The primary pipeline in Europe is slowly gathering momentum, but the main story remains secondary trading. With only a handful of deals visible on the primary so far, market sources say trades continue to pull in.

"The beginning of the year is what it is," said one trader at BNP Paribas. "The market is slowly coming up to speed with 12 deals that are supposed to be marketing on the primary that should bring in a total of approximately 15.7 billion ($18.8 billion), but some of that is smoke and mirrors or issues that may have been left over from last year."

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