Euro

The Norwegian issuer surprised the markets with a rare three year on Wednesday. The deal was one of the largest issued in euros this year and attracted an exceptionally high quality order book, though the oversubscription ratio was less convincing.

TSB's UK prime RMBS programme made a solid start on Wednesday afternoon, as the bank placed a debut £537m-equivalent deal in sterling and euros. The issuer retained over two thirds of the sterling tranche despite offering a decent spread pick-up, but the euro tranche priced strongly.

Deutsche Apotheker- und Ärztebank, or apoBank, received a strong endorsement from investors for its first benchmark Pfandbrief in more than seven years.

A comparison of existing European covered bond laws suggests German credit quality will be hit hardest if Europe adopts a single covered bond framework. The European Commission has proposed a Pan-European covered bond law, prompting Moody’s to release the study this week.

Caixabank, Spain’s largest retail bank, priced a €1bn five year deal on Wednesday, attracting investors with a generous new issue premium. The transaction attracted the broadest and deepest distribution of any Spanish deal since July.

Initial price thoughts have been indicated for TSB’s first UK prime RMBS deal, with the transaction offering a pick up on both the euro and sterling tranches for investors, compared to more established issuers.

Deutsche Bank is set to go on the road and market its first Cédulas Hipotecarias, which was rated Aa2 with Moody’s on Monday.

Following its recent roadshow, Deutsche Apotheker- und Ärztebank eG has mandated leads for a €500m no grow Pfandbrief.

Mediobanca issued a smaller than usual deal on Tuesday enabling a higher level of oversubscription than many recent Italian covered bonds with a concession that was towards the lower end of the range.

Yorkshire Building Society offered a chunky premium for its €500m of seven year covered bond on Tuesday. With only a modest oversubscription, it was not able to tighten pricing.

Aegon Bank, the subsidiary of the Dutch Globally Systemically Important Insurer Aegon, has set up a €5bn conditional pass through (CPT) covered bond programme that is registered with the Dutch central bank. A triple A-rated transaction is expected this year.

Westpac has mandated leads and opened books for a dollar benchmark covered bond, to be priced on Monday. And in euros, Yorkshire Building Society (YBS) has mandated leads for a €500m no-grow seven year benchmark, to be launched on Tuesday.