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** There was just the one deal in the single currency on Friday, which came courtesy of corporate issuer FCA Bank which extended its Euro benchmark curve with a new EUR800m Nov 2021 line. The deal landed broadly flat to fair value at m/s +100 having been ramped in from m/s +120 area IPTs on the back of demand in excess of EUR2.4bn. For relative value analysis and more, see IGM's CORP SNAPSHOT

** This left IG/HY EUR weekly issuance at EUR18.55bn in the week ending 7th April, very slightly up from the EUR18.4bn which was issued in the previous week. SSA's led the way in terms of issuance, accounting for EUR8.45bn (45.55%) of the week's total, spearheaded by a EUR5bn two-part transactions from the EFSF. For a full breakdown of the week's EUR supply see IGM's WEEKLY VOLUME Report

** Corps were next busiest where a total of eight tranches printed for a combined EUR4.5bn, although this was significantly down on the EUR9.55bn which was issued the previous week. For some observations from the week's supply, see earlier IGM CORP COMMENT

** In FIG, demand continued to outstrip supply where the EUR3.25bn of paper printed attracted combined books over EUR8.8bn. The higher-beta EUR500m PNC7 AT1 from Erste was the most sought after trade, with the deal 7.5x covered. For more, see IGM's FIG SNAPSHOT

** Covered supply was slightly up in the latest week, with the asset class seeing EUR1.75bn print courtesy of four separate deal compared to EUR1.5bn (2 tranches) last week. For our weekly covered wrap including charts and stats, see IGM's COVERED SNAPSHOT

** Data from EPFR for Euro-denominated IG bond funds shows investors put money in for an eleventh consecutive week at a rate of an equivalent $1,285.26m, marking the second biggest weekly inflow year-to-date. For more see IGM 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

** TheIGM/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


Broader market developments on Friday

** EU stocks mildly on backfoot and govvies underpinned as US NFPs miss forecast (at +98k, exp +180k), while the Unemployment Rate actually improved (at 4.5%, exp & prev 4.7%). Sentiment also impacted by US missile strikes on Syria in response to alleged use of chemical weapons earlier this week

** Govvies - FTQ trade sees 10-30s German curve marginally flatten, 30yr yield declines as much as 5bp. 10yr bund yield hits lowest level since Feb

** Brent carves out a one-month high having peaked at USD56.08, while Gold received a safe haven boost, hitting a 5-month high

** GBP/USD fell as UK Industrial Production and Halifax House prices both missed expectations, while Bank of England's Carney urged banks to have contingencies for Brexit outcomes

** iTraxx indices fluctuated. Both Main and Crossover were on course to end Friday marginally tighter at the time of writing with Crossover posting a fresh series tight for the second day running

Market snapshot (14.33 BST)

SXXP -0.19% / SX7P -0.15%

GER 2yr -1.9bps at -0.817% / 10yr -3.5bps at 0.224%

Brent +0.05% at USD54.92

Spot Gold +0.88% at 1263.8

iTraxx Main +0.2 at 74.7 / Crossover -1.4 at 284.4


What to watch Monday

** Data: There are no top tier releases out in Europe, although for the record Italy reports Industrial Production figures for Feb, while the Eurozone Sentix Investor Confidence is also out and seen a tad firmer in April

** Events: Watching Fed officials in the shape of Bullard (04.05 BST) and Yellen (21.00 BST)

** Supply: US to sell USD24bn 3-year Notes (18.00 BST)

** Viewpoint: Fixed Income Week Ahead - Focus on Inflation figures from US and across Europe, Yellen speech and OPEC/IEA Monthlies


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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