At least two transactions are already said to be in the pipeline for next week, with peripheral markets expected to be busy, after Münchener Hypothekenbank tapped a 10 year mortgage-backed Pfandbrief for Eu125m yesterday (Thursday) to close covered bond issuance for this week.

Syndicate bankers said that issuers are lining up deals for next week, with several highlighting expected activity from peripheral issuers.

One syndicate official highlighted Spain as a likely source of supply, adding that there had been rumours of two Spanish deals in the pipeline for this week.

“Given that these have not emerged, they may be on the cards for next week,” he said.

Another syndicate official put a Portuguese issue high on the list of potential supply.

Away from Ireland – whence a Eu500m seven year covered bond from AIB Mortgage Bank emerged on Wednesday – Spain’s CaixaBank was the last issuer from a peripheral market to sell a covered bond, a Eu1bn 10 year priced at 80bp over on 11 March.

A syndicate official said that he was expecting a “surprising name” to issue next week.

“I am expecting two to three transactions next week, with one on Tuesday from an issuer who has not been in the market for a long time,” he said.

Meanwhile, Finland’s Aktia Bank and the Netherlands’ NIBC both announced this week that they will be roadshowing next week.

NIBC announced on Monday that it had mandated JP Morgan, LBBW, NIBC, RBS, and Société Généralé to organise a series of investor meetings as it prepares a second conditional pass-through euro benchmark, with the roadshow starting today (Friday) and expected to run until next Thursday.

Aktia Bank announced on Tuesday that it had mandated Commerzbank, JP Morgan, LBBW and Nordea Markets to organise a series of investor meetings between next Tuesday and 3 April.

Timo Ruotsalainen, head of treasury at Aktia Bank, said that the investor meetings are a marketing effort to assess market conditions.

“We will use it to decide if both the market and demand provide the opportunity for issuance,” he said. “Our goal is to issue, but the timing is dependent on the market conditions and level of demand.”

Yesterday Münchener Hyp tapped a Eu1bn 10 year mortgage-backed Pfandbrief, which was issued on 30 May 2012, for Eu125m on the back of a large reverse enquiry, according to a syndicate official on the deal. He added that the increase was conducted by UBS and the bookrunners from the original issue – Deutsche Bank, DZ Bank, Goldman Sachs, Nomura, UniCredit, and WGZ.

The tap was priced at 1bp through mid-swaps. The original issue was priced at 10bp over mid-swaps.