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Monday's primary market developments

** Euro supply was limited to EUR2.35bn Monday courtesy of IG rated corporate and FIG borrowers. That follows the EUR15.625bn which printed in the single currency last week (IG & HY). See EUR DAILY NICS & BOOKS

** The sustained surge in EU govt bond yields stalled Monday which helped support an albeit measured start to the primary IG corp week, headlined by ALD SA which sold a new EUR600m Jul 2022 line, commanding ca. EUR1.2bn of orders and pricing at m/s +60, 10bps inside IPTs. For some broader market background and details of a Telekom Austria tap which also priced on Monday, see IGM CORP SNAPSHOT

** FIG saw a EUR1.5bn 8NC7 Holdco benchmark from Credit Suisse Group AG get a warm welcome which landed with a slender NIC of ~5bps on demand of ~EUR3bn. The deal was also bid up to 4bps tighter in the grey market ahead pricing. See IGM FIG SNAPSHOT

** Covered started the week with a blank in the single currency although HSH Norbank lined up a 3yr Public Sector Pfandbrief transaction while CIBC offered a rare GBP deal and Credit Agricole printed in CHF. See IGM COVERED SNAPSHOT

** Latest weekly CSPP data revealed the ECB now hold EUR98.906bn after settled purchases accelerated to a daily implied rate of EUR457mn (from EUR280mn) as a number of recent deals reached settlement date. See ECB CSPP REVIEW


Tuesday's Euro supply prospects

** KfW, rated Aaa/AAA/AAA (stable, stable, stable, Moody's/Scope/S&P) and guaranteed by the FEDERAL REPUBLIC OF GERMANY, mandated Barclays, Citi and LBBW to lead manage a new 15-year Euro fixed rate transaction maturing on 15 September 2032

** HSH Nordbank AG mandated Commerzbank, HSH Nordbank, Natixis, NatWest Markets and UniCredit to lead manage its upcoming EUR 500m (no grow) Public Sector Pfandbrief transaction with a 3 year maturity. The deal is expected to be rated Aa2

** SNCF Reseau, rated Aa2/AA/AA (Moody's/S&P/Fitch), mandated CREDIT AGRICOLE CIB, GOLDMAN SACHS INTERNATIONAL, NATIXIS and SG CIB to lead manage its new 30Y EUR Reg-S bearer Green Bond benchmark. The bonds will be CBI (Climate Bonds Initiative) certified

** The UK , rated Aa1/AA/AA (neg, neg, neg) is expected to launch a syndicated re-opening of the 0 1/8% Treasury Gilt maturing on 22-Nov-2056 via Citi, Goldman Sachs, JP Morgan and Nomura


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 minor gains, supported by an improved risk tone in Asian markets overnight. That also comes in the absence of any top tier European data and in the run up to company earnings

** Brent assumes declining path before stabilizing close to flat. Price action follows chunky 2.91% drop Friday

** Govvie markets stabilize � EGB yields edge lower despite risk-on tone in equities. Price action follows a rise of as much as 33bps in the 10yr German yield since June 26th to a fresh YTD peak of 0.581% on Friday

** Both iTraxx Main and Crossover on course to snap a 4 day widening streak

Market snapshot (15.28 BST)

SXXP +0.44% / SX7P +0.37%

GER 2yr -0.8bp at -0.621% / 10yr -2.3bps at 0.547%

Brent -0.04% at USD46.69

iTraxx Main -0.5 at 56.8 / Crossover -3.5 at 254.8


What to watch Tuesday

** Data: Watching UK BRC Sales (est 0.5%, prev -0.4%) ahead of next week's official retail sales figures. Italy is expected to follow its regional peers Germany, France and Spain with a rise in Industrial Production in May, ahead of the pan-EZ version Wednesday. Across the pond, US reports NFIB Small Business Optimism and JOLTs

** Events: Watching central bankers in the shape of BoE's Haldane (10.00) and Broadbent (12.00), ECB's Coeure (13.00) and Fed's William (04.05) and Brainard (17.00)

** Supply: Netherlands to sell EUR0.75-1.25bn 2047 DSLs (10.30) before attention shifts to the USD24bn 3-year Note auction (18.00)



SSA Priced / SSA Pipeline

CORP Priced / CORP Pipeline

FIG + Covered Priced / FIG + Covered Pipeline


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