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** The European primary market got off to a slow start Tuesday as market participants returned after the long Easter weekend. Just the one new deal materialised courtesy of Banco Santander, S.A which brought a EUR750m PNC5 AT1 issue which printed at 6.75%, in line with area IPTs, with final demand pegged at ca. EUR1.3bn. Ahead of pricing, the deal was bid 25 cents above reoffer in the grey market. See IGM's FIG SNAPSHOT for more including the official comps list

** Corps started the shortened week with a blank, whilst a thin pipeline and the fact many borrowers are entering earnings enforced blackout means that we are likely to see a quiet week for the asset class. For our performance tracker of recent corp deals, see the IGM CORP SNAPSHOT

** Due to the Easter break, the ECB released its latest CSPP update a day later than usual where the central bank revealed it held EUR79.562bn of corporate securities as of 14th April which points to an implied daily purchase rate of EUR338m in the latest week. See IGM's ECB CSPP REVIEW for more

** Data from EPFR for Euro-denominated IG bond funds shows investors put money in for a twelfth straight week (w/e April 12th), although the pace slowed to an equivalent $149.29m from $1,285.26m the week before. For more see the IGM EPFR FUND FLOWS report


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

Wednesday's potential primary issuance

** Banco de Sabadell is preparing a EUR 10yr benchmark mortgage covered bond (Cedulas Hipotecarias) via Banco Sabadell, Barclays, Commerzbank, Credit Agricole CIB, Lloyds Bank and Natixis. The deal is expected to be rated Aa2/AA (Moody's/DBRS). See here for preview

** KfW (Aaa/AAA/AAA) has hired BNP Paribas, Commerzbank and Goldman Sachs to lead manage a new EUR 5yr Global benchmark issue which will be guaranteed by the Federal Republic of Germany


Broader market developments on Tuesday

** EU risk off as geopolitical worries continue to dampen sentiment. UK jitters add to the fire as PM May calls for snap elections on June 8th, dragging FTSE100 to its lowest level since February 9th

** GBP/EUR declines significantly in run up to UK PM May's presser before making a u-turn to match the Feb 22nd high at 1.1901

** Govvie yields continue to head mostly south, 10-30s curves broadly bull flatten. 10yr Gilt yield touches a fresh 6-month low having briefly dipped sub-1% for the first time since October before changing direction to trade close to flat. 10yr PGBs outperform European peers, narrowing the yield spread versus Bunds in to a one-week low

** Brent was on course to post two straight days of declines, having touched the lowest level in over a week amid oversupply concerns

** iTraxx indices widen, Crossover touches widest level since 23rd March

Market Snapshot (14.44 BST)

SXXP -0.97% / SX7P -0.99%

GBP/EUR +0.88% at 1.1918

GER 2yr +0.7bps at -0.873% / 10yr -0.7bps at 0.177%

Brent -0.54% at USD55.06

iTraxx Main +0.8 at 77.8 / Crossover +6.0 at 300.9


What to watch Wednesday

** Data: Final Eurozone inflation YoY should match the flash print at 1.5%, while Eurozone Trade figures are seen posting a surplus of EUR18bn, up from EUR 15.7bn previously. There are no top tier releases out in the US

** Events: A trio of ECB speakers take to the stage in the shape of Hansson (09.00), Coeure (13.00) and Praet (15.30), while across the pond we have Fed's Rosengren (17.00) and the Fed Beige Book (19.00)

** Supply: Germany to sell EUR1bn 2044 bonds

** Earnings: 6 Stoxx600 and 16 S&P500 companies report. Latter includes US Bancorp, BlackRock and Morgan Stanley


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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