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Monday's primary market highlights

** The partial European Whit Monday Holiday meant that the European primary market was devoid of any deals across all currencies at the start of the week. This comes after EUR supply totalled EUR22.22bn last week, just shy of EUR23.075bn the week before. For the breakdown of last week's supply see IGM WEEKLY VOLUME

** Whilst corporates offered no paper on the day, State-owned Chinese power company China Three Gorges Corporation added its name to the sparse pipeline, hiring leads to conduct a roadshow starting Tuesday ahead of a possible intermediate tenor EUR-denominated Green Bond which will be issued via its subsidiary Three Gorges Finance II (Cayman Islands) Limited. For more on the rest of the corp pipeline and our secondary market performance tracker, see IGM's CORP SNAPSHOT

** FIG issuers also stayed sidelined on Monday although with last week's issues going well it is likely that at least one or two issuers will go live with new deals on Tuesday (see below) as they look to make the most of the small issuance window ahead of the UK Elections and latest ECB meeting which both take place Thursday. Elsewhere, shares in Spain's Banco Popular were down again amid further concerns of a potential wind-up. For more on this and a recap of last week's issuance see IGM's FIG SNAPSHOT


IGM Credit Excel spreadsheets

** 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


Tuesday's primary prospects

** Sumitomo Mitsui Financial Group Inc (A1/A-) held investor meetings last week and may bring a 5-10yr fixed and/or floating rate notes via Goldman Sachs, SMBC Nikko, Barclays, BNP Paribas and HSBC

** American International Group Inc (Baa1/BBB+) also held a roadshow last week via Barclays, BNP Paribas, Citi and HSBC and could pull the trigger on a SEC-Registered 10yr senior line which would mark the longest outstanding senior deal in the single currency from a US Insurer, according to IGM's database

** Unrated agricultural commodities giant Louis Louis Dreyfus Company BV may go live with a USD Reg S offering after conducting an investor roadshow last week via ABN Amro, HSBC, J.P Morgan and Natixis


Monday's broader market developments

** EU risk assets were biased weaker Monday, while Whit Monday holiday in parts of Europe resulted in light volume trade. Limited market reaction to UK Services PMI miss, while final Eurozone version beat

** Brent heads south for second consecutive day, dipping below the psychological USD50 mark albeit following a brief rally after Saudi Arabia and three other Arab countries cut ties with Qatar, raising prospects of supply disruptions

** Govvies - 10-30s EGB curves mostly bear steepen, bar SPGBs and Gilts. PGBs underperform, pushing 30yr spread vs Bunds out by 5.5bps to a one-week wide

** iTraxx indices go their separate ways, Main widens a tad while Crossover hovers near Friday's series tight. Both indices trade in narrow ranges

Market snapshot (15.06 BST)

SXXP -0.16% / SX7P -0.15%

GER 2yr 1.6bps at -0.720% / 10yr +1.6bps at 0.286%

Brent -1.38% at USD49.26

iTraxx Main +0.4 at 62.4 / Crossover -0.2 at 248.8


What to watch Tuesday

** Data: UK BRC Retail Sales YoY are seen turning negative in May. Eurozone Sentix Investor Confidence is seen steady, while Retail Sales are expected to soften a tad in April. US JOLTs is the only release out across the pond (est 5738, prev 5743)

** Events: None scheduled

** Supply: Austria to sell 2023 and 2027 bonds, UK to sell GBP2.5bn 2022 Gilts and Germany EUR500m 2026 Linker

** Looking further ahead to Thursday: UK 2017 Election Viewpoint - polls apart, uncertainty may be down to the wire


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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