Caffil is set to issue a 10 year obligation foncière tomorrow (Tuesday), its second euro benchmark of the year, while the Mortgage Society of Finland is ready to issue a EUR250m five year covered bond. Skipton Building Society is set to hit the road this week ahead of a sterling FRN debut.

Caisse Française de Financement Local (Caffil) announced this morning that it has mandated ABN Amro, BNP Paribas, Commerzbank, Crédit Agricole, and Santander to lead manage the public sector issue. A syndicate banker at one of the leads said the deal could be launched tomorrow.

The deal will be Caffil’s second deal of the year, following a dual-tranche, EUR1.5bn eight and 15 year offering on 9 January.

Following the completion of a five day European roadshow on Friday, the Mortgage Society of Finland (Hypo) and leads DZ, Nordea and OP announced that it will issue a EUR250m no-grow five year covered bond as early as tomorrow, subject to market conditions.

Syndicate bankers at the leads saw Hypo’s EUR300m June 2024s at 2bp, mid, and also cited the EUR250m Jun 2022s of Møre Boligkreditt at 2bp and the EUR250m December 2022s of Oma Savings Bank at 1bp. Benchmark 2022-2023 outstandings from more established Finnish issuers were seen trading from minus 10bp to minus 5bp.

Skipton Building Society today announced a mandate for a two day roadshow, commencing on Wednesday, ahead of a potential sterling-denominated, benchmark-sized five year FRN. Barclays, BNP Paribas, Credit Suisse, HSBC and Santander are the leads.

The deal will be Skipton’s first public covered bond. As previously reported, the UK issuer converted a dormant covered bond programme into a UK regulated programme last year and made updates so as to be compliant with the Financial Conduct Authority’s covered bond regime.