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** The primary market was devoid of supply on Friday, leaving EUR IG/split rated issuance for the week at EUR27.535bn, easily beating last week's total of EUR12.4bn. For the breakdown of this week's issuance see IGM's WEEKLY VOLUME REPORT

** SSAs led the charge with EUR15.55bn, or 56.47% of the week's EUR27.535bn supply, largely thanks to jumbo deals from EFSF and Kingdom of Spain

** The FIG sector drew a blank on Friday in the single currency, leaving total weekly supply at EUR5.75bn. That topped the prior week's tally of EUR3.75bn and also the YTD weekly average of EUR4.64bn. See IGM FIG SNAPSHOT

** Covered issuance totalled EUR3.25bn in the latest week thanks to deals from UniCredit Bank AG , Swedbank Mortgage AB and Credit Agricole Home Loan SFH. For a weekly wrap see the IGM COVERED SNAPSHOT

** Corporate supply totaled just EUR300m in the latest week with just one deal printing via Brussels Airport, leaving the monthly total for April at EUR8.27bn which marks the lowest monthly total year-to-date. See IGM's CORP SNAPSHOT

** For the week ending April 26th, data from EPFR for Euro-denominated IG bond funds shows investors put money in for a fourteenth consecutive week with inflows accelerating to an equivalent $845.38m from $673.56m 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


Broader market developments on Friday

** EU risk assets were little changed on approach to long weekend and month end

** EUR/USD receives lift from firmer than expected Eurozone inflation data, Core YoY rate hits highest level since Sep 2010. Cable rallies to highest level since Sep 2016, despite UK Q1 GDP miss

** Govvies start out on the front foot before making a u-turn on the back of the bigger-than-expected rise in Eurozone inflation, bringing ECB taper fears back to the fore. PGBs get hardest hit, while Bunds lead decline in core space

** iTraxx indices tighten before coming off best levels. Crossover posts a new series tight

** Viewpoint: Fixed Income Week Ahead - Watching FOMC decision (no presser scheduled), Fed speakers including Chair Yellen, US April employment report and French election countdown & TV debate

Market snapshot (15.05 BST)

SXXP -0.26% / SX7P +0.25%

GER 2yr +1.7bps at -0.737% / 10yr +3.1bps at 0.322%

Brent +0.60% at USD51.75

iTraxx Main -0.2 at 67.0 / Crossover -2.5 at 267.1


What to watch Tuesday

** Data: It's final Manufacturing PMI day in Europe although peripherals report for the first time. The pan-EZ version is forecast at 56.8 from 56.2, while the UK version is estimated a tad softer at 54.0 from 54.2. Eurozone also reports the March Unemployment rate which is forecast to match the April 2009 print at 9.4%. There is no top tier data out in the US on Tuesday

** Events: ECB's Nouy and Nowotny are the first central bank speakers scheduled to speak on Tuesday following the ECB's policy announcement on Thursday

** Supply: There is no significant term supply scheduled in Europe or the US on Tuesday 2nd May

** Earnings: 14 Stoxx600 and 43 S&P500 companies are due to report


**** Please note that due to the bank holiday weekend the next daily close and morning insight will be published on Tuesday 2nd May


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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