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** EUR IG primary issuance accelerated to EUR4.05bn on Wednesday from a modest EUR750m on Tuesday. For the breakdown of Wednesday's six deals see IGM's DAILY EUR NICS & BOOKS

** Caisse Francaise de Financement Local (CAFFIL) spearheaded supply with a EUR1.75bn two-part Public Sector Obligation Fonciere covered trade comprising EUR1bn 7yr and EUR750m 15yr tranches. The deal was well received with combined books finishing at over EUR3.6bn which allowed both tranches to be tightened 5bps from IPTs to reoffer which resulted in an economic outcome for CAFFIL with final the NICs pegged at 0.5bp and 1-2bps respectively. See IGM COVERED SNAPSHOT

** In FIG, following up on a mandate announced Tuesday, Criteria Caixa, S.A., Sociedad Unipersonal (Criteria) also found markets receptive for its first Euro senior trade in two years where the EUR750m 6yr printed 20bps inside IPTs on the back of EUR2bn in demand, representing a NIC of circa 10bps. Otherwise, our FIG SNAPSHOT indicated outperformance in higher beta product, boding well for Banco de Sabadell's forthcoming AT1, expected to emerge before the end of week

** EUR IG corporate supply was back on the menu Wednesday courtesy of General Motors and Brisa � Concess�o Rodovi�ria, S.A which printed a combined EUR1.3bn on the back of impressive demand of around EUR6.4bn. The latter printed a EUR300m 10yr at m/s +160 from +185 area IPTs which equated to a final NIC of around negative 13bps. The deal was more than 11x covered with investors keen to increase exposure to Portuguese credit with the trade marking the first from a Portuguese corporate in the single currency since January. For more on the two deals including relative value analysis see IGM's CORP SNAPSHOT

** SSAs were represented in Euros by the Federal State of Saarland which raised EUR250m via a 15yr LSA with printed in line with area guidance at m/s +2 with books communicated as over EUR250m


Thursday's potential primary issuance

** FMS Wertmanagement (Aaa/AAA) is taking IoIs for a USD1bn no grow 3yr at m/s -1 area IPTs via Barclays, BNP Paribas, HSBC and TD Securities


Broader market developments on Wednesday

** EU equities err on the side of caution ahead of Wednesday nights TV debate at 20.00 BST between French Presidential election candidates Macron and Le Pen before the 2nd and final vote on Sunday. Also hurting sentiment were media reports that the UK will face a Brexit bill of around EUR50-100bn

** Brent respects Tuesday's range, ahead of Wednesday's EIA crude inventory data

** Govvies - Peripheral curves broadly bull flatten with PGBs leading the charge in 10yr space, spread vs Bunds just 1bp shy from revisiting last week's 311bp low. French OATs outperform core peers as latest poll via OpinionWay sees Macron defeating Len Pen 60%-40% (BN)

** iTraxx Main and Crossover hit fresh series tights, latter for the third day in a row


Market Snapshot (14.43 BST)

SXXP -0.13% / SX7P +0.25%

GER 2yr -0.6bps at -0.739% / 10yr -0.7bps at 0.317%

Brent +0.3% at USD50.61

iTraxx Main -0.5 at 65.2 / Crossover -1.7 at 259.7

What to watch Thursday

** Data: Spanish Unemployment is expected to decline by 78.8k, the most this year. Europe releases Services PMIs where peripherals report for the first time, while there will be particular focus on the UK version (est 54.5, prev 55.0). UK Mortgage Approvals are seen slowing in March, ditto for Eurozone March Retail Sales. Across the pond, watching US Trade Figures, Factory Orders, Final Durable Goods Orders and Weekly Jobless Claims

** Events: ECB's Lautenschlaeger (11.30), Praet (12.00), Mersch (12.35) and Draghi (16.30) are all pencilled in to speak

** Supply: Spain hopes to raise EUR4-5bn via 2021, 2022, 2026 and 2033 SPGBs, France up to EUR8bn via 2027, 2030 and 2036 OATs and the UK GBP2bn via 2037 Gilts

** Earnings: 33 Stoxx600 (incl HSBC and Soc Gen) and 30 S&P500 companies report

** Holidays: Japan is out for Golden Week



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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