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Tuesday's primary highlights

** It was a robust session for the European primary market on Tuesday where EUR11.95bn printed in the single currency, significantly up from the EUR3.3bn which was issued on Monday. For the breakdown of Tuesday's deals see IGM DAILY EUR NICS & BOOKS

** The corporate sector was most active in terms of number of deals where in total six issuers raised a combined EUR3.65bn. This included a EUR500m 8yr line from Motability Operations Group plc as part of a dual-currency two-parter which also included a GBP350m 15yr tranche. For more on all of Tuesday's corporate deals including fair value analysis see IGM's CORP SNAPSHOT

** European Stability Mechanism (ESM) and Republic of Italy spearheaded EUR SSA supply with respective EUR3bn Mar 2027 and EUR3bn May 2028 linker lines, whilst the European Investment Bank (EIB) refreshed its Global USD curve with a new US3bn Jun 2022 line. See IGM SSA PREVIEW

** Axa Bank & LF Hypotek kicked off EUR covered supply for the week, printing a EUR1bn Mar 2022 OF and a EUR500m Mar 2024 Swedish covered issue respectively, with combined demand standing at over EUR2.7bn. There were also a couple of names added to the pipeline in the form of HYPO NOE and PKO Bank. For more see IGM's COVERED SNAPSHOT

** The Euro FIG sector remained a relative backwater although Liberbank SA bolstered its T2 buffers with a EUR300m 10NC5 while UBI Banca announced a 10.5NC5.5 T2 which is expected on Wednesday (see below). For more colour and the performance tracker of recent deals see IGM FIG SNAPSHOT


Wednesday's potential primary supply

** Unione di Banche Italiane S.p.A. (UBIIM) is set to launch a 10.5NC5.5 T2 benchmark via Citi, CA CIB, Goldman Sachs, HSBC, JP Morgan and UBS (expected rating Ba3/BB/BB+). That follows a 10NC5 trade (4.25% 26-21) launched last April

** Scentre Group (A1/A) may hit the screens with a 7-12yr EUR or GBP line via BNP Paribas and Credit Suisse after wrapping up an investor roadshow last week

** Bpifrance Financement (Aa2/AA by Moody's/Fitch) could go live with a long 7yr (Nov-2024) Euro benchmark after mandating BNP Paribas, CA CIB, Goldman Sachs and Natixis on Tuesday afternoon

** Turning to dollars, Municipality Finance Plc (MuniFin), rated Aa1/AA+, is taking IoIs for a USD1bn no grow 5yr line at m/s +30 area IPTs via BMO, JP Morgan, Mizuho and Morgan Stanley

** African Development Bank (AfDB), rated Aaa/AAA/AAA, is marketing a USD 3yr Global at m/s +5 area IPTs via BAML, Daiwa, Goldman Sachs, JP Morgan and TD Securities


Broader market developments on Tuesday

** EU risk assets edge lower as markets fall further into the shadow of Thursday's ECB meeting and Friday's US NFPs

** German Factory Orders post a huge miss with MoM rate lowest since Jan 2009

** Govvie yields start broadly lower, although peripherals eventually take a turn for the worse joining OATs that underperformed almost throughout the session with the long end of the curve bearing the brunt of the pain. 30yr OAT yield touches an almost two-week high at 1.99%. 2/10yr German spread at widest since Jul 2014

** iTraxx indices start wider, then tighten a tad before resuming widening course. Main posts an almost one-week wide

Market snapshot (15.00 GMT)

SXXP -0.41% / SX7P -0.68%

GER 2yr -4.8bps at -0.897% / 10yr -2.6bps at 0.308%

Brent +0.66% at USD56.38 � on course for third straight day of gains

iTraxx Main +0.7 at 71.7 / Crossover +3.2 at 283.1


What to watch Wednesday

** Data: German and Spanish Industrial Production are both seen rebounding MoM in Jan, before attention shifts to US ADP Employment Change ahead of Fri's NFPs

** Events: Watching the UK Spring Budget, to be delivered by Chancellor Hammond (12.30)

** Supply: Watch out for any pressure on PGBs in the run up to EUR1-1.25bn 2020 and 2026 PGB sales, while Germany sells EUR4bn 2022 Notes and the US USD20bn worth of 10-yr Notes.

** Earnings - Pace slows as we near the end of the reporting cycle with 17 Stoxx600 companies due to report on the day


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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