Commerzbank is expected to open a quiet week in euro benchmark covered bonds with a five year mortgage Pfandbrief issue on Monday ahead of a mid-week covered bond gathering in Vienna, while Sparkasse KölnBonn has mandated banks for a roadshow ahead of a possible deal.

Syndicate officials said that wider markets were in good shape this morning, on the back of a “no” vote in the Scottish independence referendum in the UK announced today (Friday) and an indifferent response to lower than expected take-up of the first ECB TLTRO based on numbers released yesterday (Thursday).

“The TLTRO didn’t really have an impact,” said one.

He noted that some market participants were putting a positive spin on the outcome, suggesting that it would bring forward purchases of sovereign bonds, “true QE”, while another had said that it could encourage marginal extra ECB buying of covered bonds in secondary under CBPP3, details of which are due on 2 October.

Syndicate officials said that market conditions remain attractive for issuance, but that with the exception of Commerzbank, there is little to suggest supply will pick up ahead of a European Covered Bond Council plenary in Vienna on Wednesday. A DCM banker said that the following week would probably be busier.

Commerzbank has mandated BayernLB, Commerzbank, Credit Suisse and HSBC as leads for its five year mortgage Pfandbrief.

The issuer last launched a benchmark in January, a Eu500m public sector Pfandbrief that a market participant today said was bid at 4bp through mid-swaps. He suggested a level of the low single-digits through mid-swaps might be where a new issue would surface, with pricing possibly 1bp-2bp inside the 2bp level at which a Eu1bn five year Danske Bank deal was priced on Wednesday.

Sparkasse KölnBonn has mandated DekaBank, Helaba, HSBC, LBBW and UniCredit for a roadshow from 29 September to 2 October, ahead of a possible Eu500m mortgage Pfandbrief.

The German issuer’s last benchmark was a Eu500m seven year launched in April 2013 at 9bp over mid-swaps. That was Sparkasse KölnBonn’s first Eu500m issue since 2008.