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Wednesday's primary highlights

** Primary supply slowed significantly on Wednesday where just EUR2.9bn printed in the single currency, compared to EUR12.95bn Tuesday. For the list of Wednesday's deals see the DAILY EUR NICS & BOOKS

** The Euro FIG sector saw more subordinated supply as Unione di Banche Italiane S.p.A. followed up on a mandate announced Tuesday for a 10.5NC5.5 Tier 2 benchmark. The deal was sized at EUR500m with books seen at over EUR1.1bn. Elsewhere, secondary Euro spreads were generally wider. See IGM FIG SNAPSHOT

** Elisa Corporation was the sole corp in the market on Wednesday, where the Finnish telecommunications company printed a EUR300m no grow 7yr line at m/s +53 from a +65/70 IPTs starting point on the back of demand over EUR630m+. See IGM's CORP SNAPSHOT for more

** Bpifrance Financement tapped the single currency for EUR600m via a Nov 2024 deal at OATs +20 (in line with IPTs) whilst MuniFin and AfDB issued respective USD1bn 5yr and USD2.5bn 3yr deals. For more on these deals, see earlier IGM SSA PREVIEW

** Covered supply drew a blank on the day but there is optimism that the pace of issuance will pick up soon. For a recap of Tuesday's deals from Axa Bank and LF Hypotek as well as our performance tracker see the IGM COVERED SNAPSHOT


Thursday's potential supply

** Joint Laender 52 is marketing a EUR 7yr benchmark at m/s -17 area IPTs via BayernLB, Deutsche Bank, GSI, HSH Nordbank, Nordea Markets and UniCredit. See preview here

** Asian Development Bank is taking IoIs for a USD Mar 2021 Global FRN at 3mL +5 area IPTs via BNP Paribas, Goldman Sachs and Morgan Stanley

** Swedish Export Credit Corporation is working a USD250m tap of its Oct 2018 FRN at 3mL +4 area IPTs via HSBC and TD Securities

** US conglomerate Johnson Controls International plc (Baa1/BBB+/BBB+) could pull the trigger on an SEC-registered 6.5yr EUR benchmark issue after wrapping up a series of investor meetings on Wednesday via Barclays, CA CIB, and ING

** 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


Broader market developments on Wednesday

** EU equities biased firmer; Stoxx600 on course to snap 4-day losing streak helped by rebound in financials; markets assign a 100% probability of a Fed rate hike next week

** German and Spanish Industrial Production MoM prints both firmer-than-expected; US Feb ADP Employment beat with the previous month figures also revised higher - further cementing rate hike bets

** UK budget saw the 2017 GDP forecast lifted to 2.0% from 1.4%. UK DMO remit flags outright gilt sales in 2017/2018 of GBP115.1bn, with minimum GBP21bn via syndication.

** GBP/USD on course for 9th straight decline, but still respects 16th Jan's low at 1.1986

** Govvies take cue from rising UST yields - 10yr yields rises for an 8th straight day. EGB yields up across the board and OATs taking lead from BTPs as the weakest link. 10yr Bund yield hits an almost 3-week intra-day high having peaked at 0.3662%

** Brent touches weeks low, briefly dipping below USD55.20 as EIA weekly crude stocks rose by more than expected (up 11.6m brls)

** iTraxx Main and Crossover both on course for 3rd day of widening

Market snapshot (15.03 GMT)

SXXP +0.29% / SX7P +1.37%

GBP/USD -0.37% at 1.2162

GER 2yr +0.8bp at -0.882% / 10yr +4.3bps at 0.358%

Brent -1.06% at USD55.33 � having hits weeks low

iTraxx Main +0.4 at 71.9 / Crossover +3.3 at 285.4



What to watch Thursday

** Data: Light agenda with just UK Feb RICS House Price Balance (est 23, prev 25) and the Bank of France Business Sentiment indicator for Feb, while across the pond US reports weekly jobless claims

** Events: Focus on ECB policy announcement and subsequent President Draghi presser (rates seen on hold).

** Supply: Ireland to sell EUR1-1.25bn 2026 and 2045 bonds, and the UK GBP725m 2036 Gilt Linkers

** Earnings: 15 Stoxx600 and 7 S&P500 companies are due to report



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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