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Wednesday's primary market highlights

** The pace of the European IG primary market slowed Wednesday where just EUR1.55bn printed in the single currency after EUR3.45bn was issued on Tuesday and a larger EUR5.95bn on Monday. See IGM's DAILY EUR NICS & BOOKS for a breakdown of Wednesday's EUR deals

**The day after Telia re-opened the EUR benchmark hybrid market after a 4-month hiatus, TenneT Holding N.V issued a hybrid issue of its own. The issuer printed a EUR1bn Perp Non-Call 7.1yr Green bond at a yield of 3% from 3.375-3.5% IPTs, with demand finishing up around EUR3bn. For more on this and a recap of Tuesday's corp deals see IGM CORP SNAPSHOT

** Kingdom of Sweden hit the Dollar markets for the first time this year with a USD2bn Apr 2020 line which eventually landed at m/s -6 from m/s -5 area IPTs on books in excess of USD3.4bn. The trade printed broadly flat to fair value

** FIG markets (ex-covered) saw a third straight day without fresh Euro supply while spreads of recent deals generally tightened. See IGM's FIG SNAPSHOT

Thursday's potential primary supply

** After recently concluding an investor roadshow, Westpac Securities NZ Limited is readying a EUR 5yr covered bond via HSBC, JP Morgan and Westpac Institutional Bank. The issue is expected to be rated Aaa/AAA by Moody's/Fitch. For a preview of this deal see IGM COVERED SNAPSHOT

** Bankinter, S.A. EUR500m (n/g) 10NC5 T2. Expected rating Ba1/BB+. Joint leads are Bankinter Securities, Barclays, BBVA, Cr�dit Agricole CIB, Natixis and Santander

** Jyske Bank A/S EUR300m 12NC7 T2. Follows roadshows and meetings that concluded Wednesday. Expected rating BBB. Joint leads are BNP Paribas, Danske Bank, Goldman Sachs International and LBBW

** Autonomous Community of Madrid (Baa2/BBB+/BBB) may pull the trigger on a debut EUR 5yr Sustainable Bond after mandating Barclays, BBVA, Credit Agricole CIB, ING and Natixis on Tuesday afternoon.

** The cities of Essen, Gelsenkirchen, Remscheid and Solingen, located in the State of North Rhine-Westphalia (NRW), have mandated DekaBank, HSBC and UniCredit to act as joint lead managers for a EUR250mn (no-grow) 10yr fixed rate bond transaction (Staedteanleihe No. 5)

Wednesday's broader market developments

** EU stocks opened firmer following positive Wall Street handover but gains weren't sustained with Stoxx50 pulling back from a fresh 16-month high

** Data was mostly second tier but US Pending Home Sales rose to their highest level since July 2010, helping DXY to extend its rebound

** Govvies - German 10yr yields probed lower for a fourth day while BTPs underperformed ahead of Thursday's BTP sales

** iTraxx indices widened, Main was set to end a 4-session tightening streak

Market snapshot (14.30 GMT)

SXXP +0.20% / SX7P -0.2%

GER 2yr -4.3bps at -0.761% / 10yr -4.1bps at 0.344%

Brent +0.55% at USD 51.61

iTraxx Main +0.4 at 74.5 / Crossover +2.1 at 292.2

What to watch Thursday

** Data: German national CPI (flash) is seen easing by four tenths to 1.8% YoY in March. Individual states report from 07.00. Eurozone Economic confidence is seen rising in Mar to its highest level in six years. Then it's over to the US where the focus is on 3rd readings on Q4 GDP, consumption and PCE along with the usual weekly jobless claims update

** Events: One ECB and four Fed speakers hit the wires

** Supply: Italy to sell up to EUR6.5bn BTPs (2020, 2022, 2027, 2067) and also up to EUR2.5bn CCTeus.

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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