Jyske Realkredit, formerly BRFkredit, is set to open March issuance tomorrow (Tuesday) with a first euro benchmark under its new name and first new Danish euro benchmark since 2017, and a further trio of Nordic issuers are at various stages of readiness in the pipeline.

BRFkredit took the name of parent Jyske Bank last year. Its last euro benchmark was a EUR500m short seven year in August 2017. The forthcoming deal will be the first Danish euro benchmark since November 2017, when Danske sold a EUR500m 10 year.

Jyske Realkredit is targeting a EUR500m no-grow long six year (April 2025), and is expected to enter the market tomorrow after a mandate announcement this (Monday) morning. Credit Suisse, DekaBank, LBBW and Nordea have been mandated as bookrunners.

Jyske July 2024s were quoted at 11bp over mid-swaps, mid, pre-announcement, according to comparables circulated by the leads, and its October 2026s at 13.5bp. Other comparables cited included Sparebanken Vest February 2025s at 8.5bp, SpareBank 1 Boligkreditt January 2025s at 6.5bp, SBAB January 2025s at 5.5bp and Aktia March 2026s at 6.5bp.

A syndicate banker away from the leads said he expects Jyske’s deal to go very well in light of the still-favourable market conditions, even if no other issuers chose to approach the euro benchmark covered bond market today.

“The market is quite strong” he said. “There is still enough spare cash around for any issuer considering approaching the market.

“It’s more a matter of whether or not people have their updated docs in place so that they can pull the trigger.”

The Mortgage Society of Finland finished a roadshow today for a planned EUR300m seven year sub-benchmark and is likely to launch the deal mid-week, according to a syndicate banker at one of leads Danske, DZ and Swedbank.

It could soon be joined by compatriot Ålandsbanken, which will be on a roadshow from Thursday for a EUR300m five year sub-benchmark. BNP Paribas, Danske and UniCredit have the mandate.

Danish Ship Finance (Danmarks Skibskredit) will then from Monday be roadshowing an inaugural euro benchmark. The issuer has mandated ABN Amro, Danske, LBBW and UniCredit for a EUR500m three and a half year deal, expected to be rated A by S&P.

The deal will be the first euro benchmark covered bond backed by ship loans since February 2015, when HSH Nordbank launched a rare, EUR500m three year Schiffspfandbrief.

Danish Ship Finance has been working on the project for some time and its plans could be helped by the finalisation of the EU covered bond harmonisation package, which is understood to allow shipping-backed issuance to remain CRR-eligible.

Fédération des caisses Desjardins du Québec is also roadshowing this week, ahead of a possible intermediate maturity euro benchmark in senior and/or covered bond format. Barclays, Crédit Agricole and DZ have the mandate.

The quiet start to March comes after the first two months of the year proved the busiest since 2011.

“Last month, EUR13.7bn in euro benchmark covered bond debt was printed,” said ING analysts, “little more than a third of January’s EUR39bn euro benchmark supply. Nonetheless, supply was over EUR5bn higher compared to February 2018. As such, year-to-date issuance is EUR16bn ahead of last year’s supply in the first two months of the year.”