LBBW

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.

German borrowers ProSiebenSat and RKW and Austria's Montana Tech Components are in the market for €430m of Schuldscheine collectively.

Hypo Oberösterreich’s first transaction issued from its newly set up covered bond programme was exceptionally well received, despite its small size and lower than average rating.

Polish banks will be anxious to follow PKO Bank Hipoteczny which on Monday enjoyed a superb reception for its euro benchmark covered bond — the first from the country. Bill Thornhill reports.

The Austrian lender’s first transaction issued off its newly set up covered bond programme was exceptionally well received, despite its small size and lower than average rating.

The Polish national champion successfully issued its first euro denominated covered bond benchmark on Monday, and the first publicly syndicated deal ever issued by a Polish bank in the euro market.

Oberösterreichische Landesbank (OÖ LB) has mandated joint leads for a sub-benchmark sized euro covered bond with an intermediate to long maturity.