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Key primary developments

** Just one IG deal priced in the single currency on Friday, an opportunistic EUR1bn Apr 2019 line from KfW which was issued at m/s -48. This brought total EUR IG/HY supply up to just EUR12.4bn for the week which marks the lowest weekly total year-to-date. For stats and observations on the week's deals see IGM'S WEEKLY VOLUME

** Two deals from the periphery priced in the covered market this week for a total of EUR2bn. For more on the duo of bonds from Banco de Sabadell, S.A and Banco Santander Totta, S.A, as well as a more in depth look at covered issuance YTD (including charts & graphs), see the IGM COVERED SNAPSHOT

** In FIG, weekly supply exactly matched the prior week's haul of EUR3.75bn but total demand eased to ~EUR6.3bn from the ~EUR8.15bn seen the previous week. Banco Santander's EUR750m AT1 got off to a slow start but rallied in secondary while BAC's EUR3bn 2-part FRN/fixed senior trade got an enthusiastic response. See IGM FIG SNAPSHOT

** The corporate market recorded its first zero-issuance week of the year with the holiday shortened week, arrival of earnings season and looming event risk (French elections) keeping issuers side-lined. In the secondary market corporate spreads were seen tighter compared to Thursday's level. See IGM's CORP SNAPSHOT for our full secondary market performance tracker of recent deals

** For the week ending April 19th, data from EPFR for Euro-denominated IG bond funds shows investors put money in for a thirteenth consecutive week with inflows accelerating to an equivalent $673.56m from $149.29m the previous week. For more on this see IGM's EPFR FUND FLOWS

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

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

Next week's supply prospects

** EFSF, the European Financial Stability Facility (AA/Aa1/AA) has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction scheduled next week

** Brussels Airport Company SA/NV (Baa1/BBB) could launch a EUR300m 7yr deal via BNP Paribas, Credit Agricole CIB, ING and RBC after the conclusion of a European investor roadshow which kicked off Friday

** Unrated Wiener Staedtische Versicherung AG is holding an investor call on Tuesday (25th April) via Erste Group ahead of a potential 10yr subordinated EUR retail-targeted transaction

Broader market developments on Friday

** EU risk assets fail to make progress in either direction, and were on course to end the day little changed. CAC40 was among the weakest links as Thursday night's shooting in Paris and ongoing uncertainty aligned to Sunday's French Presidential election continued to impact sentiment

** Govvie yields edge lower, after Thursday's bearish price action, although Bunds and OATs make a u-turn going into the close. 10yr OAT/Bund yield spread touches narrowest level since end of March, hitting a session low of 0.6444, before edging back out as domestic political risk still looms. In the periphery, BTPs form the weakest link ahead of Italy's EUR2.5-3.25bn CTZ and BTPei auctions on Monday and Italy's sovereign rating review by Fitch after EU hours on Friday. Portugal is also under review albeit by DBRS

** Brent hovers marginally underwater, prices on course to post a loss for the week of over 5%

** iTraxx indices sea sawed. Main touched a two-week tight, Crossover not far off. Both on course for third straight day of tightening

Market snapshot (15.13 BST)

SXXP +0.06% / SX7P +0.7%

GER 2yr -0.6bps at -0.814% / 10yr -0.1bp at 0.238%

Brent -0.32% at USD52.82

iTraxx Main -0.8 at 74.4 / Crossover -1.3 at 291.3

What to watch Monday

** Key data: German IFO modules headline Eurozone releases with both Business Climate and Expectations seen firmer but Current Assessment a tad softer. There will also be focus on the UK where Rightmove House Prices and CBI Trends Orders are both on the agenda, while the US reports regional activity data

** Events: The sole central bank speaker currently scheduled on the day is Fed's Kashkari who is due to speak twice (16.30/20.15 BST)

** Supply: Italy aims to raise EUR2.25-3.25bn via 2018 CTZs and BTPeis, and Belgium EUR1.8-2.5bn via 2023 and 2027 bonds

** Earnings: 5 Stoxx600 and 12 S&P500 companies report

** Viewpoint: Fixed Income Week Ahead - French election reaction ahead of ECB (Thu) and Eurozone CPIs and US, UK, French, Spanish Q1 GDP (Fri)

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline

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