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** Primary issuance in the single currency totalled EUR5.95bn on Monday, spearheaded by corporates which accounted for 81.5% of this total. For a breakdown of the day's Euro deals see IGM'S DAILY EUR NICS & BOOKS

** The corporate market got the week off to a flyer with a total of EUR4.85bn printing via no fewer than 7 separate tranches courtesy of five issuers. Investor interest was extremely robust with total combined demand at over EUR14.7bn allowing pricing to be tightened on average 18.29bps during execution across the 7 bonds. For more on Monday's corporate deals including relative value analysis, see IGM CORP SNAPSHOT

** The only other IG Euro supply came from SSA issuers where Instituto de Credito Oficial (ICO) brought a new EUR500m Jul 2020 line at SPGBs +8 whilst European Union reopened its 0.75% Apr 2031 line for EUR600m at m/s -12

** In FIG, no fresh Euro supply emerged Monday although last week's flurry of well received deals continued to perform well despite the more challenging tone in broader markets. Mapfre S.A.'s blowout T2 was 20bps+ inside reoffer. See IGM's FIG SNAPSHOT for more details

** The ECB released its latest CSPP update with the central bank announcing it holds EUR73.781bn of corporate securities as of 24th March which points to a daily purchase rate of EUR308m in the latest week, which marks the slowest rate since the w/e 6th Jan. For more colour see IGM ECB CSPP REVIEW

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

** 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

Tuesday's potential primary supply

** HYPO NOE Gruppe Bank AG may go live with a EUR500m no grow 6yr Austrian Public-Sector covered bond via Commerzbank, DekaBank, Erste Group, Nykredit Markets and UniCredit. The issue is expected to be rated Aa1 by Moody's. See IGM's COVERED SNAPSHOT for a preview of the deal

** Telia Company AB (Baa1/A-), could pull the trigger on a EUR &/or SEK Hybrid after concluding an investor roadshow on Monday via BNP Paribas, Citi and SEB

** TenneT Holding B.V. (A3/A-) may launch a EUR Green Hybrid with a non-call period of 7 years via Barclays, Deutsche, BNP Paribas, HSBC, and ING. The expected instrument rating is Baa3/BB+ by Moody's/S&P

Broader market developments on Monday

** EU risk sentiment remained negative drawing into the close as US Trump reflation woes ultimately overshadowed the better than expected German IFO modules, with the negative price action also fueled by a drop in oil prices

** Data-wise � The German headline IFO Business Sentiment indicator hit its highest level since July 2011, ditto for the Current Assessment module, while Eurozone M3 Money Supply carved out its softest print since October 2016

** DXY hits a 4-month low, dragging the USD lower against all the major currencies. USD/JPY posts a 4-month low, while EUR/USD peaked at 1.0875 to match the 8th Dec 2016 high

** Govvies � safe-havens get a lift amid aforementioned US reflation concerns and broad risk-off sentiment in equity and oil markets, dragging yields mostly lower across the 10-30yr space. German and French curves marginally bull steepen, while long end BTP and SPGB curves regain their footing following an early AM sell-off

** Oil also took a beating as oversupply concerns continued to weigh on sentiment, adding to last week's 1.87% drop

** iTraxx indices sea-sawed, although both S-27 Main and Crossover respect last week's range

Market snapshot (14.35 GMT)

SXXP -0.81% / SX7P -1.48%

DXY -0.71% at 98.915

GER 2yr +2.6bps at -0.733% / 10yr -2.4bps at 0.375%

Brent -1.12% at USD50.23

iTraxx Main +0.5 at 75.8 / Crossover +5.0 at 297.5

What to watch Tuesday

** Data: No top tier releases out in Europe. In the US, watching second tier data in the shape of S&P Corelogic CS 20-City Index and the Richmond Fed Manufacturing Index

** Events: Focus on raft of central bankers with ECB's Makuch (12.00), Visco (16.30) and Benoit (08.00 and 12.45) all penciled in to speak, while across the pond, Fed's George (17.45), Yellen (17.50), Kaplan (18.00) and Powell (21.30) could potentially offer fresh policy clues

** Supply: Italy plans to sell EUR2-2.5bn 2018 CTZs, Germany EUR4bn 2019 bonds and the UK GBP2.5bn 2022 Gilts before attention shifts to the US where there is USD34bn 5-year US Notes up for grabs

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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