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** It was a fairly active start to the holiday-shortened week, where IG/HY supply in the single currency totalled EUR4.75bn on Monday courtesy of six separate transaction. For the full breakdown of Monday's Euro deals see IGM DAILY EUR NICS & BOOKS

** Suez priced a EUR600m no grow perp non-call Apr 2024 hybrid at a yield of 2.875%, although while this was tightened in from IPTs of 3.25% area, it still marked the wide end of 2.75-2.875% will price in range revised guidance. This after books had peaked at ca. EUR3bn (at the tight end of earlier 2.875-3% area guidance) although ca. EUR700m of orders then fell away when that was refined again to 2.75-2.875% seeing the final book fall to ~EUR2.2bn. See IGM's CORP SNAPSHOT

** In FIG, Nationwide Building Society and Intesa Sanpaolo SpA issued a combined EUR2.25bn via respective EUR750m 6yr fixed rate and EUR1.5bn 5yr floating rate notes. Demand for the paper was strong, finishing up at a combined EUR3.9bn, spearheaded by Intesa which subsequently funded inside the curve. For more, including relative value analysis see IGM's FIG SNAPSHOT

** Republic of Romania took a two-pronged approach with a new syndicated EUR1bn 10yr deal at m/s +170 (from +185 area IPTs) and a EUR750m tap of its outstanding 3.875% Oct 2035 line at a yield of 3.55% (from +3.65% area IPTs). Joint book sizes for the two tranches stood at EUR3.25. See IGM PREVIEW: Romanian dual-tranche EUR supply comes with mixed backdrop for more

** The ECB released its latest CSPP update where the central bank revealed it held EUR77.87bn of corporate securities as of 7th April which points to an implied daily purchase rate of EUR483m. See the IGM ECB CSPP REVIEW for more


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

** 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


Tuesday's primary issuance prospects

** Republic of Austria (Aa1/AA+/AA+/Aaa) is prepping a new EUR RegS/144a 10yr benchmark via BofA Merrill Lynch, Goldman Sachs, HSBC, Nomura and UniCredit. See IGM PREVIEW for relative value analysis

** UNEDIC (Aa2/AA) may launch a new EUR 15yr benchmark after hiring Barclays, Deutsche Bank, JP Morgan and Natixis on Monday afternoon. The deal will be explicitly, unconditionally and irrevocably guaranteed by the Republic of France

** FMS Wertmanagement (Aaa/AAA) is working a GBP250m tap of its 0.875% Feb 2022 line at UKT +44 area IPTs via Barc/Citi/HSBC and NatWest



Broader market developments on Monday

** EU risk assets traded mildly weaker following mixed leads from US and Asia overnight, but came off their worst levels into the close

** Govvies -10yr yields rise almost across the board. Periphery underperforms core with BTPs the weakest link. 10yr Bunds an outlier, outperforming peers and pushing the 10yr BTP/Bund spread out to 202bps (+4.4bps), almost the widest level year-to-date

** Politics (French elections) � An opinion poll published late on Sunday saw Independent Macron and NF Le Pen tie in first place with 24% of votes, followed by Melechon in 3rd place with 18% then Fillon at 17%

** Brent extends last week's rally, on course for 6th straight day of gains

** iTraxx indices start wider, move sideways then extend widening. Both Main and Crossover breach Friday's wides

Market snapshot (15.01 BST)

SXXP -0.04% / SX7P -0.07%

GER 2yr -2.2bps at -0.848% / 10yr -0.8bps at 0.216%

Brent +1% at USD55.79

iTraxx Main +1.7 at 76.2 / Crossover +4.2 at 288.7


What to watch Tuesday

** Data: UK reports BRC Retail Sales, and then CPI and PPI inflation figures with the YoY CPI rate seen steady at 2.3%, the highest read since September 2013. Also watching the latest German ZEW survey where both Current Conditions and Economic Sentiment are seen improving slightly, while Eurozone Industrial Production is forecast a tad softer in Feb. Across the pond, watching the Fed's preferred US JOLTs measure

** Events: ECB's Visco speaks before EU parliament (16.00), while Fed's Kashkari is also penciled in to speak after EU hours (18.45)

** Supply: The Netherlands plans to raise up to EUR1.25bn with the sale of 2033 bonds, while the US is looking to raise USD20bn via a 10-year Notes auction


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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