COVID-19 World : total confirmed cases now just shy of 500,000. US : 100 deaths from coronavirus in one day in New York. Italy: 6,153 new cases, the highest in five days. Policy Making UK : BoE kept bank rate at 0.10% all-time low. Czech Republic central bank cut policy rate by 75bp. Fed : swap line with Singapore of $60bn a week. South Africa : central bank to launch asset purchase programme. Macro economy US : record 1-week increase in initial jobless claims, up 3.28 million. Germany: GfK consumer confidence at lowest since 2009, plunging by 5.6 to 2.6. France: record fall in business climate composite indicator, down 10 points to 95. Markets Money markets: 3m Libor- OIS spread continuing to wide. Interest rates: ECB lifted holding limit for eligible securities purchased under PEPP, prompting a headlong rush into EZ sovereign debts. Credit: extension of rally, with an outperformance by High Betas. Equities : up for 3 rd straight session (SXXE clawing back 1 3.8 % over three sessions , SPX +17.5% ), with recovery led by cyclical s . V2X stable at 54%. FX : dollar pulled back against G10 and emerging currencies. Commodities: base metals extended their correction. Focus For several days now, th e primary credit market is displaying the same verve as seen at the start of the year, with over €20bn of deals closed by corporates and almost €10bn by financials in the past week ( €8.4bn and € 4 bn , respectively, yesterday alone). Weekly i ssuance volumes in fact reached their second highest level since the opening week of January. The rebound of the financial markets along with the sharp tightening of credit spreads (in reaction first to the announcement and then to the US Congress passing a mammoth fiscal stimulus plan) opened a window of opportunity for quality issuers (mainly low beta credits in noncyclical sectors), this after the primary was totally becalmed ever since the start of March .