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Monday's primary highlights / weekly reports

** The corporate sector was the only asset class represented in the IG Euro market on Monday where four issuers printed a total EUR5.5bn in the single currency, more than the asset class achieved in the whole of last week where only EUR3.885bn was issued. For the list of deals see the IGM DAILY EUR NICS & BOOKS

** The Coca-Cola company spearheaded supply with an SEC-registered EUR2.5bn three-part issue whilst Renault SA tested sentiment towards French issuers with a EUR750m 6yr line. Both received a warm reception from investors with the latter attracting final demand of around EUR2.5bn which allowed pricing to be squeezed in 22bps from IPTs. For relative value analysis on these as well as the other well-received corp deals from Vodafone and thyssenkrupp AG, see the IGM CORP SNAPSHOT

** Bank of England visited the Dollar market, eventually printing a USD2bn 3yr line at m/s +4 from a m/s +6 area guidance starting point on the back of investor interest over USD3.5bn. For more on this deal and a preview of tomorrow's expected USD1bn 5yr Global from European Bank for Reconstruction and Development (EBRD), see earlier IGM SSA PREVIEW

** FIG was devoid of any deals on Monday but National Australia Bank is expected to come to the market some point this week with a 5-7yr EUR Green bond. For more on this see IGM's FIG SNAPSHOT

** The ECB released its latest CSPP update, with the central bank revealing it holds EUR66.646bn of corporate securities as of 24th February. The latest data implies a monthly purchasing rate of EU7.55bn. See IGM's ECB CSPP Review 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, 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



Tuesday's potential primary supply

** Land NRW is marketing a EUR 10yr sustainability deal at m/s -11 area IPTs via BAML, CA CIB, Citi, JP Morgan and SEB

** European Bank for Reconstruction and Development (EBRD) is taking IoIs for a USD1bn 5yr Global at m/s +18 area IPTs via HSBC, JP Morgan and Scotiabank


Broader market developments on Monday

** European risk assets start firmer then lose their mojo as EUR/USD gains strength and markets fall into the shadow of US President Trump's speech in the early hours on Wednesday morning. Italy's FTSEMIB outperforms however, with gains supported by a jump in Intesa Sanpaolo shares (+6.5% at best) after it rejected a merger with Assicurazioni Generali

** Govvies - Peripherals outperform core with BTPs leading the charge, while German yields edge higher across the board aligned perhaps to some asset switching after weekend polls for the French election saw support for Independent Macron increase, reducing the chances of a far-right le Pen victory, and ultimately culminating in a bid for OATs

** Viewpoint: Volatility into the French Election

** iTraxx indices tighten in early AM trade before coming off best levels, Crossover touches over 1-week tight

Market snapshot (15.04)

SXXP -0.29% / SX7P -0.15%

EUR/USD +0.22% at 1.0592

GER 2yr +2.5bps at -0.940% / 10yr +1.9bps at 0.200%

OAT 10yr -2.9bps at 0.887%

Brent +0.88% at USD56.48

iTraxx Main -0.7 at 74.5 / Crossover -2.7 at 294.4


What to watch Tuesday

** Data: UK kicks off with GfK Consumer Confidence. France releases 2nd estimate Q4 GDP (exp to match flash at 0.4% QoQ) and preliminary Feb CPI, while Italy also reports inflation numbers for Feb. Heavy US data slate consists of annualized growth figures (2nd est), S&P CoreLogic 20-City index, and activity and sentiment surveys

** Events: A handful of Fed speakers in the shape of Williams (19.30), Harker (20.00), Williams (20.30) and Bullard (23.45) precede US Trump's speech to congress (exp 02.00 GMT), which has the potential to alter rate hike bets (March odds currently at 40% via BBG WIRP). UK BoE's Hogg also speaks (09.15)

** Supply is limited to EUR5bn worth of short-dated (2019 maturity) German bonds

** Earnings pick up pace slightly versus Monday with 29 Stoxx600 and 10 S&P500 companies due to report




SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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