recent days that has pushed the 10yr spread close to the YTD high

** Earnings: 6 Stoxx600 and 9 S&P500 companies report

** Viewpoint: Fixed Income Week Ahead - US President speaks to Congress and EZ CPI (both Tues), Fed's target inflation measure released alongside income/spending (Wed)

** MIRO: Please find the IGM March 2017 Monthly Interest Rate Outlook here






SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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