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** It was another robust session for the European primary market on Wednesday where EUR15.4bn printed in the single currency to follow the EUR14.65bn which was issued on Tuesday. For the full breakdown of Wednesday's EUR deals see IGM's DAILY EUR NICS & BOOKS

** What is of note is that 20 of the 26 deals to print this week have had a maturity of 7yrs or longer, with the 7yr+ maturity bucket accounting for over 80% (EUR24.2bn) of this week's total Euro issuance

** Wednesday's supply was spearheaded by US conglomerate General Electric Company which raised EUR8bn via a four-part 5, 8, 12 and 20yr transaction which equalled the biggest corp deal of the year, tying with Volkswagen's own EUR8bn 4-parter launched in March. Demand was strong with books heard at over EUR22bn, which allowed pricing to be tightened 15-20bps across the four tranches. The visit was an economical one for GE with the 5 and 12yr tranches pricing broadly flat to fair value whilst the 8 and 20yr lines priced with modest 5bp NICs. For more see IGM's CORP SNAPSHOT

** FIG issuers stepped up a gear with BNP Paribas, CaixaBank, Goldman Sachs and Vivat raising a combined EUR4.9bn from aggregated order books topping EUR11bn indicating that plenty of cash remains on hand to support the right deal. Our snapshot of recent deals indicated outperformance among higher beta subordinated paper. See IGM FIG SNAPSHOT

** Vorarlberger Landes- und Hypothekenbank AG and De Volksbank kept EUR covered supply ticking over with respective EUR500m 7yr Hypothekenpfandbrief and EUR500m 10yr Dutch mortgage covered bonds. For more on these including relative value analysis, see IGM's COVERED SNAPSHOT

** The SSA sector was represented in the EUR market by Agence France Locale, Finnvera and Land Berlin which issued a combined EUR1.5bn whilst Export Development Canada, Council of Europe Development Bank and Swedish Export Credit Corporation printed USD Global trades. See IGM SSA PREVIEW for more on all of these


Thursday primary prospects

** The German State of North Rhine-Westphalia (Aa1/AA-/AAA), has mandated Barclays, Deutsche Bank, JP Morgan and UniCredit to lead manage a EUR 30yr fixed rate LSA benchmark

** Rentenbank (Aaa/AAA/AAA) has hired BNP Paribas, Deutsche Bank, Goldman Sachs International and JP Morgan ahead of a potential EUR 10yr benchmark line. For a preview on this and the NRW deal see here

** FHLB (Aaa/AA+) is working a new USD 2yr Global issue at CT2 +12.5 area guidance via BAML, Nomura and TD


Broader market developments on Wednesday

** EU equities are little changed having traded marginally lower in the first half of the day, following a mixed handover from US and Asian markets overnight

** Dollar softens in early hours as US President Trump fired FBI Director overnight, before paring worst losses to trade close to flat

** Govvies - core curves marginally bull flatten, albeit after the 30yr German yield hit a 2-month high early on. PGBs outperform core and peripheral peers supported by solid EUR1.25bn 2022 and 2027 PGB auction results

** Brent trends higher during the course of the session, recovering all of Tuesday's 1.24% loss, but still shy of the phsychological USD50.00 barrier. Price action supported by Tuesday's API inventory drawdown, EIA crude inventory data due shortly

** iTraxx indices seasawed. Main on course to snap 6-day run of fresh series tights, while Crossover is on track to end an 8-day tightening streak


Market snapshot (15.28 BST)

SXXP +0.11% / SX7P +0.31%

GER 2yr +0.1bps at -0.681% / 10yr -2.4bps at 0.403%

Brent +1.42% at USD49.43

iTraxx Main +0.1 at 62.8 / Crossover +1.3 at 255.3


What to watch Thursday

** Data: Focus squarely on UK releases with RICS House Price balance, March Industrial Production, latest trade figures and the NIESR GDP estimate all out. Also watching US PPI (est 0.2%, prev -0.1%)

** Events: Focus on UK BoE policy announcement (no change expected). Also watching ECB Economic Bulletin (09.00), latest EC Economic projections (10.00) and Fed's Dudley (11.25)

** Supply: Italy sells EUR5.5-7.25bn 2020-2047 BTPS, while the US holds USD15bn 30yr bonds for auction

** Earnings: 37 Stoxx600 (incl UniCredit and Credit Agricole) and 4 S&P500 companies report


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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