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** Primary activity slowed on Thursday where just EUR2.475bn printed across all sectors, down from EUR5.6bn on Wednesday. This leaves issuance totalling EUR18.125bn so far this week, which remains short of last week's EUR23.607bn tally. For the full list of Thursday's EUR issues see IGM's DAILY EUR NICS & BOOKS Report

** Republic of Poland spearheaded issuance with a EUR1.5bn two-part issue. The sovereign brought a new EUR1bn Oct 2027 line at m/s +55 and tapped its outstanding 2.375% Jan 2036 bond for EUR500m at m/s +83. Combined demand for the transaction was at over EUR2.5bn with a skew to the new 10yr tranche. For more see earlier IGM PREVIEW

** BNP Paribas Fortis SA/NV reopened the Pandbrieven market, which had lain dormant since October 2016, with a new EUR500m Sep 2024 line. Demand of over EUR1bn allowed the issuer to tighten pricing into a final spread of m/s -3 from a +1 area guidance starting point. For more on this and a EUR250m May 2037 Oeffentlicher Pfandbrief from WL Bank, see IGM's COVERED SNAPSHOT

** In FIG, a USD600m AT1 from SEB saw blowout demand (>6x covered), landing at 5.625% (from 6% area IPTs) with fair value seen at 5.5%. In Euro, there was no fresh supply on the day while higher beta paper outperformed and Wednesday's inaugural Senior Non-Preferred FRN from BNPP tightened to 3mE+80 (from +85 reoffer) IGM's FIG SNAPSHOT

** Corps drew a blank in the single currency although Scentre Group visited Dollar the market with a new 10yr benchmark line. For more on this and details of a duo of additions to the new issue pipeline see the IGM CORP SNAPSHOT

Friday's potential primary supply

** City of Dortmund has hired Deutsche Bank, Helaba and UniCredit to lead manage a new EUR100m 10yr fixed-rate Stadtanleihe

** Asian Development Bank (ADB), rated Aaa/AAA/AAA is taking IoIs for a new GBP Mar 2022 benchmark issue at UKTs +34 area IPTs via Citi, Deutsche Bank and HSBC

Broader market developments on Thursday

** EU risk assets bounce as global markets welcome FOMC's dovish hike and Dutch election result, while UK's BoE kept policy on hold, as expected, albeit with a split in voting for the first time since July last year as Forbes voted for a hike. Stoxx600 hit its highest level since Dec 2015, DAX touched its highest level since April 2015, while FTSE100 posted a fresh record high before gains faded on the back of a stronger GBP

** GBP/USD posted an over 2-week high having peaked at 1.2374 intra-day

** Anglo American's stock spikes over 10% and its EUR and USD bonds tighten by 10-20bps on Thursday after Anil Agarwal, who controls Vedanta, revealed he would take a stake in the company worth up to GBP2bn.

** In contrast, Renault's stock fell as much as 6.33% in early trading before rebounding to around -2.88% at the time of writing after the fresh allegations of emissions test cheating. The issuer's outstanding bonds were also hit. It's most recent EUR deal, a EUR650m 1.375% Mar 2024 line launched earlier this month, was 10bps wider than yesterday's close at m/s +100 on Thursday afternoon

** Brent started on the front-foot before losing its mojo, putting it on track to decline 7 out of the last 8 sessions

** Govt yield curves broadly bear steepen following a short-lived respite on Wednesday. Gilt curve an exception though as 10yr yield rises 7bps versus 4.5bps for 30yr at the time of writing. OATs and SPGBs came under particular pressure amid multi-tranche government debt auctions

** iTraxx indices tighten then move sideways. Both Main and Crossover touch an almost 2-week tight

**CHART WATCH: iTraxx Snr Financial breaking lower

Market snapshot (14.28 GMT)

SXXP +0.62% / SX7P +1.18%

GBP/USD +1.30% at 1.2356

GER 2yr +3.4bps at -0.806% / 10yr +4.3bps at 0.452%

Brent -0.23% at USD51.69

iTraxx Main -1.8 at 70.6 / Crossover -7.5 at 277.9

What to watch Friday

** Data: There is no top tier data out in Europe on Friday. In the US, the focus is on Industrial Production, Preliminary University of Michigan Sentiment and the Leading Index

** Events: G20 Finance Ministers gather in Germany for a 2-day meeting. ECB's Coeure is due to attend

** Supply: There are no significant term auctions scheduled on Friday 17th March

** Earnings: 6 Stoxx600 companies and 1 S&P500 firm report

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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