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** Primary Euro supply totalled EUR6bn on Tuesday courtesy of 5 separate deals, very slightly down on the EUR6.05bn (8 tranches) which printed Monday. For the full list of Tuesday's Euro deals, see the IGM DAILY EUR NICS & BOOKS

** EFSF, the European Financial Stability Facility spearheaded issuance with the borrower raising a combined EUR5bn (83.3% of the day's total issuance) via a new EUR4bn Oct 2024 and a EUR1bn tap of its outstanding 1.2% Feb 2045 issue. The new 7.5yr printed at m/s -3 from initial guidance of -2 area whilst the tap priced at m/s +54 (from +56 area) on the back of demand of over EUR5.4bn and EUR3.8bn respectively. See earlier IGM SSA PREVIEW: EFSF headlines Euros

** In FIG, the sole issuer to hit the screens was OP Corp Bank which refreshed its senior curve with a new EUR500m Oct 2022 transaction which landed at m/s +27 (from +low 30s IPTs) on the back of books around EUR800m. See IGM's FIG SNAPSHOT for more on this as well details of an Erste Bank EUR PNC7 AT1 mandate and our performance tracker of recent FIG bonds

** Covered supply was limited to a tap of Deutsche Bank's 0.5%, 9-June-2026 mortgage-backed issue. The EUR250m tap priced at m/s -6 from initial guidance of m/s -4 area bringing the new outstanding issue size to EUR750m. For more see IGM COVERED SNAPSHOT

** The corporate market was devoid of supply in the single currency but Deutsche Telekom International Finance B.V and University of Southampton kicked off sterling IG/split rated corp issuance for the quarter after what had been an active Q1 2017 for the asset class. See IGM's CORP SNAPSHOT for more

** A day later than normal, the ECB released its latest CSPP update where the central bank revealed it held EUR75.455 of corporate securities as of 31st March which points to an implied daily purchase rate of EUR335m. See the IGM ECB CSPP REVIEW for more


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


Wednesday's primary market prospects

** Erste Group Bank AG, is waiting in the wings with a EUR PNC7 AT1 issue via Barclays, Erste Group, Goldman Sachs International, Morgan Stanley and UBS. The instrument is expected to be rated BB+ by S&P and will have a 5.125% CET1 trigger with temporary write-down

** After holding an investor call on Tuesday via Commerzbank, JP Morgan, Lloyds, Morgan Stanley, SMBC Nikko and UniCredit, innogy Finance B.V may pull the trigger on a EUR 8yr benchmark which is expected to be rated BBB/A- (positive/stable) by S&P/Fitch. See more details in the IGM CORP SNAPSHOT

** 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

** The German Federal State of Berlin (Aa1/AAA) has mandated DekaBank, HSBC and UniCredit for a EUR250m tap of their outstanding EUR500m 0.625% Feb 2027 transaction

** KfW (Aaa/AAA/AAA) is taking IoIs for a USD June 2022 Global issue at m/s +15 area IPTs via Barclays, HSBC and JP Morgan

** SR-Boligkreditt AS, the 100% wholly-owned covered bond issuing subsidiary of SR-Bank has mandated Goldman Sachs International, J.P. Morgan, Nomura and TD Securities to lead manage a new 5yr fixed rate USD Covered Bond benchmark backed by 100% Norwegian prime residential mortgages. The transaction is expected to be rated Aaa by Moody's

** UniCredit S.p.A has hired Citigroup, Goldman Sachs, Morgan Stanley, Nomura, UBS and UniCredit Bank AG as leads for a debut 144A/RegS USD-denominated 5-year and 10-year bullet Senior Unsecured fixed-rate transaction which is expected to be rated Baa1/BBB-/BBB+


Broader market developments on Tuesday

** EU risk assets traded on either side of parity but were ultimately on track to end little changed ahead of key risk events in the shape of Tuesday nights's French Presidential TV election debate, Wednesday's FOMC March 15th policy meeting Minutes and Friday's US NFPs

** Viewpoint: Support and policy in the Elysee Palace race - OAT/Bund spread seen widening as long as 56/57bp holds, spread currently stable at 66/67bp at the time of writing with 79bp eyed ahead

** Govvie yields continue to head south, 10yr Bund yield on course to post 8th straight drop, while PGBs remain an outlier having bucked the declining trend. OATs recover from Monday's bashing, 10-30s core EGB curves marginally bull flatten with Gilts an exception

** Itraxx indices sea-sawed. Main ultimately went nowhere having briefly carved out a one-week wide

Market snapshot (14.13 GMT)

SXXP +0.07% / SX7P -0.58%

GER 2yr -0.824% / 10yr -2.7bps at 0.246%

Brent +0.83% at USD53.56

iTraxx Main +0.6 at 76.2 / Crossover -1.6 at 294.2


What to watch Wednesday

** Data: It's final Services PMI day in Europe where peripherals report for the first time. Attention then turns to the US where ADP Employment Change precedes Fri's NFPs. US Final Markit Services PMI should match the flash print at 53.1, while the ISM Non-Mfg Composite is seen weaker in March, having posted its highest level since Oct 2015 the month before

** Events: BoE's Vlieghe is penciled in to speak, before attention turns to the Fed's March 15th policy Minutes, due after EU hours

** Supply is light with just Germany scheduled to sell 2022 bonds (target EUR4bn)



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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