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Four covered bond issuers returned to the market on Tuesday with the first deals of 2017. Two €1.5bn 10 year transactions showed that borrowers are prioritising the tougher, longer duration deals and, while conditions permit, issuing in large size.

Deutsche Bank’s Spanish subsidiary kept its commitment to issue around €2bn of Cédulas a year and on Wednesday launched a well-oversubscribed €1bn five year, even though the cost was much higher than the European Central Bank’s Targeted Long Term Refinancing Operation.

SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.

SP Mortgage Bank, the newly established Finnish lender, successfully issued its first covered bond on Tuesday. The defensive five year maturity, which has not been seen from a core European issuer in over five months, went a long way to assuaging investors’ broader market anxieties.

Sp Mortgage Bank, the central bank for Finnish savings banks, has mandated joint leads for a European roadshow to market its first covered bond.

The German Pfandbrief issuer ING-DiBa quickly executed a €500m 10 year mortgage backed deal on Tuesday, hours before US election headlines hit the screens, even though it had not been in the market since 2012.

Sp Mortgage Bank, which is the central bank for Finnish savings banks, has mandated joint leads for a European roadshow to market its first covered bond.

The German Pfandbrief issuer quickly executed a €500m 10 year mortgage backed deal on Tuesday hours before US election headlines hit the screens, even though it had not been in the market since 2012.

Bank Muscat is preparing to refinance a $600m loan maturing in April next year and will likely aim to raise the same amount with its new facility, said one banker.

The German Pfandbrief issuing subsidiary of the Dutch bank, ING Diba, is expected to open books for a 10 year mortgage backed deal, its first in three years.

The public sector market is making the most of what may be the year’s last attractive opportunity for benchmark issuance ahead of a risk laden November.

Austria was richly rewarded for taking a leap into the unknown on Tuesday, as it took orders of over €7bn for the longest dated syndication ever from a core eurozone sovereign. KommuneKredit also broke its tenor record in euros, while the European Financial Stability Facility hired banks for a tap of a bond that looks short end by comparison.