NordLB mandates into moderating supply outlook

NORD/LB Covered Finance Bank is expected to open books for its inaugural five year €500m Lettres de Gage Publiques on Monday after mandating leads on Friday. Bankers expect a less busy week ahead, but believe there is scope for one or two other deals to be announced at short notice. Market conditions remain strong and recent issuance, such as UniCredit’s conditional pass through, have all performed.