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** Euro supply was limited to three deals on Wednesday (IG+HY) as markets continued to wind down ahead of the Easter break. The trio totalled EUR2.15bn, more details on which can be found in the IGM DAILY EUR NICS & BOOKS

** The one IG trade to price in the single currency was a EUR800m 5yr line from Beijing Enterprises which marked the first Euro bond from a Chinese corporate since Nov 2016. The deal priced at m/s +118 (from +135 area IPTs) with demand last seen at over EUR1.6bn, with 2/3 of that (EUR1.12bn) coming from the joint-bookrunners. For more on this and a recap of Tuesday's well-received deal from Arkema, see IGM's CORP SNAPSHOT

** Away from the single currency, Japan Finance Organization for Municipalities (JFM) refreshed its Global Dollar curve with a new USD1bn 5yr line which landed at m/s +74 from a +78 area IPTs starting point on the back of demand over USD2.2bn

** FIG issuers remained sidelined on the day leaving supply for the sector at EUR3.25bn for the week, exactly the same total as the asset class recorded in the whole of last week. For a recap of this week's deals and our secondary market performance tacker, see the IGM FIG SNAPSHOT

** As a reminder, the Republic of Austria spearheaded a much busier session on Tuesday with its largest ever single tranche RAGB. A full review of the EUR4.5bn 10yr transaction can be found here


Thursday's potential supply

At the time of writing there were no deals confirmed for Thursday's business. Given it's the last session before the Easter break, a quiet or even blank session is likely


Broader market developments on Wednesday

** EU stocks started the session marginally on the front foot before largely erasing gains to trade close to flat nearing the close. Price action saw Stoxx600 carve out its highest level since early Dec 2015

** GBP/EUR briefly hits highest level since end of Feb having peaked at 1.1791 intra-day post UK labour data (Jobless claims missed at +25.5k (exp -3k, prev rev to -6.1k from -11.3k)

** European government bonds - Bunds traded in a range while periphery came under pressure, partly reflecting supply as Germany, Italy, Portugal and Ireland all sold debt for a combined EUR15.5bn. Meanwhile, the 10yr OAT/Bund yield spread retreated to a session low of 71bps from Tuesday's multi-week wide of 77bps seen on domestic political worries

** Brent was still on course to post 8 straight days of gains at the time of writing, spotted marginally higher ahead of EIA crude inventory data. Price action supported by Tuesday's crude inventory drawdown and speculation that Saudi Arabia will support an extension to OPEC led production cuts

** iTraxx indices start tighter before making a u-turn. Crossover carves out an over two-week wide

Market snapshot (15.08 BST)

SXXP +0.28% / SX7P -0.26%

GBP/EUR +0.16% at 1.1784

GER 2yr +1.3bps at -0.858% / 10yr +0.6bps at 0.207%

Brent +0.09% at USD56.28

iTraxx Main flat at 76.9 / Crossover +2.6 at 297.1


What to watch Thursday

** Data: German, French and Italian CPI figures are expected to affirm their flash prints. Across the pond, watching PPI and UoM Sentiment

** Events: None scheduled

** Supply: There are no significant term auctions scheduled in Europe or US on Thursday 13th April

** Earnings: European agenda is light although US reporting season kicks off with some big names reporting (JP Morgan Chase, Citigroup and Wells Fargo)


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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