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Wednesday's primary highlights

** Primary supply slowed on Wednesday where EUR6.075bn printed in the single currency across all sectors, compared to EUR10.65bn (IG/HY) on Tuesday. For the breakdown of Wednesday's deals see IGM's DAILY EUR NICS & BOOKS

** Dexia Credit Local spearheaded SSA issuance with a EUR2bn 5yr line which landed at m/s +9 from a +14 area IPTs starting point on the back of books topping EUR4bn (preview here). Elsewhere, the Flemish Community brought a new EUR1bn 25yr line and tapped its Oct 2026 line for EUR250m whilst NWB Bank reopened its Oct 2041 bond for EUR250m

** In FIG, NN Group N.V and Nykredit Realkredit A/S raised a combined EUR1.2bn via EUR900m 3/10yr two-part senior and EUR300m 5yr senior resolution notes respectively. The former attracted combined books of around EUR2.9bn whilst the demand for the Nykredit deal was a bit more tepid, with books last seen at EUR600m+. For more see the IGM FIG SNAPSHOT

** Corporate supply continued to tick over courtesy of a EUR1bn two-part long 6yr/10yr deal from Global Switch Holdings Limited and a sub-benchmark EUR350m 7yr line for Ansaldo Energia S.p.A. Total demand for the EUR1.35bn of paper totalled EUR4.4bn with the average spread compression from IPTs to reoffer across the three tranches standing at 21.66bps. See IGM's CORP SNAPSHOT for more

** Away from the single currency, Export Development Canada (EDC) printed a USD500m 3yr Green line at m/s -3 from -1 area initial guidance whilst JBIC brought a multi tranche fixed/floating rate transaction. For more see respective SSA PREVIEW: EDC goes Green & SSA PREVIEW: JBIC headlines dollar with 3-parter


Thursday's potential primary supply

At the time of writing there were no confirmed deals for Thursday and with parts of Europe being out for the Ascension Day holiday, primary issuance is expected to be largely muted


Broader market developments on Wednesday

** EU risk sentiment remains cautious in the run up to Wednesday night's FOMC policy minutes (for May 2-3rd meeting) where focus will be on forward guidance with markets already ascribing 100% probability (via BBG WIRP) of a June rate hike

** GBP weakness holds FTSE100 above water, bucking the weakening trend in European stocks.GBP/USD weakens for third straight day

** Brent remains above USD54, on course for 6th consecutive day of gains as Thursday's OPEC meeting looms with expectations that supply cuts will be extended

** Govvies - EGBs get lift from risk-off tone in European risk markets, dragging EGB yields lower. 10-30s core curves marginally bull flatten. PGBs an outlier though, underperforming peers with higher yields across 2-10yr curve, which has also pushed the 10yr PGB/Bund spread out by 11.5bps from the recent record low seen Tuesday

** iTraxx indices widen, Main touches new wide for the week


Market snapshot (14.52 BST)

SXXP 0.00% / SX7P +0.29%

GBP/USD -0.25% at 1.2948

GER 2yr -1.4bps at -0.672% / 10yr -1.4bps at 0.392%

Brent +0.07% at USD54.19

iTraxx Main +0.3 at 62.5 / Crossover +1.2 at 253.7


What to watch Thursday

** Data: Spain and UK report final/2nd estimate GDP respectively with focus likely to be more on the latter post Brexit and in the run up to June's general election. There are no top tier releases out in the US although weekly jobless claims will provide an initial insight on the labour market ahead of next week's US NFPs.

** Events: Watching ECB's Constancio (18.00) and Fed's Brainard (15.00)

** Supply is limited to a USD28bn 7yr US Notes auction (18.00)

** Earnings: 8 Stoxx600 and 9 S&P500 companies report

** Holidays: Ascension Day in parts of Europe


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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