Sbanken Boligkreditt is set to issue an inaugural euro benchmark covered bond later this month, with the Norwegian issuer having today (Friday) announced plans to hit the road next week.

The Norwegian issuer announced this morning that it has mandated LBBW, Natixis, Nordea and UniCredit to arrange the European roadshow, which will commence next Friday and continue on the Monday and Tuesday of the following week (16 and 17 April).

The deal is expected to be rated Aaa by Moody’s.

Four Norwegian euro benchmark covered bonds have been issued this year, with the last a EUR500m seven year for Sparebanken Vest Boligkreditt, which was priced at minus 5bp on 20 February and seen trading at re-offer to slightly wider today.

As previously reported, Sbanken announced last year that it planned to use a EUR5bn EMTN programme for covered bond issuance, in response to growth in its loan book and to diversify its investor base.