Münchener Hypothekenbank is expected to launch a 10 year mortgage Pfandbrief on Monday after having announced the mandate today, with bankers noting that the market was unchanged after the ECB released final details of its expanded asset purchase programme yesterday.

The European Central Bank announced that its sovereign bond buying programme – dubbed its public sector purchase programme (PSPP) – will begin on Monday but otherwise offered little in the way of market-moving information at its press conference yesterday (Thursday) afternoon.

“Equities were flat before and after the meeting yesterday and are flat again this morning,” said a syndicate official, “and credit indices are the same. Covered bonds are a touch tighter, 0.5bp-1bp, but really it’s the same status quo and conditions remain supportive.”

MünchenerHyp mandated Crédit Agricole CIB, DZ, HSBC and LBBW to lead its 10 year Hypothekenpfandbrief euro benchmark, which is slated for launch next week, subject to market conditions.

“It is a continuation of the trend of deals coming at the long end,” said a syndicate official away from the leads. “That is where you have to go to get some yield.

“I would expect decent demand for this deal,” he added, noting it would likely be well supported by a Eurosystem bid.

Other issuers are also said to be looking at the market ahead of possible executions next week, with conditions for peripherals said to remain strong as their rally continued after the ECB meeting.