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Wednesday's primary highlights

** The primary market remained active on Wednesday where another EUR3.85bn printed in the single currency, bringing total weekly volume up to EUR16.72bn. For the breakdown of Wednesday's trades, see IGM's DAILY EUR NICS & BOOKS

** Corporates again dominated, pricing EUR2.8bn (72.73% of total supply) courtesy of BP Capital markets and Safran which printed respective EUR1.5bn and EUR1bn two-parters, whilst Rikshem added EUR300m via a 7yr line. Demand remained robust with books finishing up at a combined EUR7.2bn. For more see IGM CORP SNAPSHOT

** The sole SSA visitor to Euros was Land NRW which extended its LSA curve with a new EUR750m Jun 2048 which landed at m/s +19 from a +21 area starting point. This provided some economic funding for NRW with the final NIC pegged at negative 1bp. Elsewhere SFIL printed a debut 3yr dollar deal at m/s +33 with books at over USD1.8bn. For more including RV analysis, see earlier IGM SSA PREVIEW

** In FIG, Deutsche PBB AG pulled the trigger on its Euro T2 10NC5 to follow a roadshow which commenced Monday. Demand proved a little underwhelming at EUR400m+ with the deal sized at the minimum EUR300m while the spread was tightened by a modest 5bps during execution. Secondary FIG spreads held in well though despite the softer tone in adjacent markets. See IGM's FIG SNAPSHOT


Thursday's potential supply

** RATP (Aa2/AA) is taking IoIs for a EUR500m no grow May 2027 Green bond at OATs +mid 30s via Credit Agricole, HSBC and Natixis

** BNZ International Funding Limited hired Commerzbank, Deutsche Bank, HSBC and National Australia Bank to lead manage a EUR 7yr covered benchmark issue which is expected to be rated Aaa/AAA (Moody's/Fitch)


Wednesday's broader market developments

** EU risk assets pare worst losses as oil recovers. CAC40 leads equity decline

** Italian bank stocks rallied after Intesa Sanpaolo made a conditional offer to buy some assets from Banca Popolare di Vicenza and Veneto Banca. Helps FTSE MIB outperform sharply


** Brent gets close to posting fresh YTD low on oversupply concerns before rebounding. That's after the contract hit its lowest level since 15th Nov on Tuesday. See IGM Viewpoint: Oil market rebalancing complications keep adding-up

** Govvies retreat. Gilts lead sell-off as 2/10 curve bear flattens (2yr UKT yield +7.4bp, 10yr +3.7bp at 15:51 BST) after UK BoE's Haldane made a u-turn - a perceived dove to hawk � sees risk of H2 2017 move once (Brexit) 'dust settles'.

** GBP surges against both EUR and USD on Haldane remarks but fails to take out Tuesday's intra-day highs

** iTraxx indices move in tandem with equities, both Main and Crossover move further away from Tuesday's fresh series tights - although are off their intra-day wides

Market snapshot (15.32 BST)

SXXP -0.17% / SX7P -0.11% / FTSEMIB +1.24%

GER 2yr +1.5bp at -0.648% / 10yr +1.1bp at 0.269%

Brent +0.22% at USD46.12

iTraxx Main flat at 55.8 / Crossover +1.2 at 234.1


What to watch Thursday

** Data: Sentiment indicators are out in Europe in the shape of French Consumer and Manufacturing Confidence, which are both seen steady in June, as well as Eurozone flash Consumer Confidence which is seen less negative. UK reports latest CBI Trends Orders

** Events: ECB publishes Economic bulletin. Also watching BoE's Forbes (19.00)

** Supply: UK to sell GBP2.25bn 2047 Gilts (10.30)



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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