Estonia’s LHV Pank is planning to launch its debut, €250m covered bond after investor calls on Tuesday and Wednesday of next week.

As the issuer told The CBR previously, LHV had been planning to debut before the start of the Nordic summer holidays.

Today (Wednesday) it was announced that Citi, LBBW and Nordea are lead managers for the sub-benchmark, which is set to be launched after the investor calls, subject to market conditions.

The covered bond will be only the second from Estonia and from the Baltics, following a €500m five year benchmark from Luminor Bank on 4 March. Re-offered at 25bp over mid-swaps before the second, steeper wave covered bond spreads in mid-March, the issue was today quoted at around 28.5bp, bid, according to a banker at one of the leads.