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** The primary market drew a complete blank on Thursday, mainly due to the Corpus Christi holiday which thinned out investor attendance in parts of Europe. This left total IG EUR supply for the week at EUR12.4bn, set to fall well short of the EUR26.75bn which was issued last week

** Whilst FIG issuers stayed away on Thursday, the market could be set to reopen as early as Friday with Intesa Sanpolo readying a debut EUR500m no-grow 5yr Green bond after recently reaching out to investors via a series of investor calls. Elsewhere, global insurance and reinsurance company XL Group Ltd added its name to the pipeline, hiring leads for a roadshow and possible EUR-denominated SEC Registered benchmark fixed-to-floating 30NC10 transaction. See IGM FIG SNAPSHOT

** The latest addition to the covered pipeline was Kommunalkredit Austria AG (KA) which has mandated banks for an intermediate euro-denominated Social Austrian Public-Sector Covered Bond (Offentlich Fundierte Bankschuldverschreibungen) roadshow. For more on this and our secondary market performance of recent covered deals see the IGM COVERED SNAPSHOT

** With no corporates tapping the market Thursday, supply for the asset class this week remains at just EUR2.95bn which is well short of the EUR11.5bn which printed last week. For a recap of Wednesday's deals from China Three Gorges Corporation and Lagardere as well as a look at the corp new issuance pipeline. See IGM's CORP SNAPSHOT

** Keep an eye out for the latest IGM EPFR fund flows report Friday morning. As a reminder, last week's data (w/e 7th June) for Euro-denominated IG bond funds showed investor inflows of EUR2,783.34m which marked the highest single weekly inflow since August 2016


Friday's primary prospects

** Intesa Sanpaolo SpA could go live with an inaugural EUR500m 5yr Green Bond via Banca IMI, Credit Agricole CIB, HSBC and SG CIB. The deal is expected to be rated Baa1/BBB-/BBB/BBBH

** Bayerische Landesbank (A1/A-) may launch a GBP senior &/or covered bond after wrapping up a two-day investor roadshow on Wednesday via BayernLB and Credit Suisse


Thursday's broader market developments

** EU risk assets decline as markets absorb FOMC policy announcement, FTSE100 comes under further pressure on the back of a stronger pound as BoE members vote 5-3 to keep rates on hold

** GBP/EUR rebounds, hits an almost one-week high, having closed 0.24% lower on Wednesday

** Govvie yields rise across the board despite EU risk off tone in equities. SPGBs lead decline in 10yr space as Spain allots lower end of EUR4-5bn target range at auction. Looking at Gilts, 5yr gets hardest hit, yield rises as much as 11bps at worst

** iTraxx indices make a u-turn, having posted fresh series tights on Wednesday. Both Main and Crossover are on course to snap 7 and 6 day tightening run

Market snapshot (14.56 BST)

SXXP -0.80% / SX7P -0.24%

GBP/EUR +0.76% at 1.1435

GER 2yr +5.3bps at -0.651% / 10yr +6.7bps at 0.290%

Brent -0.30% at USD48.86

iTraxx Main +1.1 at 57.9 / Crossover +5.1 at 241.6


What to watch Friday

** Data: Eurozone final CPI headlines European data and should match the flash print at 1.4% YoY, before attention shifts to US Housing Starts, Building Permits and Preliminary University of Michigan Sentiment

** Events: Watching Fed's Kaplan (17.45)

** Supply: There are no significant term auctions scheduled on Friday 16th June


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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