Westpac is set to return to the euro market after a break of over two years with a seven and/or 15 year benchmark, with the euro pipeline bulging further following announcements today (Tuesday) and issuance set to resume tomorrow.

BNP Paribas, HSBC, UBS and Westpac are leads for Westpac Banking Corporation, according to a mandate announcement today, with the transaction due to follow, subject to market conditions.

The Australian’s last euro benchmark was a €1.25bn seven year deal issued in April 2019, while it has previously used the two-tranche format, most recently with a €1.25bn seven and €500m 15 year transaction in January 2018.

“Westpac should go well,” said a syndicate banker away from the leads. “It’s a nice strategy that they have used in the past.”

Austria’s Bausparkasse Wüstenrot is planning a €300m no-grow seven year inaugural sub-benchmark mortgage covered bond. Erste, LBBW, NordLB and UniCredit are joint leads, with investor calls scheduled for Thursday and Friday, and launch expected thereafter, subject to markets.

NordLB will launch a green Pfandbrief as early as tomorrow, after the conclusion of a two-day roadshow with 20 single investor contacts, it announced in an update today for the previously announced trade. Feedback received from investors led it to choose a five year maturity for the €500m no-grow benchmark.

Italy’s Iccrea Banca may launch its inaugural euro benchmark off a €10bn OBG programme tomorrow, with leads Barclays, Commerzbank, IMI-Intesa Sanpaolo, Santander and Natixis set to launch the €500m no-grow seven year OBG after investor calls and feedback.

Eurocaja Rural (formerly Caja Rural Castilla-La Mancha) is set to launch the first Spanish euro benchmark in over a year, a 10 year debut sustainable cédulas hipotecarias, with a Aa1 rating. RBI, Santander and UniCredit are lead managers.

Also in the pipeline is UniCredit, which yesterday (Monday) mandated a debut green mortgage Pfandbrief, with launch expected after investor calls this week. And South Korea’s Kookmin Bank is understood to be in the pipeline for a new euro benchmark.