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Tuesday's primary highlights

** Euro IG primary supply slowed to EUR4bn on Tuesday via just 3 transactions, compared to EUR5.2bn (6 deals) on Monday. For more on the 3 IG lines which priced as well as details of two HY deals see IGM DAILY EUR NICS & BOOKS

** Covered supply stepped up a gear thanks to a textbook re-opening of the Australian Euro covered market by NAB, while SCBC capitalised on supportive market conditions to extend its curve out to 10yrs. Also in focus was PKO Bank Hipoteczny which is poised to boost its fledgling curve with a new 2023 line. For more details see IGM COVERED COMMENT

** UNEDIC took centre stage in the SSA market with a well-received EUR2bn 10yr deal which printed at OATs +14 from a +17 area starting point on the back of blowout demand topping EUR5.1bn. In Dollars, International Finance Corporation (IFC) priced a USD500m 3yr Social bond at m/s -5. For relative value analysis on both of these transactions see earlier IGM SSA PREVIEW

** FIG focus was firmly on Dollars on Tuesday where ING Groep was in the market with a USD three-parter whilst Danske Bank catered for higher yielding palates with a USD750m PNC7 AT1 which printed with a coupon of 6.125%, having been ramped in from IPTs of 6.5% area on a book of over USD4.75bn. See IGM FIG SNAPSHOT

** The corporate market drew a blank on Tuesday although Edenred added its name to the swelling pipeline. For details of the names in the pipeline and our secondary performance tracker of recent deals see IGM's CORP SNAPSHOT

Wednesday's potential primary supply

** Mapfre S.A is readying a EUR 30NC10 Tier 2 Sub issue via Bankia, BBVA, Goldman Sachs, ING and UniCredit. The deal is expected to be rated BBB- by S&P

** Azimut Holding S.p.A (BBB), is eyeing a EUR350m (no-grow) 5yr senior trade after an investor call on Tuesday afternoon via Banca IMI and J.P. Morgan

** SNCF Reseau (Aa2/AA/AA) is prepping a EUR 17yr Green bond after reaching out to investors on Tuesday via BNP Paribas, CA CIB, Goldman Sachs, JP Morgan and Natixis

** After also holding an investor call Tuesday via Cr�dit Agricole CIB, HSBC, SG CIB, Barclays, BNP Paribas, Citi and Santander, French prepaid corporate services company Edenred (BBB+) may hit the screens with a EUR500m no grow 10yr

** Unrated Normet Group Oy may pull the trigger on a new hybrid issue after conducting a series of fixed income investor meetings from 13-March via OP Corporate Bank

** Finnair Plc could launch a min EUR150m 5yr bond as early as Wednesday after wrapping up an investor roadshow on Tuesday via Danske Bank A/S and Nordea Bank AB

Broader market developments on Tuesday

** EU risk assets spend morning and early afternoon grinding higher, then take a hit as Wall Street slides and cash moves into havens which go bid. Chatter of asset allocation trades from stocks into bonds also circulates

** Govvies - Bunds pare early losses but lag OATs which outperformed following Monday nights Presidential debate while BTPs and BONOs also outperformed. Gilts underperformed as UK inflation leaps sending cable to a 4-week high

** Datawise - UK Feb CPI topped estimates, posting its highest year-on-year gain since Sep 2013 at 2.3%

** European bank stocks (SX7E) hit a fresh 14-month high before falling back. See European Bank equities remain in recovery despite bad loan burden

Market snapshot (15.01 GMT)

SXXP -0.62% / SX7P -0.2%

GBP/EUR +0.35% / GBP/USD +1.0%

GER 2yr +4.3bps at -0.757% / 10yr +1.6bps at 0.452%

Brent -0.6% at USD51.31

iTraxx S-27 Main -0.2 at 76.6 / S-27 Crossover -1.9 at 294.9

What to watch on Wednesday

** Data: There are no top tier releases out in Europe. Across the pond, watching US housing data in the shape of the FHFA House Price Index for Jan and Existing Home Sales for Feb

** Events: Fed's Rosengren (00.45) and ECB's Lautenschlaeger (10.30) are both penciled in to speak. Scottish First Minister Nicola Sturgeon is expected to ask the Scottish Parliament for permission to hold a second independence referendum

** Supply: UK to sell GBP2bn 2047 Gilts and Germany EUR3bn 2027 bonds, with results for both due after 09.30GMT

** Earnings: Only 3 Stoxx600 companies are due to report

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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