DBS Bank is set to issue a seven year euro benchmark tomorrow (Tuesday) and Deutsche Hypo could issue a green Pfandbrief as early as Wednesday as a busy week takes shape, with a Sparkasse Hannover sub-benchmark also due.

DBS announced this (Monday) morning that it has mandated Barclays, JP Morgan, SG and UniCredit to lead manage the new issue, which will be launched tomorrow subject to market conditions, according to a syndicate banker at one of the leads.

The new issue will be DBS’ second euro benchmark covered bond, following an inaugural Eu750m seven year issue in January.

The Singaporean bank’s compatriots, United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC), have also issued euro benchmark covered bonds, but only in the five year part of the curve. The last was a Eu500m issue for OCBC on 28 September.

Syndicate bankers at the leads saw DBS January 2024s at minus 2.5bp, mid, and also cited the 2022 paper of UOB and OCBC trading at minus 6bp-5bp. Bankers away from the leads said these secondary levels suggest the new issue could be the first Singaporean euro covered bond to be priced through mid-swaps. The last euro trade from the country, OCBC’s Eu500m five year in September, was priced flat to mid-swaps.

DBS has also issued covered bonds in US dollars and Australian dollars since making its debut in July 2015.

Deutsche Hypothekenbank and leads ABN Amro, Crédit Agricole, DZ Bank, NordLB and UniCredit today completed a European roadshow marketing an inaugural green Pfandbrief issue.

The leads announced this afternoon that the German bank’s deal is expected to be launched as early as Wednesday/Thursday. The deal size will be Eu500m no-grow and the balance of feedback points towards a maturity in the five to seven year part of the curve, they said.

“Feedback has been very encouraging,” said a syndicate banker at one of the leads. “Given the nature of the project, we will give more time for investors to do their work before coming to the market.”

Sparkasse Hannover and leads DekaBank, DZ and NordLB will tomorrow conclude a European roadshow with a final investor call, having been marketing a euro sub-benchmark that will be the German savings bank’s first mortgage-backed deal.

“It will be a busy week, I expect, as there are other issuers that remain on the sidelines with potential trades for intraday execution,” said a syndicate banker. “The market is good and the clock is ticking towards the closing of the market in December, so we should expect more.”

Achmea will on Wednesday complete a European roadshow ahead of an awaited inaugural DNB-registered conditional pass-through benchmark, which is expected to be launched next week – as is an inaugural sub-benchmark issue for Germany’s Wüstenrot Bausparkasse.