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** EUR1.34bn of IG/HY paper printed in the single currency on Friday giving a weekly issuance total of just EUR6.89bn, marking the slowest week for the primary markets of the year. For the breakdown of this week's supply see the IGM WEEKLY VOLUME REPORT

** The only benchmark deal on Friday was a well-received EUR750m PNC5 AT1 issue from Banco de Sabadell SA which amassed blowout final demand of over EUR4.5bn, allowing pricing to be ramped in 50bps from IPTs to 6.5% (coupon). For more including the official comps list see IGM's FIG SNAPSHOT

** Sterling supply was on offer in the corporate market courtesy of GKN Holdings plc which returned after a near 5yr hiatus. The borrower raised GBP300m via a 15yr line which printed at gilts +190 (from +210/215 IPTs) on the back of books around GBP2.2bn. See the IGM CORP SNAPSHOT for more on this and a look back at the week's trio of EUR deals

** Covered issuance drew a blank on Friday leaving the weekly total for the asset class at EUR2.25bn, which is slightly down on EUR3.25bn last week. For a weekly wrap including charts and stats see IGM's COVERED SNAPSHOT

** Data from EPFR Global for Euro-denominated IG bond funds shows investor inflows continued for a fifteenth successive week with the pace of inflows accelerating to an equivalent $1,146.65m from $845.38m the previous week. See IGM EPFR FUND FLOWS for more


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


Friday's broader market developments

** European risk assets start little changed then extend recent gains on �Goldilocks" US jobs report which showed solid payroll gains with tame wage growth

** Stoxx600 hits fresh 20-month high, led by rebound in energy stocks

** iTraxx indices saw financial indices outperform with Snr Financial trading at its tightest level versus Main in over a year

** Govvies see more of the same with core yields rising and peripheral yields dropping. OATs track bunds with markets already fully priced for a Macron victory


Market snapshot (15.27 BST)

SXXP +0.45% / SX7P +0.42%

GER 2yr +1.6bps at -0.695% / 10yr +2.1bps at 0.411%

Brent +1.24% at USD49.00, having been down as much as 3.31%

iTraxx Main -0.4 at 64.1 / Crossover -1.5 at 257.5

Source: Bloomberg


What to watch Monday

** Data: German Factory orders are seen rising at a slower pace in March while UK Halifax data should provide another reminder that house prices are cooling where a slender 0.1% gain in Apr is expected to bring the annual rate of growth down to 3.6%. EZ Investor confidence data (Sentix) is expected to produce some headline material, with the index set to hit its highest level since Aug 2007, back when fallout from the US sub-prime crisis was just getting started. Stateside, it's the usual post-payroll lull with no significant releases scheduled

** Events: Two more Fed speakers (Bullard and Mester) will get the chance to fine tune the FOMC's message in the wake of its hawkish statement which, together with Friday's solid employment report, has cemented bets for another hike in June

** Supply: No significant term auctions scheduled in Europe or US

** Earnings: 2 Stoxx600 and 9 S&P500 companies report

** Viewpoint: Fixed Income Week Ahead


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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