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Friday's primary highlights / weekly reports

** Total IG/HY supply in the single currency totalled EUR4.565bn on Friday, spearheaded by a combined EUR4.1bn from Novartis and Goldman Sachs. For the full list of Friday's EUR deals see IGM's DAILY NICS & BOOKS

** This brought total weekly IG/HY EUR supply up to EUR31.45 which easily surpassed the EUR19.575bn which printed the previous week. For a breakdown of this week's Euro issuance by asset class see the IGM WEEKLY VOLUME

** The increase in supply this week was driven by a EUR8bn four-part deal from Volkswagen on Thursday which attracted blowout demand of over EUR25bn. For an in depth look at this deal, which marks the biggest corp issue YTD, see IGM VIEWPOINT: Volkswagen worth the wait

** Back to Friday's business and Novartis Finance SA had the EUR corporate market to itself where it printed a EUR1.85bn 4/10.5yr two-part deal on the back of demand around EUR3.5bn. For more on the Novartis deal see the IGM CORP SNAPSHOT

** For some broader observations on this week's corporate supply see earlier IGM COMMENT: Takeaways from a busy week in corporate primary

** Goldman Sachs hogged the spotlight in FIG with a EUR2.25bn Aug 2018 floating rate note which landed at 3mE +35, the tight end of IPTs at 3mE +35/40 with final books at EUR2.7bn. See IGM's FIG SNAPSHOT for a recap of all this week's FIG trades

** Covered issuance drew a blank on Friday leaving the asset class with supply totalling EUR3.75bn for the week courtesy of four separate deals. For a snapshot of the week's covered activity see IGM COVERED SNAPSHOT which also includes YTD charts & stats

** Data from EPFR Global for Euro-denominated IG bond funds shows investors put money in for a ninth straight week at a rate of an equivalent $1,381.63m, which marked the largest single week of inflows since August 2016. For a more in depth look see IGM's EPFR FUND FLOWS Report


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 assets traded little changed, having been offside for the most part after Thursday's US House of Representatives vote on the reform bill was postponed to Friday amid opposition from some Republicans

** Data-wise � Eurozone flash Markit Manufacturing and Services PMIs both top estimates, hitting fresh series highs as German and French equivalents beat

** Govvies - EGBs edged lower following the better-than-expected Eurozone PMIs. SPGBs continued to rally into the afternoon, outperforming their peripheral peers although it was OATs that rallied the most in the 10yr space, recovering from Thursday afternoon's sell-off to hit highest level since Thursday 16th March

** Brent on course to end the week lower amid oversupply concerns, but on track to snap a 4-day losing run at the time of writing

** iTraxx indices tighten although both Main and Crossover fail to post fresh series tights


Market snapshot (15.04GMT)

SXXP -0.24% / SX7P -0.33%

GER 2yr +0.5bps at -0.749% / 10yr -1.4bps at 0.414%

Brent +0.10% at USD50.61

iTraxx Main -0.7 at 75.1 / Crossover -3.3 at 291.5


What to watch Monday

** Data: Watching latest German IFO survey with Business Climate and Expectations both seen a tad firmer in March, while the Current Conditions module is forecast a tad weaker. Italy reports sentiment indicators and the Eurozone M3 Money Supply, before attention shifts to the US where a light agenda sees just Dallas Fed Mfg Activity

** Events: Fed's Evans and ECB's Praet are scheduled to speak twice on Monday, while Fed's Kaplan is also due to deliver a speech, albeit late in the evening

** Supply: There are no significant term auctions scheduled in Europe, while the US plans to sell USD26bn 2-year Notes

** BST: Also to note, the UK switches to BST over the weekend with clocks to go forward one hour at 1am on Sunday

** Fixed Income Week Ahead - US politics to remain a focus, Fed speak to continue, ECBers to highlight tightening debate? US and Eurozone inflation metrics


** VIEWPOINT: ADER'S MUSINGS - In the week just passed, the drama of economic data had its intermission with the data frontage subdued and most of that decidedly second tier in nature. The focus of the interest-rate community shifted to somewhat softer (though potentially far more critical) inputs on the political front and as a result found new impetus to sustain technical gains that were otherwise underway. For more from David Ader , Chief Macro Strategist for Informa Financial Intelligence, click HERE.


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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