The Easter break may have tamed the flood overtaking European primary issuance, but it was only a brief rest. Very little began actively marketing last week but based on announcements of what's in store for the rest of April, the market looks ready for another pickup in primary volume.

Primary and secondary market flows were relatively light last week with clearing levels among primary subordinated bonds pricing moderately wider relative to recent prints. According to market reports, senior bonds remained well bid and still priced at the tighter range of talk. However, the pipeline looked its lightest since the beginning of the year with only around 30 billion ($40.4 billion) of printed paper. The bulk of the pipeline was defined by

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