Friday's primary highlights / weekly reports
** Friday fulfilled its usual reputation of being a day of relative rest in the Euro primary market where supply on the day tallied just EUR1.45bn across all asset classes. See DAILY EUR NICS & BOOKS
** Covered saw ABN Amro Bank N.V. tap its 2037 Euro line by EUR750m. underscoring the recent popularity of the long end. For more detail see COVERED SNAPSHOT: Weekly wrap, charts & stats (w/e 17 March)
** In Corporates. unrated Cargotec Corporation raised EUR250m via a 2-part 5yr/7yr while sentiment indicators suggested that conditions remain supportive for corporate issuers. See IGM CORP SNAPSHOT
** FIG saw Alandsbanken ABP price a EUR100m 3yr senior floater, following FRNs issued by UBS and BNPP earlier in the week. See IGM's FIG SNAPSHOT
** For the week, that left Euro IG supply at EUR17.3bn (vs EUR20.4bn the prior week) and HY at EUR2.275bn (vs EUR3.207bn) with the slower pace coming in a week of significant event risk. See WEEKLY VOLUME
** Data from EPFR Global for Euro-denominated IG bond funds shows investors put money in for an eighth straight week but HY saw significant outflows. EPFR FUND FLOWS
IGM European Credit Weekly
** IGM European Weekly Credit Excel Spreadsheet 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
Broader market developments on Friday
** EU risk sentiment got off to a shaky start before recovering with risk assets on course to end little changed. No new game changing news in Europe, although US Feb Industrial Production and Capacity Utilization missed, while UoM Sentiment and the Leading Index both beat. Focus shifts to second day of G20 meeting on Saturday
** GBP/USD almost touches March high at 1.2421, having peaked at 1.2413 intra-day
** Govvies - 10/30s OAT curve underperforms that of European peers, which rebound with Gilts leading the charge post US data
** Brent rallies before coming off best gains in afternoon session, albeit still on course to edge higher on the day and week
** iTraxx indices recover from wider open and then moved sideways. Both Main and Crossover respect Thursday's almost 2-week tight, however
Market snapshot (15.13 GMT)
SXXP flat / SX7P -0.53%
GER 2yr +1.2bp at -0.799% / 10yr -1.3bp at 0.430%
Brent +0.10% at USD51.79
iTraxx Main -0.4 at 70.4 / Crossover -1.5 at 277.2
What to watch Monday (and next week)
** Data: There is no top tier data out in Europe or US. For the record however, UK reports Rightmove House Prices and Germany Feb PPI, while across the pond, the US releases Chicago Fed National Activity
** Events: Watching ECB's Weidmann (15.45) and Fed's Evans (16.10)
** Supply: Belgium auctions EUR2.7-3.2bn 2027, 2038 and 2041 bonds (09.30)
** Earnings trickle down to just 2 Stoxx600 and 1 S&P500 companies as the current reporting cycle nears an end
** Holidays - Japan is closed (Vernal Equinox)
** iTraxx CDS rolls will be in focus Monday where the new s-27 indices will be quoted for the first time
** FIXED INCOME WEEK AHEAD - Fed speak, including Yellen.-ECBers Weidmann and Lautenschlaeger speak.UK inflation also due.
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