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Friday's primary highlights / weekly reports

** NRW.Bank and Goldman Sachs tapped the EUR market for a combined EUR2.5bn on Friday to cap a busy week for primary. For more on these deals see the IGM DAILY EUR NICS & BOOKS

** Friday's bonds left total weekly supply in the single currency at EUR34.375bn, up from EUR27.64bn recorded the week before. For the full supply breakdown see IGM WEEKLY VOLUME Report *Note that this total does not include EIB's EUR500m tap of its 0.375% Mar 2022 ECoop which priced after the Weekly Volume Report was compiled on Friday afternoon. The actual weekly total is EUR34.875bn when including this trade

** Goldman Sachs issued a well-received EUR2bn 5.5NC4.5 senior FRN on the day with the deal landing at 3mE +63 from a 3mE +70/75 IPTs starting point on the back of demand topping EUR3.5bn. For more on this deal and a recap of the other FIG issues which printed this week see IGM FIG SNAPSHOT

** The IG corporate market drew a blank on Friday but it was still the busiest week for the asset class year-to-date where a total of EUR12.8bn was printed in the single currency. For some observations of this week's issuance see IGM CORP SNASPHOT


** It was a blank slate for the Covered market as well on Friday, leaving weekly supply at just EUR1.5bn. See IGM COVERED SNAPSHOT for an overview of covered issuance so far this year

** ** Data from EPFR Global for Euro-denominated IG bond funds shows investors put money in for a sixth consecutive week, with the pace of inflows decelerating slightly to an equivalent $618.35m. See EPFR FUND FLOWS Report for more


IGM European Weekly Credit Excel Spreadsheet

** 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


Potential supply next week:

** ESM is preparing to visit the capital markets after sending a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with the transaction scheduled for the coming week

** Nordic real estate company Fastighets AB Balder is expected to pull the trigger on a debut 5/8yr dual-tranche EUR issue via Barclays, Danske Bank, Deutsche Bank and Nordea after concluding an investor roadshow on Friday

** Following a roadshow this week, a EUR 8yr/GBP 15yr two-part issue from Motability Operations Group plc could follow via Barclays, HSBC, Lloyds Bank and NatWest Markets. Scentre Group is also prepping to hit the screens with a 7-12yr EUR or GBP line via BNP Paribas and Credit Suisse after also wrapping up investor meetings this week

** Landsbankinn hf is waiting in the wings with an expected EUR300m 5yr senior issuer after conducting a roadshow. BAML, Barclays, Citi, and JP Morgan are leads on the potential deal

**Oversea-Chinese Banking Corporation Limited (OCBC) could launch an inaugural EUR or USD-denominated mid-term covered issue via Barclays, BNP Paribas, Credit Agricole CIB and JP Morgan after a roadshow which started on Thursday (2-Mar)


Broader market developments on Friday

** EU risk assets traded either side of parity before eking out mild gains as financials rebounded ahead of Fed Yellen's speech on the US economic outlook. DAX and FTSE100 bucked the trend however, latter hurt by drop in UK's Services PMI to lowest level in 5 months

** Govvies - Gilts significantly outperform peers as UK services PMI disappoints, while other EGB yields push higher but with BTPs and SPGBs close to unchanged

** GBP/USD on course for 6th straight day of weakness, trading back at mid-Jan levels

** Brent still on course to end the week on the back foot despite small gain Friday

** iTraxx indices start wider then make a u-turn. Main and Crossover hit new lows for the week, carving out fresh multi-month tights in the process

Market snapshot (15.18)

SXXP -0.24% / SX7P 1.05%

GER 2yr +1.6bps at -0.836% / 10yr +3.4bps at 0.347%

Brent +0.65% at USD55.44, but still on course to end the week lower

iTraxx Main -0.5 at 69.7 / Crossover -3.0 at 274.5


What to watch Monday

** Data: Light European data agenda with Eurozone March Sentix Investor Confidence the most noteworthy, before US reports Factory Orders and final Durable Goods Orders

** Events: Watching BoE's Hogg (11.30)

** Supply: There are no significant term auctions scheduled on Monday 6th March

** Earnings: 3 Stoxx600 companies report

** Fixed income week ahead � FOMC blackout period starts, February Employment Report the last Fed piece? ECB meets with inflation above target. UK Budget.



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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