In brief: mBank Hipoteczny is set to launch its second euro covered bond soon, after having yesterday (Thursday) announced plans for a long five year sub-benchmark, subject to market conditions.

Commerzbank, Erste, Helaba and LBBW are mandated to arrange a fixed income investor call on Monday ahead of the planned long five year fixed rate transaction, which has an expected rating of Aa3 from Moody’s.

The Polish issuer’s debut euro covered bond was a €300m short seven year in April 2018. According to pre-announcement comparables circulated by the leads, this was trading at plus 42p over mid-swaps. PKO Bank Hipoteczny’s January 2024 and August 2024 euro benchmarks were at 32bp and 36bp, respectively.