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Monday's primary highlights / weekly reports

** The primary market saw EUR5.2bn of IG/split-rated paper print across all asset classes on Monday via 6 separate deals. For the full breakdown see IGM's DAILY EUR NICS & BOOKS

** FIG issuers were fast out of the blocks for the week where Liberty Mutual, Soci�t� G�n�rale and HSBC Holdings brought a combined EUR3.25bn on the back of total investor interest of over EUR7.2bn. For more on these and details of a couple of additions to the new issue pipeline, see the IGM FIG SNAPSHOT

** Veolia Environnement had the EUR corporate market to itself on Monday where the French borrower refreshed its well-stocked curve with an evenly split EUR1.3bn 5yr/long 9yr dual-tranche transaction. Combined demand for the issue stood at ca. EUR3.25bn. See IGM's CORP SNAPSHOT for more on this deal including relative value analysis

** Bank Nederlandse Gemeenten (BNG) extended its EUR curve with a new EUR650m Mar 2038 line which landed at m/s +16 from initial guidance of m/s +18 area on the back of books in excess of EUR750m. See earlier IGM SSA PREVIEW

** Covered issuance drew a blank on Monday but Westpac Securities NZ Limited and Commonwealth Bank of Australia highlighted plans to visit the market in the near future. If they do so they will offer the first Australasian EUR covered supply since November last year. For more see IGM's COVERED SNAPSHOT

** The ECB released its latest CSPP update with the central bank revealing it holds EUR72.243bn of corporate securities as of 17-March which signifies a monthly purchase rate of EUR7.58bn, unchanged from last week's level. See the IGM ECB CSPP Review for more


IGM European Weekly Credit Excel Spreadsheet

**IGM European Weekly Credit Overview 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

** IGM/EPFR Weekly Cheat Sheet in Excel 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


Tuesday's potential primary supply

** International Finance Corporation (IFC), rated Aaa/AAA, is taking IoIs for a debut USD500m no grow 3yr Social Bond at m/s -4 area IPTs via CA CIB, Citi and JP Morgan

** UNEDIC (Aa2/AA) has hired BAML, BNP Paribas, Commerzbank and CA CIB to lead manage a new EUR 10yr benchmark which will be explicitly, unconditionally and irrevocably guaranteed by the Republic of France

** Swedish Covered Bond Corporation (�SCBC"), wholly owned by SBAB Bank AB (publ), has mandated Commerzbank, Credit Suisse, Danske Bank, NordLB and SG CIB to lead manage a 10yr EUR benchmark covered bond backed by Swedish residential mortgages and expected to be rated Aaa by Moody's

** Normet Group Oy may go live with a EUR hybrid offering after holding a series of fixed income investor meeting last week via OP Corporate Bank

** Danske Bank A/S could pull the trigger on a USD Perp Non-Call 7yr AT1 via BNP Paribas, HSBC, BofA Merrill Lynch, Danske Bank, SG CIB, and UBS. The notes are expected to be rated BBB-/BB+ by S&P/Fitch and will feature contingent equity conversion upon breach of 7.0% Common Equity Tier 1 Capital Ratio of the Issuer and/or the Group

** ING Groep is readying a USD SEC-registered 5yr fixed/floating rate & 10yr fixed issue via BNP Paribas Securities Corp, Goldman Sachs, HSBC, ING and JP Morgan


Broader market developments on Monday

** EU risk assets on course to end where they started, having spent much of the session in the red. That's ahead of Monday evening's TV debate between the five main French Presidential election contenders

** GBP/USD touches highest level in March before erasing gains to trade close to flat after UK PM May's spokesman confirmed that the UK will invoke Article 50 and ultimately trigger Brexit on 29th March

** Over the weekend, G20 Finance Ministers omitted reference to resisting all forms of protectionism

** Data-wise - German PPI rose by slightly less than expected in Feb, but still carved out a 5yr high at 3.1% YoY (exp 3.2%, prev 2.4%)

** Govvies came under pressure with 10yr German yields rising 1.5bps at the time of writing; 10/30s German and French curves bear steepen

** Brent recovers from worst level, rising marginally to add to last week's 0.77% gain. Gold hits a two week high

** iTraxx S-26 indices tighten a tad. S-27 indices started trading Monday

Market snapshot (15.04)

SXXP -0.02% / SX7P -0.21%

GBP/USD -0.10% at 1.2382

GER 2yr +0.8bps at -0.784% / 10yr +1.5bps at 0.444%

Brent +0.23% at USD51.88

iTraxx S-26 Main -0.5 at 69.7 / Crossover -0.3 at 274.5


What to watch Tuesday

** Data: UK spearheads the European agenda with inflation data (CPI, RPI, PPI), the latest batch of public finance figures and CBI Industrial Trends Orders. There is no top tier US data, but for the record Q4 Current Account is due

** Events: Watching trio of Fed speakers in the shape of Dudley (09.00), George (15.00) and Mester (21.00)

** Supply: There are no significant term auctions scheduled in Europe or US on Tuesday 21st March

** Earnings: 7 Stoxx600 and 4 S&P500 companies report


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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