Bankers expect benchmark covered bond issuance to remain brisk into next week, with Commerzbank and HSH Nordbank having joined the pipeline, but they warned it could slow later in the week, with an ECB QE announcement and Greek elections awaited.

This week has been one of the busiest ever weeks in the market, with 14 issuers having launched benchmarks since Monday to take year-to-date supply to Eu13bn, Eu1bn more than in the same period last year, according to Joost Beaumont, senior fixed income strategist at ABN Amro, who said that the feat underlines the market’s positive momentum.

And syndicate officials are expecting the pace to be maintained early next week.

“I’m hearing about plenty of supply coming,” said one, “from a few jurisdictions including peripherals and Germans. I think next Monday and Tuesday will be very busy.”

However, bankers warned that dealflow could slow later in the week, with an announcement on sovereign QE expected after an ECB governing council meeting on Thursday (22 January) and Greek elections on Sunday of next week.

“The market is still there, but as we get closer to the ECB next week and then the Greek elections I think we’ll see an increase in volatility, so things might start shutting down into Wednesday,” said another syndicate official. “But in the meantime, the opportunity is there and I expect issuers to try to come to market ahead of those events.”

Commerzbank has announced a mandate for a seven year mortgage Pfandbrief, with Commerzbank, Credit Agricole, DZ Bank, Mediobanca, Natixis the leads. That is expected early next week, as is National Bank of Canada, which held a roadshow this week with BNP Paribas, Commerzbank, HSBC, NBC and RBS.

HSH Nordbank has meanwhile mandated Barclays, Deutsche, HSH, JP Morgan and Natixis for a roadshow.

Deutsche Kreditbank tapped a Eu500m 10 year issue for Eu250m today at minus 10bp, which a syndicate official at one of the leads said was in line with the outstanding.

“This was our target and outcome,” he said. “It was a quick in-and out-transaction.”

BayernLB, Crédit Agricole, Deutsche, NordLB and WGZ were leads.

Turkey’s Sekerbank has mandated Commerzbank and UniCredit to arrange investor meetings ahead of a long-planned first public international issue of covered bonds from Turkey. Any deal will be for up to 750m Turkish lira (Eu277m).