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** It was a fairly busy start to the week for the primary market on Monday where a total of EUR4.6bn printed in the single currency whilst there was also GBP600m of Sterling issuance. For the breakdown of the day's EUR supply, see the IGM DAILY EUR NICS & BOOKS

** Corporate borrowers were fast out of the blocks with Danaher, Plastic Omnium and Compass Group printing a combined EUR2.1bn with the latter also pricing a GBP300m 12yr line. Demand for the EUR paper was strong which led to sizeable spread compression during execution and thus minimal NICs. For relative value analysis see IGM's CORP SNAPSHOT

** The covered market was represented by Credit Agricole Home Loan SFH and SpareBank 1 Boligkreditt on Monday with the issuers bringing EUR1bn Sep 2024 OFH and EUR1bn 7yr Norwegian covered bonds respectively. Combined demand for the trades stood at over EUR3.2bn. For more see the IGM COVERED SNAPSHOT

** Intesa Sanpaolo's inaugural Green Bond (priced Friday) was bid as much as 10bps inside reoffer as Nordea AB got roadshows underway for its own inaugural Green offering. Deutsche PBB and XL Group also kicked off investor meetings for subordinated transactions while CYBG PLC saw its GBP300m inaugural HoldCo sterling deal covered around 8.7 times. See IGM FIG SNAPSHOT

** The ECB's latest CSPP data revealed that the central bank held EUR93.719bn of corporate securities as of 16th June with the latest data pointing to an implied monthly purchase rate of EUR7.43bn. For more see IGM's ECB CSPP REVIEW


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

** Coentreprise de Transport d'Electricit� (CTE), the holding company for the French electricity transmission operator RTE is preparing to come to the market with a debut three-tranche offering following a roadshow which concluded Thursday via Barclays, BNP Paribas, Credit Agricole CIB, Mizuho Securities and UniCredit. CTE is targeting three benchmark tranches with a long 7yr, 11yr and 15-20yr bond being mooted

** Aegon Bank N.V. has mandated HSBC, ING, NatWest Markets, SG CIB and UniCredit to lead manage a EUR500m no grow 10yr Conditional Pass Through (CPT) Covered Bond which is expected to be rated AAA/AAA by S&P and Fitch

** UniCredit Bank AG has hired Credit Agricole CIB, Danske Bank, Erste Group, Helaba and UniCredit to lead manage a EUR 6yr Hypothekenpfandbrief benchmark. The deal is expected to be rated Aaa/AAA by Moody's/Fitch

** Hypo Noe is expected to tap its EUR 0.5% Sep 2020 Austrian mortgage covered bond (rated Aa1) by EUR200m via Erste Group and Nykredit Markets

** BNP Paribas may pull the trigger on a EUR 7yr German regionally targeted senior non-preferred transaction via BNP Paribas, DZ BANK, LBBW, NORD/LB and UniCredit. The deal is expected to be rated Baa2/A-/A+/AH

** Municipality Finance Plc (Aa1/AA+) is working a USD250m no grow tap of its Feb 2020 floater at 3mL +4 area IPTs via Barclays, RBC CM and Scotiabank


Monday's broader market developments

** EU risk assets take cue from Asian and US markets overnight with equities rallying as Fed rate hike bets get scaled back following Friday's US data misses. Stoxx600 hits 2-week high. No new game changing news Monday, spotlight on Brexit presser due after EU hours

** Brent pares early AM losses, on course for second straight day of gains

** Peripherals outperform, PGBs maintain lead throughout session. OAT yields track core peers higher, despite French President Macron's En Marche winning a large majority in the 2nd round vote of the Parliamentary elections Sunday, giving the govt a strong mandate to push through reforms. Price action follows large OAT outperformance in recent weeks

** iTraxx Main touches fresh series tight

Market snapshot (15.30 BST)

SXXP +0.92% / SX7P +1.39%

GER 2yr +0.8bp at -0.665% / 10yr +1.2bp at 0.285%

Brent +0.51% at USD47.61

iTraxx Main -1.6 at 56.1 / Crossover -5.9 at 232.8


What to watch Tuesday

** Data: No top tier releases out Tuesday. For the record though, German PPI YoY is seen easing in May. Also watching Belgium Consumer Confidence and US Current Account

** Events: Fed speakers consist of Evans (00.00), Fischer (08.15), Rosengren (12.45) and Kaplan (20.00). Also watching BoE's Carney (08.30) and ECB's Costa (09.30)

** Supply: There are no significant term auctions scheduled in Europe or US on Tuesday 20th June


SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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