Eurobank is preparing to issue an inaugural three year euro benchmark covered bond that could emerge as soon as next week, having announced a roadshow mandate today (Monday) following the reopening of the Greek covered bond market by National Bank of Greece last Tuesday.

Eurobank Ergasias announced this morning that it has mandated Barclays, Commerzbank, Goldman Sachs, JP Morgan, NatWest Markets and UBS to arrange a European roadshow ahead of a three year euro benchmark conditional pass-through covered bond. The roadshow will start on Wednesday and finish next Monday (23 October), visiting London, Milan, Athens, Frankfurt and Munich.

The deal is expected to be rated B3 by Moody’s. NBG’s covered bonds are rated B3/B (Moody’s/Fitch), with Greek covered bond ratings currently capped by the country ceiling.

Barclays is arranger and dealer of Eurobank’s Eu5bn covered bond programme.

The announcement comes after the issuance on Tuesday of the first Greek benchmark covered bond and indeed any Greek bank bond since the country’s debt crisis, NBG’s Eu750m three year issue.

The deal was priced at a yield of 2.90%, at a spread of 80bp-90bp inside the sovereign, and it was seen trading around 15bp inside re-offer this morning. The deal attracted final demand of some Eu1.9bn.

NBG is the only Greek issuer to have issued benchmark covered bonds to date.

NBG hails fast, cost-effective comeback via covered hit.

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