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** EUR2.4bn of senior unsecured paper printed in the single currency on Friday via 4 separate tranches, capping off another busy week for the European primary market. For the breakdown of Friday's deals see IGM's DAILY EUR NICS & BOOKS

** This brought total weekly supply up to EUR42.405bn, slightly more than least week's overall total of EUR41.95bn. See the IGM WEEKLY VOLUME report for stats and observations of this week's supply

** Lithuania spearheaded Friday's issuance with a EUR1.3bn two-part comprising a EUR750m May 2027 at m/s +33 and a EUR550m May 2047 issue at m/s +73 with both being issued at the midpoint of respective m/s +32/34 and m+72/74 will price in range guidance. Final demand for the dual-trancher ended up at ~EUR1.7bn. For more see earlier IGM PREVIEW

** A duo of corporates, namely Experian and Baxter, hit the screens pricing a combined EUR1.1bn via EUR500m Jun 2026 and EUE600m May 2025 lines. The former appeared to struggle slightly, however, where the long 9yr line printed at m/s 70, which was the wide-end of m/s +65/70 will price in range guidance and just 5bps inside IPTs of +75 area. Books on the trade were last seen at over EUR700m. Elsewhere, Akelius wrapped up an investor roadshow on Friday ahead of a EUR Feb 2025 issue which could launch as early as Monday. For more see IGM's CORP SNAPSHOT

** Friday's two corp deals elevated total EUR corp issuance (excluding unrated deals) to EUR15.45bn, comfortably marking the busiest week for the asset class year to date, surpassing last week's total of EUR12.9bn. However, the recent flood of supply and a more challenging market backdrop did appear to tip the scales slightly more in favour of investors in terms of pricing power. For more see IGM CORP COMMENT: Observations from record week in primary

** In FIG, the week ended with a second straight blank while deals that emerged in the first three days of the week were trading outside their respective reoffer levels Friday. The week's deals were comfortably covered in aggregate though (2.19 times), offering some tentative encouragement for any borrowers planning to tap markets in coming days. See IGM's FIG SNAPSHOT

** Covered supply remained off the menu Friday, leaving supply for the asset class at just EUR750m for the week courtesy of two deals. For a weekly round-up of this week's covered activity including charts and stats as well as a look at the covered bond pipeline, see IGM's COVERED SNAPSHOT

** Data from EPFR Global for Euro-denominated IG bond funds shows investors put money in for a seventeenth straight week. Inflows slowed to an equivalent $1,013.24m, compared to $1,810.14m the previous week, which had marked the highest single weekly inflow since August 2016. See IGM EPFR FUND FLOWS


** 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: 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

** EU risk assets rebounded on Friday following recent risk aversion aligned to US political uncertainty

** Brent extended its recent rally, on course for third straight day of gains having briefly pushed above USD53 for the first time this month

** Govvies - 10-30s German curve bear steepens following bull flattening on Thursday. Periphery outperforms core, SPGBs lag peripheral peers

** iTraxx Main and Crossover were both on course to end a two-day widening run

Market snapshot (14.24 BST)

SXXP +0.42% / SX7P +0.50%

GER 2yr +1.3bps at -0.695% / 10yr +1.8bps at 0.359%

Brent +1.24% at USD53.16

iTraxx Main -1.14 at 63.9 / Crossover -4.0 at 256.3


What to watch Monday

** Data: UK Rightmove House Prices are seen softer in May, while US reports Chicago Fed National Activity

** Events: Fed's Harker (15.00) and Kashkari (15.30) are the only central banker speakers scheduled on the day. Also watching the Eurogroup meeting where Greece, the economic situation in the Eurozone and Spain will be on the agenda

** Supply: There are no significant term auctions scheduled on Monday 22nd May

** Earnings: Just one S&P500 company reports in the shape of Agilent Technologies Inc

** Fixed Income Week ahead US President heads to Riyadh, NATO and G7 Leaders meet. Brainard (voter, considered dove) the pick of the Fed speak. ECB chief plus Praet and Constancio orate as debate rages over guidance change timing

SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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