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** It was a robust start to the quarter for the primary market where EUR6.05bn printed in the single currency with all asset classes represented. For a breakdown of Monday's EUR deals see IGM's DAILY EUR NICS & BOOKS

** FIG issuers wasted no time in jumping in at the start of a new quarter with Commonwealth Bank of Australia issuing a EUR750m 5.25yr senior (as part of a 2-tranche senior/covered) and BBVA selling a EUR1.5bn 5yr FRN. The latter generated an order book topping EUR3.25bn, providing a reminder that investors continue to have a soft spot for Spanish risk. See IGM's FIG SNAPSHOT

** Yorkshire Building Society and Commonwealth Bank of Australia hit the covered market with respective EUR500m 6yr UK regulated and EUR750m 7yr Australian backed covered bonds. Combined demand for the EUR1.25bn printed totalled EUR2.4bn. For more details including relative value analysis see IGM COVERED SNAPSHOT

** A duo of debut sustainability issues kicked off EUR SSA supply. Council of Europe Development Bank EUR500m of Apr 2024 funding at m/s -20bp whilst Autonomous Community of Madrid went shorter on the curve with a EUR700m Apr 2022 line which landed at a spread of SPGBs +29. This equated to a final NICs of around 4bps on the latter and a smaller 1bp on CoE deal. See earlier IGM SSA PREVIEW

** RCI Banque had the corporate market to itself on Monday, taking a two-pronged approach to pricing with a EUR750m 4yr floater and EUR600m 8yr fixed-rate exercise which printed at 3mE +65 and m/s +113 respectively on the back of combined demand over EUR3.1bn. See IGM's CORP SNAPSHOT

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


Tuesday's potential primary supply

** EFSF, the European Financial Stability Facility (Aa1/AA/AA) has mandated Barclays, Morgan Stanley and SG CIB as joint lead managers for a new Oct 2024 EUR benchmark and a tap of the its outstanding 1.2% Feb 2045 deal. See a preview of the deal here

** The Cities of Essen, Gelsenkirchen, Remscheid and Solingen, located in the State of North Rhine-Westphalia (NRW) are marketing a new EUR250m no grow 10yr Staedteanleihe No.5 fixed rate issue at m/s +40 area IPTs via DekaBank, HSBC, UniCredit. The deal is unrated

** EUROFIMA (European Company for the Financing of Railroad Rolling Stock), rated Aa1/AA+ is taking IoIs for a USD500m no grow 2yr floater at 3mL +9bp area IPTs via Barclays, BMO, Daiwa and NatWest


Broader market developments on Monday

** No overall direction in EU risk markets, although the German DAX hit its highest level since 10th April 2015 in early trade

** Data-wise - Eurozone PMI matched forecast, although PPI posted its strongest YoY gain since Nov 2011, while Eurozone Unemployment touches lowest rate since May 2009

** GBP slightly hurt by UK Manufacturing PMI miss. Latter hits 2017 low

** Govvies - Gilts and Bunds rally, dragging 10yr Gilt yield to lowest level since 24th Feb while 10yr bund yield was on course for a 7th straight decline. OATs continued to underperform following a weekend OpinionWay poll which showed support for anti-EU Le Pen edge up to 25% from 24% previously for the 1st round vote on 23rd April, while support for other candidates was unchanged. 10-30s BTP curve also bear steepens

** iTraxx indices start tighter then make a u-turn. Main briefly touches a fresh series tight

** Viewpoint: A bit of oil verbal ... again - Front month crude well above 200 day MA but further gains needed to turn technical bias to bullish from neutral

Market snapshot (14.32 GMT)

SXXP -0.20% / SX7P -1.08%

GER 2yr -5.1bps at -0.811% / 10yr -2.7bps at 0.295%

GBP/USD -0.24% at 1.2512 � on course to snap two straight days of gains

Brent -0.17% at USD53.44

iTraxx Main +0.9 at 74.9 / Crossover +2.4 at 293.5


What to watch Tuesday

** Data: Light European agenda with Spanish Unemployment Change, UK Construction PMI and Eurozone Retail Sales the only releases worthy of note. Across the pond, watching US Trade figures, Factory Orders and Final Durable Goods Orders

** Events: ECB's Draghi and Fed's Tarullo are the only two central bankers scheduled to speak on the day

** Supply: Austria plans to auction EUR1.32bn 2023 and 2027 bonds, Germany EUR1bn 2026 Bund Linkers and the UK GBP2.5bn 2027 Gilts


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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