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** Euro IG supply was limited to just a EUR300m 10yr Green bond from Lietuvos Energija UAB on Friday whilst EUR650m priced in the HY market courtesy of CMA CGM SA. See IGM's DAILY EUR NICS & BOOKS for more info on these two trades

** Following a roadshow earlier this week, Lietuvos Energija UAB printed a rare Green bond from the CEE region, with its debut EUR300m 10yr issue landing at m/s +120, having been ramped in from a m/s +150 area IPTs starting point on the back of demand in excess of EUR1bn. See earlier IGM PREVIEW for more including relative value analysis

** Friday's duo of transactions capped off what was a much slower week for primary activity with IGM data showing that just EUR15.625bn printed in the single currency (IG & HY), compared to a much impressive EUR35.675bn last week. For the breakdown of the latest week's issuance see the IGM WEEKLY VOULME

** Friday's Lietuvos Energija UAB deal lifted corporate supply for the week up to just EUR2.75bn, falling well short of last week's EUR13.95bn total. Demand was extremely robust, however, which may offer encouragement to any issuers looking to tap the market before the looming earnings season and traditional summer lull. See IGM's CORP SNAPSHOT for a recap of this week's primary activity

** FIG volume fell this week against a backdrop of sharply rising rates and as the aforementioned summer slowdown approached. A strong reception for subordinated deals from CaixaBank and Bankia, and the outperformance of bank stocks, highlighted the positive mood toward financials in the higher rate/steeper curve environment and also easing systemic concerns with regard to southern European banks. See IGM FIG SHAPSHOT

** In contrast to the other sectors, there was an uptick in covered supply in the latest week where EUR2.05bn printed versus just EUR1bn the previous week, spearheaded by ABN AMRO Bank N.V. which tapped its outstanding 1.375% Jan 2037 Dutch Legislative Covered Bond for EUR1.25bn. For some takeaways from this week's covered deals and a more historical look at the sector, see IGM's COVERED SNAPSHOT

** Latest data from EPFR for Euro-denominated IG bond funds show investors put money in for a fifth straight week although the pace slowed to an equivalent $1,033.06m from $2,.022.2m the previous week. In contrast Euro denominated HY funds (Western Europe) saw outflows in the latest week, ending a nine-week winning run. For more see 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


Friday's broader market developments

** EU risk assets start lower but pare worst losses on the back of firmer than expected US Non-Farm Payrolls data

** Brent receives afternoon lift as US players enter the market, but was still on course to close lower on the day and week

** Govvies - yields nudge higher again as markets fret over policy normalisation. PGBs lead decline in peripheral debt

** iTraxx Main and Crossover touch 2.5 and 7 week wide respectively


Market snapshot (14.39 BST)

SXXP -0.25% / SX7P -0.24%

GER 2yr -1.7bps at -0.614% / 10yr +0.1bp at 0.559%

Brent -1.91% at USD47.19

iTraxx Main +1.6 at 57.9 / Crossover +5.8 at 260.7


What to watch Monday

** Data: Light agenda sees German Trade figures, Bank of France Business Sentiment and Eurozone Sentix index out for release. The former is forecast to reach its highest level since April 2011. No top tier US data due

** Events: Watching reaction to speeches from BoE's Cunliffe and ECB's Coeure on Saturday and Sunday respectively

** Supply: There is no significant term supply scheduled on Monday 10th July

** Week Ahead Fed Chair Yellen to testify to congress, busy slate of other Fed speakers. Congress back from recess, under pressure to pass legislation



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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