CREDIT BULLETS: Primary goes ballistic between holidays

European stocks have a spring in their step Tuesday with sentiment supported by some upbeat financial earnings where both UBS and UniCredit saw their shares rise on better-than-expected reports. Gains also come after S&P500 (+1.03%) and Nasdaq (+1.19%) both closed higher for a third day, buoyed by ongoing rate cut hopes in the wake of Friday's soft jobs report. Wall Street futures are currently flat ahead of another busy session for US earnings. Eurozone Retail Sales improved more than forecast in Mar whilst German Mar Factory orders missed the consensus
Stoxx600 advances by as much as 0.71% with all sub-sectors in the green. Financials the best performing
Govvies: EGB yields are lower across the board on Tuesday with a slight performance at the longer end. 10yr GER yield as much as 3.7bps lower and IT equiv -4.8bps
Primary: Borrowers spanning all asset classes are being represented in a frenetic session Tuesday, which is the optimum issuance window this week given holidays. See the full pipeline below
FIG SNAPSHOT: A magnificent seven hit euros as issuers eye narrow window
CORP SNAPSHOT: Six jump through issuance window
Ahead: Central bank speak comes from ECB's de Cos and Nagel, plus Fed's Kashkari. Another 22 S&P500 companies report earnings whilst the US is to sell USD58bn 3yr Notes. S&P500 futures unch & Nasdaq -0.1%

Issuer	Deal Type	CCY	Amount (mn)	Maturity	Initial Price Talk	Latest Px Talk	Final Pricing	Book Size (mn)
AS Air Baltic Corporation	Senior secured	EUR	300	5.25NC2	15%a	-	-	Awaiting Update
Aeroports de Paris	Senior unsecured	EUR	500	16/05/2031	m/s+105a	-	-	Awaiting Update
Banco Santander SA	AT1	EUR	TBD	PNC6	7.375%a	-	-	2,500
Bayerische Landesbank (BLB)	Green Bond, Senior non-preferred	EUR	500	14/02/2031	m/s+130-135	-	m/s+105	1,600
Caisse Francaise de Financement Local (CAFFIL)	Covered	EUR	500	17/05/2039	m/s+45-48 (WPIR)	-	m/s+45	4,100
Citigroup	Sneior unscured	EUR	TBD	8NC7	m/s+130a	-	-	Awaiting Update
Citigroup	Green, FRN	EUR	TBD	4NC3	3mE+85a	-	-	Awaiting Update
Coca-Cola Company (The)	Reverse Yankee	EUR	500	14/05/2032	m/s+80-85	-	-	Awaiting Update
Coca-Cola Company (The)	Reverse Yankee	EUR	500	14/05/2044	m/s+125-130	-	-	Awaiting Update
Erste Group Bank	AT1	EUR	TBD	PNC7	7.625%a	-	-	2,000
ING Groep NV	T2	EUR	TBD	10.25NC5.25	m/s+200a	-	-	2,000
Kellanova	Reverse Yankee	EUR	300	16/05/2034	m/s+150a	-	-	Awaiting Update
Land Berlin	LSA	EUR	500	15/05/2030	-	-	3mE+11	600
Lloyds Banking Group plc	Green Bond, Senior unsecured	EUR	TBD	8NC7	m/s+150a	-	-	2,000
Mercedes-Benz International Finance BV	Senior unsecured	EUR	TBD	15/11/2030	m/s+90-95	-	-	Awaiting Update
Mercedes-Benz International Finance BV	Senior unsecured	EUR	TBD	15/09/2027	m/s+60-65	-	-	3,000
NRW.Bank	Green Bond	EUR	1,000	15/05/2031	m/s+14a	-	m/s+12	2,700
SR Bank	Senior preferred	EUR	TBD	14/11/2029	m/s+100a	-	-	1,000
Sparebank 1 Boligkreditt AS	Covered	EUR	TBD	15/05/2034	m/s+40a	-	m/s+36	1,400
WP Carey Inc	Reverse Yankee	EUR	TBD	23/07/2032	m/s+195-200	-	-	Awaiting Update

Fresh in the pipeline

Issuer	CCY	Notes
Fiber BidCo SpA (Fedrigoni)	EUR	Rdshw 7-8 May; 430m 7NC3 SSN & 300m 5NC1 PIYC Toggle
CPUK Finance Limited (Center Parcs)	GBP	Rdshow 7-8 May; 330m 5NC2 Class B7 Notes

Key economic data / events so far

GE Mar Factory Orders missed at -0.4% MoM (f/c 0.4%, prev rev to -0.8% from 0.2%)
GE Mar Exports/Imports beat at 0.9%/0.3% (f/c 0.3%/-1.0%, prev rev to -1.6%/3.0%)
UK Apr S&P Global Construction PMI beat at 53.0 (f/c 50.4, prev 50.2)
EC Mar Retail Sales beat at 0.8% MoM (f/c 0.7%, prev rev to -0.3% from -0.5%)

Auctions

Ahead

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