** Despite drawing a complete blank on Friday, primary issuance finished up at EUR35.675bn for the week, easily surpassing last week's total of EUR21.62bn. For the breakdown of this week's supply by asset class and tenor, see IGM's WEEKLY VOLUME
** In terms of volume, SSA's led the way in the latest week with the asset class accounting for EUR16.1bn (45.13% of the week's overall haul.) The Kingdom of Spain spearheaded issuance with its jumbo EUR8bn Oct 2027 line which amassed blowout demand in excess of EUR28.9bn
** Corporate issuers remained active again where a total of 19 tranches printed for a combined EUR13.95bn, the largest weekly total since the week ending 19th May. Investor sentiment remained strong with robust book sizes, decent spread compression and modest minimal NICs recorded. For more including our weekly data barometers see IGM's CORP SNAPSHOT
** In FIG, the week saw volume pick up despite the rising rate and higher vol environment. The EUR3.4bn of paper which emerged was greeted enthusiastically too with combined books exceeding EUR9.5bn. Highlights included a debut Green Bond from Nordea AB while HSBC Holdings plc sold an AT1 with the longest ever call date. See IGM FIG SNAPSHOT
** Covered supply was limited to just two deals this week, namely a EUR500m UK regulated covered line from Leeds Building Society and a EUR500m Australian Conditional Pass-Through Covered Bond courtesy of Bank of Queensland Limited. For more on these deals and a more historical look at covered supply, see the IGM's Covered weekly wrap, charts & stats
** For the week ending 28th June, data from EPFR Global for Euro-denominated IG and HY bond funds show investors put money for a fourth and eighth consecutive week respectively. IG funds totalled an equivalent $2,022.2m, marking the second largest weekly inflow of the year. For more see the IGM EPFR FUND FLOWS
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
Monday's broader market developments
** EU risk assets make little headway in either direction, DAX lags peers as markets remain nervous over central bank tapering
** Brent rallies again, on course for 7th straight day of gains but respects Thursday's intra-day high
** Govvies � yields start out lower before heading north again on approach to month/quarter end, and following firmer-than-expected EZ CPI earlier on Friday. 10-30s curves broadly bear steepen
** iTraxx indices sea-saw and are on course to end mixed. Main touches fresh wide for the week before coming off, while Crossover peaks at a 3-week wide
Market snapshot (15.24 BST)
SXXP +0.01% / SX7P -0.41%
GER 2yr -0.2bp at -0.582% / 10yr +0.8bp at 0.457%
Brent +0.38% at USD47.60
iTraxx Main -0.2 at 56.2 / Crossover +1.1 at 248.5
What to watch Monday
** Data: Europe reports Manufacturing PMIs where peripherals report for the first time. UK version seen tad softer. Eurozone Unemployment rate seen steady. US highlights are Mfg PMI, ISM Manufacturing index and Construction Spending
** Events: Watching ECB's Mersch and Weidmann Saturday and Sunday respectively before attention shifts to Fed's Bullard who speaks at a BoE conference in London on Monday (09.30)
** Supply: There is no significant term supply in Europe or US on Monday 3rd July
** Viewpoint: Week Ahead - FOMC minutes and Fedspeak ahead of July 12 Yellen testimony. US Employment Report set to indicate labour market tightening trend continues. ECB minutes scoured and speakers listened to for clues on what CB musings actually mean! Riksbank to turn hawkish?
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