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** Primary issuance drew a blank on Thursday leaving total EUR IG/HY supply for the shortened Easter week at EUR16.905bn, slightly down on the EUR18.55bn which printed the previous week. For the full breakdown of this week's supply see IGM WEEKLY VOLUME

** The corporate sector recorded its slowest week year-to-date where just EUR2.6bn printed courtesy of four tranches from Beijing Enterprises, Suez, Scania and Arkema. For some observations from the week's activity, see IGM's CORP SNAPSHOT

** FIG issuance totalled EUR3.75bn this week which fell short of the 2017 weekly average of EUR4.7bn. For a recap of this week's deals and our secondary market performance tracker see IGM FIG SNAPSHOT

** The Covered bond market was devoid of supply on Thursday, with the asset class also seeing its first zero-issuance week this year. For year-to-date covered stats and charts as well as a look at near-time primary prospects, see IGM's COVERED SNAPSHOT

IGM European Credit Weekly

** The 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 data sets including distribution stats, book sizes, NICs and secondary market performance


Broader market developments on Thursday

** Global risk markets remained nervous on Thursday while havens were generally underpinned into the long weekend

** 10yr German yields broke beneath their Feb low (0.181%) but didn't break the YTD low set in Jan (0.157%). French bonds outperformed with the 10yr spread versus bunds contracting as much as 1.6bps to +70.6bps (down from Tuesday peak at +77bps)

** EU stocks and synthetic markets diverged. Stocks were led lower by financials as markets absorbed the first volley of US bank earnings (WFC, C and JPM) and also Wednesday's comments from President Trump (prefers low rates) while iTraxx indices staged an afternoon comeback

Market snapshot (15.20 BST)

SXXP -0.24% / SX7P -0.64%

GER 2yr -1.8bps at -0.877% / 10yr -0.8bps at 0.185%

Brent +0.30% at USD56.02

iTraxx Main -0.1 at 77.7 / Crossover -1.4 at 295.4


What to watch Tuesday

** Data: There is no significant data scheduled for release in Europe on Tuesday. In the US, Housing Starts are seen slowing with Permits seen rising in March while Industrial Production will provide hard data on how Q1 finished up

** Events: Fed's George is the sole CB speaker (14.00) where it will be interesting to see if there is any pushback against President Trump's comments on Fed policy (low rates are preferred)

** Supply: There are no significant term auctions scheduled in Europe or US on Tuesday 18th April

** Earnings come from 2 Stoxx600 and 18 S&P500 companies, the latter including BAC and GS

** Viewpoint: Fixed Income Week Ahead - IMF/World Bank meetings amidst more political uncertainty, French Presidential TV debate (Thursday), UK retail sales (Friday)


Due to the long Easter weekend the next Credit Morning Insight & Daily Close reports will be published on Tuesday 18th April


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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