Deutsche Hypo is expected to launch a Eu500m seven year mortgage Pfandbrief on Monday after having this (Friday) afternoon announced a mandate, although bankers do not expect a particularly busy week even if market conditions are seen as supportive.

Deutsche Hypothekenbank announced the mandate for the Eu500m no-grow seven year mortgage Pfandbrief this afternoon. BayernLB, Commerzbank, Crédit Agricole, DZ and NordLB will lead manage the trade.

The most recent euro benchmark from a German issuer was a Eu500m six year UniCredit AG mortgage Pfandbrief priced at 14bp through mid-swaps on Tuesday of last week, while the previous day Commerzbank tapped a seven year Pfandbrief by Eu500m at 13bp through. Deutsche Hypo’s most recent transaction was a Eu500m five year issue launched in July 2014.

Meanwhile, bankers said more issuers were considering launching deals next week, with one or two having released requests for proposals, but were cautious about forecasting a busy week after a holiday-shortened week in which no euro benchmarks hit the market.

“There will be more activity next week,” one said, “but it is not exactly difficult for it to be busier than this one. I would be surprised if we have issuers falling over themselves to come to this market.”

Another said many issuers were still waiting for one of their peers to reopen the market following the end of Q1.

“No one wanted to be the last to issue and now no one wants to be the first,” he said. “Everyone is waiting for someone to come to market and provide that marker.”

The syndicate official said he expected core names to predominate next week, after some recent deals from the periphery had disappointed.

“I think the peripherals will stay on the sidelines,” he said.

Bankers noted that a meeting of the ECB governing council on Wednesday would split next week into two windows for issuance, predicting that the bulk of primary market activity will take place on Monday and Tuesday, while issuers may opt to launch during a narrower window on Thursday.

Except for some potential volatility arising from Wednesday’s meeting, bankers said the market is likely to remain stable and supportive for new trades in the next two weeks.

A syndicate official noted that after the deadline for a Greek repayment to the IMF had on Thursday passed without incident, “the one big, bad headline is out the way”.