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** It was a rather subdued session in the European primary market on Thursday where only EUR2.5bn priced in the single currency via just four deals. For the supply breakdown see IGM DAILY EUR NICS & BOOKS

** Unrated cheese marketer Fromageries Bel S.A had the corporate market to itself on Thursday. Following a roadshow, the borrower printed a EUR500m 7yr at m/s +120 which was squeezed in from +140 area IPTs on the back of investor interest of over EUR2.3bn. See IGM's CORP SNAPSHOT for the official comps list and a recap of Wednesday's deals

** FMS Wertmanagement issued the biggest deal of the day, a EUR1.5bn Nov 2020 at m/s -29 from m/s -26 area initial guidance with books closing at ~EUR2.5bn, equating to a final NIC of ca. 1bp

** The only covered supply on the day came courtesy of WL Bank which tapped its outstanding 0.5% Apr 2027 Hypothekenpfandbrief for EUR250m at m/s -12 from initial guidance at m/s -11 area. See IGM's COVERED SNAPSHOT for more

** In FIG, no fresh Euro supply emerged Thursday leaving weekly issuance at EUR3.25bn and on course to undershoot the 2017 weekly average of EUR4.82bn. Combined books on this week's deals have totalled EUR8.8bn+ though, suggesting unsatisfied demand remains in place to support further supply. See IGM FIG SNAPSHOT

** At the time of writing there were no confirmed deals for Friday, while the pipeline is sparse suggesting that it could be a typically slow end to the week in primary, exacerbated by headline event risk in the shape of US payrolls.

Broader market developments on Thursday

** EU risk assets open weaker as Wednesday night's FOMC Minutes weigh on risk sentiment before ending little changed as oil extends gains. Financial stocks underperform

** Fed expects to start paring its USD4.5trn balance sheet later this year. Some FOMC members thought equity prices were 'quite high relative to standard valuation measures'

** ECB Draghi's remains committed to current policy stance

** Govvy yields grind higher in the morning half before easing. 10yr Bund yield trades close to flat having posted declines in 9 out of the last 10 sessions following a temporary blip Wednesday. SPGBs lead decline in peripheral space after Spain allotted middle of EUR3.5-4.5bn target range at bond auction. OATs rally outperforming the rest of the region, following smooth 2027 and 2031 OATs sale

** Brent was on track to post a gain for the 4th day running, despite Wednesday's EIA crude stock build

** iTraxx indices start wider before making a u-turn. That saw Main briefly touch its widest level this week, while Crossover posted a fresh series tight

Market snapshot (14.37 GMT)

SXXP +0.06% / SX7P -0.03%

GER 2yr +1.4bps at -0.798% / 10yr +0.6bps at 0.260%

Brent +0.85% at USD54.82

iTraxx Main -0.5 at 74.7 / Crossover -3.9 at 286.8

What to watch Friday

** Data: Individual Eurozone countries report Industrial Production figures, starting with Germany at 06.00 GMT. UK also releases IP with a slight rebound seen in March. Italian Retail Sales are expected to turn marginally negative in Feb, following a 1.4% rise previously. Also watching UK Halifax House Prices, Trade figures and the NIESR GDP estimate. Attention then shifts to the US where the focus will be on the labour market report and in particular Non-Farm Payrolls (est 180k, prev 235k)

** Events: BoE's Carney (09.00) and Fed's Dudley (16.15) are currently the only central bankers penciled in to speak

** Supply: There is no significant term supply scheduled on the day as the week draws to an end

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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