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** The primary market was devoid of supply across all sectors and currencies on Monday as French participants observed VE Day and broader markets reacted to Sunday's French presidential election result. The near-term new issuance pipeline continued to build, however, with a number of issuers mandating ahead of potential deals for Tuesday (more below). That follows the slowest week of the year to date (see chart)

** In FIG, issuers kept their powder dry whilst Banco Sabadell's inaugural AT1 Euro trade performed well in secondary, bid at 100.75 having priced at par on Friday. See IGM FIG SNAPSHOT

** Compagnie de Financement Foncier (CFF) added its name to the covered pipeline with the issuer hiring leads for a EUR Sep 2022 Obligations Fonci�res benchmark. For more on this, as well as a look at the rest of the pipeline, and our secondary market performance tracker see IGM's COVERED SNASPHOT

** The corporate market drew a blank but supply is expected to pick up with feedback from syndicate managers suggesting as many as four borrowers could launch new deals as soon as Tuesday. Elsewhere, the higher beta hybrid transactions, which generally offer a decent barometer to gauge broader risk market sentiment, outperformed in the secondary market. See IGM CORP SNAPSHOT



** With it being a Monday, the ECB released its CSPP update where the central banks revealed it held EUR83.414bn of corporate securities as of 5th May which suggests an implied daily purchase rate of EUR230m. For more see IGM ECB CSPP REVIEW


IGM European Credit Weekly

** The IGM European Weekly Credit Overview 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


Tuesday's primary prospects

** The European Investment Bank (EIB), rated Aaa/AAA/AAA has mandated Deutsche Bank, NatWest Markets, SG CIB and UniCredit to lead manage a new long 15-year EARN due April 2033

** NRW.Bank, the explicitly guaranteed development agency of the German Federal State of North Rhine-Westphalia, rated Aa1/AA-/AAA/AA+ is set to refresh its EUR benchmark curve with a new 7yr line via Barclays, Commerzbank, DekaBank and J.P Morgan

** Bpifrance Financement, guaranteed by EPIC Bpifrance and rated Aa2/AA has hired Barclays, BNP Paribas, HSBC, Nomura and SG CIB for a new EUR 10yr benchmark

** Compagnie de Financement Foncier (CFF) could launch a September 2022 EUR Obligations Foncieres benchmark via BBVA, Credit Agricole CIB, Deutsche Bank, Natixis and UniCredit. The deal is to be rated Aaa/AAA/AAA

** Following the conclusion of an investor roadshow on Friday, The Royal Bank of Scotland plc may launch a EUR 7yr and/or GBP 3y covered benchmark issue which is expected to be rated Aaa/AAA. BNP Paribas, Commerzbank and Danske Bank are leads on the potential deal

** LafargeHolcim Sterling Finance (Netherlands) BV (Baa2/BBB) wrapped up a series of investor meeting on Monday and could pull the trigger on a GBP12-15yr benchmark via Barclays, NatWest Markets, RBC Capital Markets and Santander.


Monday's broader market developments

** A decisive win for Macron in the French presidential vote failed to lift European risk assets that had already rallied strongly between the 1st and 2nd round vote

** Core govvie yields remained biased higher though with German yields touching fresh multi-week/month highs. OATs broadly tracked bunds while Italy and Spain underperformed

** Data: EU Sentix hit best level since July 2007, German factory orders were better than expected while UK house prices fell (Nationwide)

** iTraxx Main, Crossover, Snr and Sub Financial all touched fresh series lows intraday but follow through was lacking


Market snapshot (15.50 BST)

SXXP -0.13% / SX7P -0.46%

GER 2yr +1.6bps at -0.681% / 10yr +0.4bps at 0.417%

Brent +0.47% at USD49.33, having hit a low of USD46.64 Friday

iTraxx Main -0.3 at 63.2 / Crossover -0.01 at 256.5


What to watch Tuesday

** Data: The spotlight is on German Industrial Production and trade data that will show how Q1 ended

** Events: A trio of Fed speakers sees Kashkari, Rosengren and Kaplin address a market which is already ascribing a 100% probability of a hike at the June meeting

** Supply: In Europe, the Netherlands sell 2022 DSLs (EUR2-3bn), Austria sells 2027/2047 RAGBs (EUR1.1bn) and Germany sells 2046 linkers (EUR0.5bn). In the US, the 3yr note sale ($24bn) gets this month's refunding cycle underway

** Earnings: 26 Stoxx600 and 21 S&P500 companies report


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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