Wüstenrot Bausparkasse is set to issue a EUR250m eight year Pfandbrief tomorrow (Thursday), its second sub-benchmark issue, after the euro market stopped in its tracks today.

The German building society announced this morning that it has mandated Commerzbank, DZ, LBBW and UniCredit to lead manage the EUR250m no-grow mortgage Pfandbrief, which will have an eight year maturity.

Wüstenrot Bausparkasse became the first German building society to issue a Pfandbrief in November 2017, when it sold a EUR300m eight year. The inaugural issue was priced at 10bp through mid-swaps, and seen quoted at minus 8.5bp, mid, today.

Syndicate bankers at the leads also cited as comparables a recent DekaBank EUR250m September 2025 issue, quoted at minus 9.5bp, and benchmark 2026-2027 deals from Commerzbank and MünchenerHyp, seen between minus 11bp and minus 9.5bp.

Three euro benchmarks were issued per day on Monday and Tuesday as September got off to the brisk start that market participants had forecast, but today no new deals emerged in the currency.