Barclays is preparing to issue its first benchmark covered bond in two years, having announced a roadshow commencing on Wednesday ahead of a potential three year sterling benchmark floating rate note. RBS is set to make its comeback tomorrow (Tuesday) with a dual tranche euro and sterling benchmark offering.

Barclays’ last benchmark covered bond was a £1bn (Eu1.18bn) three year FRN in January 2015.

The UK bank on Friday afternoon announced a mandate for the self-led roadshow commencing on Wednesday, after which the three year FRN may follow.

Fellow UK issuer Royal Bank of Scotland (RBS) completed a roadshow on Friday ahead of a potential euro benchmark seven year and/or three year sterling benchmark offering.

Global co-ordinator NatWest Markets and joint lead managers BNP Paribas, Commerzbank and Danske Bank announced today (Monday) that the issuer will proceed with both tranches, and intends to launch the trade tomorrow, subject to market conditions.

The deal will be RBS’s first benchmark covered bond since January 2012, when it sold a £1bn 12 year. Its last euro benchmark was a Eu750m five year in November 2011.