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** It was a busy day in the European primary market on Wednesday where a host of issuers reached out to investors across a range of currencies and structures, although in terms of Euros specifically it was a rather measured session where just EUR2.75bn printed on the day. For a full list of Wednesday's EUR issuance see IGM's DAILY EUR NICS & BOOKS

** After two subdued sessions the corporate market sprang into life with Autoroutes du Sud de la France (ASF), Innogy Finance and Madrilena Red de Gas printing a combined EUR1.85bn on the back of demand topping EUR6.1bn. Away from the single currency, Volkswagen visited the Sterling market for the first time since it was caught up in an emissions scandal with a GBP850m 4/8yr two-parter which saw books of around GBP2.3bn. For more colour including relative value analysis on all these trades see IGM CORP SNAPSHOT

** In FIG, the focus switched back to the higher yielding end of the capital structure as Erste Bank issued its second Euro AT1 in 11-months. The EUR500m PNC7 was a blowout with a 7.5x order book, landing at 6.5% (from 6.75-7.0% IPTs), representing a NIC of circa 14bps. See IGM FIG SNAPSHOT

** The Dollar market was favoured by SSA borrowers on Wednesday where Inter-American Development Bank (IADB) issued a 3yr Global issue whilst KfW and Quebec went longer on the curve with respective 5- and 10yr global trades. For more, see earlier SSA PREVIEW

** Covered supply was limited to a USD600m 5yr Norwegian mortgage backed deal from SR-Boligkreditt which printed at m/s +55 having been tightened 3bps from IPTs


Thursday's potential primary supply

** FMS Wertmanagement (FMS), rated Aaa/AAA, mandated BofA Merrill Lynch, Commerzbank, Deutsche Bank and Goldman Sachs International to lead manage a long 3yr EUR benchmark

** FNMA (Aaa/AA+) is taking IoIs for a USD 5yr benchmark at CT5 +12 area via JP Morgan, Nomura and TD Securities

** L-Bank, rated Aaa/AAA and guaranteed by the State of Baden-Wuerttemberg, is working a GBP RegS benchmark due 07-Mar-2022 at UKT (4% Mar-2022) +50bp area IPTs via Barclays, Deutsche Bank, NatWest and RBC

** Unrated Fromageries Bel S.A is readying a EUR300-500m 7yr deal with the issuer taking feedback in the m/s +low/mid 100s area following a roadshow via CA CIB, Natixis, SG CIB, Citi, HSBC and MUFG. The borrower is also open to exploring a potential 10yr sub-benchmark tranche


Broader market developments on Wednesday

** EU risk assets were mostly holding onto minor gains going into the close, as a surge in oil prices supported risk sentiment, although DAX bucked the trend

** Brent was on track to post its third straight day of gains at the time of writing, putting the current weeks' tally at around 3.71% over just three days having gained 3.94% last week

** Govvies - OATs continued to outperform their European counterparts after far-left French Presidential candidate Melenchon was perceived to have performed the best in Tuesday night's TV debate. Gilts formed the weakest link, underperforming core peers as UK Services PMI beat expectations to post a fresh year-to-date high. Bunds erased early gains following Germany's technically failed 2022 OBL auction

** In other data, Eurozone March Services PMI was downgraded. Across the pond US ADP Employment Change beat at 263k (exp 185k, prev 245k), while the US Non-ISM Manufacturing Index missed, hitting its lowest level since Oct 2016

** iTraxx indices followed broader market risk sentiment with both Main and Crossover tightening with the latter just short of carving out a new tight for the week

Market snapshot (14.05 GMT)

SXXP +0.23% / SX7P +1.10%, on course to snap two straight days of losses

GER 2yr -0.7bp at -0.813% / 10yr +0.9bp at 0.263%

Brent +1.38% at USD54.92

iTraxx Main -0.6 at 74.9 / Crossover -2.2 at 289.6


What to watch Thursday

** Data: Light European agenda on Thursday with German Factory Orders the most significant, while across the pond markets will be watching US Jobless Claims ahead of Friday's NFPs

** Events: Watching ECB's Draghi (07.00), Praet (07.30/16.40), Weidmann (09.40) and Constancio (11.45/17.15), as well as the latest ECB Policy Meeting Minutes (11.30). Across the pond, Fed's Potter (00.00) and Williams (13.30) are both penciled in to speak

** Supply: Spain to sell EUR3.5-4.5bn 2020, 2027 and 2041 bonds, and EUR0.5-1bn 2024 Linkers, while France has EUR7-8bn 2027 and 2031 OATs up for grabs


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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