National Australia Bank is expected to launch a long dated euro benchmark tomorrow (Thursday), after having announced a mandate this afternoon.

The Australian bank has mandated Crédit Agricole, HSBC, NAB and UBS to lead manager the new issue.

The deal will be only the second Australian benchmark of 2015, after a Eu1.25bn seven year issue for Westpac on 9 January that was the first euro benchmark covered bond of the year. That was priced at 14bp over mid-swaps.

Outstanding NAB 2025 paper was quoted at 9bp over mid-swaps, bid, on an i-spread basis ahead of the announcement, according to a banker at one of the leads, while NAB 2023s were at 10bp over and its 2021s at 7bp. ANZ 2024s were seen at 10bp over and Westpac’s 2022s also at 10bp.

The last long dated euro benchmark was a Eu1bn 10 year for Belfius, which was priced at 7bp over mid-swaps on Tuesday of last week.