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Tuesday's primary market headlines

** Euro primary issuance for Tuesday stood at a combined EUR4.7bn via 8 separate tranches, around the same level as the EUR4.65bn which printed on Monday. Full the full breakdown of Tuesday's deals see IGM's DAILY EUR NICS & BOOKS REPORT

** Oversea-Chinese Banking Corporation (OCBC) hit the market with a debut EUR500m Singaporean covered bond whilst Credit Agricole Cariparma SpA's EUR1.5bn two-part 8/12yr Obbligazioni Bancarie Garantite marked the first Italian covered bond since October 2016. For more see IGM COVERED SNAPSHOT

** A trio of corps tapped the market on Tuesday, including Wolters Kluwer which hit the Euro screens for the first time in nearly three years. For more on this and higher beta deals from Peugeot SA and Medical Properties Trust, see IGM's CORP SNAPSHOT

** Away from the single currency, a duo of Supranationals in the form of World Bank (IBRD) and EBRD vied for attention at the 3yr part of the Dollar curve with respective USD4bn fixed rate and USD500m floating rate notes. For more on these see earlier IGM SSA PREVIEW

** Euro supply from FIG issuers was off the menu on Tuesday with the only deal being Legal & General's well received USD850m 30NC10 Tier 2 sub which attracted demand of USD3.25bn+ allowing final pricing to squeezed in to 5.25% from 5.5% area IPTs. See IGM's FIG SNAPSHOT


Wednesday's primary prospects

At the time or writing there were no confirmed deals for Wednesday and with headline event risk in the form of the Fed policy verdict, supply could be limited.


Broader market developments on Tuesday

** EU equities slid with Stoxx600 led lower by financials and energy, while European data disappointed

** Brent erased mild AM gains to post a fresh multi-month low amid reports that Saudi Arabia increased output above 10m b/d in February (BN)

** GBP/USD posts a fresh 8-week low amid concerns over a second Scottish referendum and reports that UK PM May could wait until later this month to trigger Article 50

** Govvies � 10-30s German curve bull flattens, peripherals underperform with BTPs the weakest link in 10yr space, while ultra-long-end BTP curve actually outperforms for the second day in a row

** iTraxx Main hits a 2-week wide, on course for third consecutive day of widening, while Crossover posts its widest level this month having broken above the previous March high of 289.800


Market Snapshot (14.31 GMT)

SXXP -0.4% / SX7P -1.41%

GBP/USD -0.63% at 1.2158

GER 2yr -0.7bp at -0.831% / 10yr -2.6bp at 0.441%

Brent -1.81% at USD50.42

iTraxx Main +1.2 at 74.1 / Crossover +3.5 at 291.9


What to watch Wednesday

** Data: Watching latest UK labour market report, while French and Italian Final CPIs should both affirm their flash prints in Feb. Italy also reports Jan Retail Sales figures (est 0.2%, prev -0.5%). Key US releases are Feb CPI, Feb Retail Sales and Mar Empire Manufacturing � all forecast softer, but unlikely to alter March Fed rate hike probability, currently at 100% via BBG WIRP.

** Events: Focus on Fed policy verdict during after EU hours (18.00), while ECB's Praet (09.30) is the only central banker scheduled to speak in the interim

** Supply: Germany plans to sell EUR1bn 2046 bonds (10.30)

** Earnings: 11 Stoxx600 and 2 S&P500 companies report


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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