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** It was a quiet end to the week for the European primary market where just EUR700m printed in the single currency on Friday. See the IGM DAILY EUR NICS & BOOKS for details

** This left IG/HY EUR weekly issuance at EUR18.4bn in the w/e 31st Mar, down notably from EUR31.45bn the previous week with all asset classes contributing to the decline. For a breakdown of the week's EUR supply see IGM WEEKLY VOLUME Report

** Corps dominated with the asset class accounting for EUR9.55bn (51.9%) of the week's overall issuance. Elia System Operator SA had the market to itself on Friday with a EUR250m no grow 10yr deal which printed at the tight end of m/s +70/75 IPTs with demand last seen at EUR275m+. For more on this and some takeaways from the week's corp deals, see IGM CORP SNAPSHOT

** In FIG, the week was rounded off by a EUR200m (min) tap of BPCE's Sep 2022 snr non-preferred FRN, contributing to at least EUR2.75bn in Euro denominated supply, down sharply from the EUR6.95bn the week prior. Meanwhile, the week's trio of Euro T2 Subs performed strongly with Helvetia's 30.5NC10.5 bid 20bp inside reoffer. See IGM FIG SNAPSHOT

** Covered issuance totalled just EUR1.5bn in the latest week courtesy of trades from HYPO NOE Gruppe Bank and Westpac Securities NZ Limited. For a weekly/quarterly covered wrap including charts and stats, see IGM's COVERED SNAPSHOT

** Data from EPFR Global for Euro-denominated IG bond funds shows investors put money in for a tenth consecutive week. The pace of inflows slowed significantly however, to an equivalent $104.76m from $1,381.63m the prior week, which had marked the largest single week of inflows since August. 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


Next week's potential primary supply

** Yorkshire Building Society wrapped up a series of investor meetings on Friday and is prepping a EUR500m 6yr covered line via HSBC, Lloyds Bank, UBS and UniCredit. For relative value analysis, see earlier IGM PREVIEW: FV on YBS 6yr euro covered seen ca. m/s +7bp

** Commonwealth Bank of Australia (CBA), rated Aa2/AA-/AA-, is eyeing a Euro-denominated legislative covered bond and/or senior unsecured transaction after roadshowing via UBS

**The European Financial Stability Facility (EFSF), rated AA/Aa1/AA recently sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction scheduled for the coming week

** Council of Europe Development Bank (Aa1/AA+/AA+) mandated Credit Agricole CIB, DZ BANK, Goldman Sachs and Rabobank to lead manage its inaugural 7yr Social Inclusion Bond

** Autonomous Community of Madrid (Baa2/BBB+/BBB) may come to the market with a debut EUR 5yr Sustainable Bond after mandating Barclays, BBVA, Credit Agricole CIB, ING and Natixis

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

** Madrilena Red de Gas (BBB/BBB) may launch a EUR single or dual-tranche transaction with maturities between 8 and 12 years following the conclusion of an investor roadshow via BBVA, ICBC, Mizuho and Morgan Stanley


Broader market developments on Friday

** Q1 looks set to end on a slightly weaker note, albeit with EU risk assets having pared worst losses in light volume trade

** Data-wise - Eurozone Mar CPI was much weaker-than-expected, posting its weakest monthly gain since Dec 2016 and the first deceleration in 11 months. German unemployment also beat. UK Q4 GDP affirmed the previous read. US PCE Deflator YoY matched forecast, ditto for Personal Income while Personal Spending missed slightly

** Volatile price action in govvies which ultimately saw 10yr core EGB yields little changed at the time of writing. OATs underperform peers for second straight day

** Brent was on course to end three consecutive days of gains

** iTraxx indices traded mixed and in relatively tight ranges


Market snapshot (14.08 GMT)

SXXP -0.07% / SX7P -0.26%

GER 2yr +0.1bps at -0.751% / 10yr -0.7bps at 0.321%

Brent -0.51% at USD52.69

iTraxx Main -0.5 at 74.1 / Crossover +0.4 at 291.9


What to watch Monday

** Data: It's Manufacturing PMI day in Europe where the final pan EZ version is expected to match the flash print. Peripherals report for the first time, while the UK equivalent is seen rising to 55.0 from 54.6 previously. Eurozone Feb PPI is expected to point to inflationary pressures ahead (est 4.3% YoY, prev 3.5%), while Unemployment in the single currency bloc is seen falling to a fresh post-crisis low. Across the pond, watching both the Markit Mfg PMI and the ISM Mfg Index, as well as Construction Spending

** Events: Focus on Fed's Dudley (14.30), Harker (19.00) and Lacker (21.00) in the absence of any other scheduled central bank speakers

** Supply: There are no significant term auctions due on Monday 1st April

** Viewpoint: Fixed Income Week Ahead - March US Employment Report, FOMC minutes plus speakers, ECB's Draghi speaks ahead of minutes



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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