Berlin Hyp announced the mandate for a euro benchmark covered bond today (Monday), while NIBC is expected to come to market tomorrow with a conditional pass-through issue and other deals are said to be in the pipeline, as the first quarter of 2014 draws to a close with around Eu10bn more supply than in the first three months of 2013.

Berlin Hyp today publicly announced the mandate for a series of investor meetings to be held in the coming weeks before launch of a euro mortgage Pfandbrief, with Commerzbank, Credit Suisse, DZ Bank, JP Morgan and LBBW hired as lead managers.

“There is no rush from the issuer for this transaction,” said a syndicate official at one of the leads. “It is waiting for a market that it views as both receptive and fertile.”

Berlin Hyp last issued in January 2013, a difficult Eu1bn five year that was priced 1bp through mid-swaps on the back of minimal oversubscription. The issuer then tapped the bond in October for Eu125m. The February 2018 issue was earlier today said to be trading at 6bp through mid-swaps.

NIBC, meanwhile, is expected to launch a deal tomorrow (Tuesday) after having been on a roadshow. JP Morgan, LBBW, NIBC, RBS, and Société Générale have the mandate, which is for a second issue off the Dutch issuer’s conditional pass-through (CPT) covered bond programme.

“The market opened this morning in a stable and strong position,” said a syndicate banker away from the leads. “I expect it to be a good week for transactions.”

The syndicate official said that there are two other deals in the pipeline this week, with one coming from a core jurisdiction.

“I expect Berlin Hyp and Aktia to be next week’s business,” he added.

Finland’s Aktia Bank is on a roadshow until Thursday, working with Commerzbank, JP Morgan, LBBW, and Nordea Markets.

There were no deals in the benchmark covered bond market this morning as the first quarter of 2014 draws to a close, with Eu39.375bn of issuance (excluding a Eu500m UniCredit syndicated FRN) compared with Eu29.805bn for the first three months of 2013, according to The CBR data.

Year-to-date redemptions amounted to Eu47.8bn, according to Joost Beaumont, fixed income strategist at ABN Amro, compared with Eu70bn for the first three months of 2013. This puts net supply at minus Eu8.425bn for the first quarter of 2014, according to The CBR calculations, sharply down from more than Eu40bn of negative net supply last year.

There have been Eu13.875bn worth of euro covered bond deals in March, according to The CBR data.