DBS is planning its first euro benchmark since 2017 and Banca Carige its first since 2015, joining a DZ Hyp five year and a KHFC social seven year in the pipeline, with the market looking set for another week of diverse issuance after five issuers last week took 2021 supply above €80bn.

Year-to-date euro benchmark issuance passed the threshold as six euro benchmarks totalling €3.75bn hit the market last week with deals ranging from triple-A to single-A, Pfandbriefe to a ship covered bond, and encompassing dual-tranches and ultra-long maturities, as well as Asian paper with “juicy” spreads, as noted by Rabobank analysts.

“You name it, last week had it,” they said. “The few deals that did get done were (mostly) met with strong investor interest, with conditions improving as the week wore on.”

A syndicate banker said that although conditions remain constructive, this week could be quieter, with many potential issuers in blackouts. Four mandates are nevertheless already pending.

DBS is planning a five year euro benchmark, with BNP Paribas, DBS, LBBW, Societe Generale and UBS as leads, which is expected tomorrow after a mandate announcement today (Monday).

According to pre-announcement comparables circulated by the leads, United Overseas Bank (UOB) January 2025s were quoted at 1.7bp, mid, and its December 2027s at 6.9bp.

The Singaporean issuer’s last euro outing was four years ago – a €500m seven year in November 2017. It sold a $1.25bn (€1.08bn) three year benchmark in November 2018 that matures next month. The last Singapore euro benchmark was a €750m (SGD1.17bn) eight year for UOB in May.

DZ Hyp is planning a five year mortgage Pfandbrief, with Dekabank, DZ, Erste, ING, Scotiabank and SG as leads, according to a mandate announcement today.

According to a lead syndicate banker, the deal can be expected tomorrow and will mark the fourth and final benchmark this year for the biggest German issuer. Its last was a €750m long nine year in July.

According to pre-announcement comparables circulated by the leads, DZ Hyp March 2026s were quoted at minus 4.5bp, mid, its August 2026s at minus 3.5bp, September 2026s at minus 4bp, and January 2027s at minus 4.5bp.

Banca Carige is planning a first benchmark OBG in six years and has mandated Commerzbank, Credit Suisse, IMI-Intesa Sanpaolo, NatWest and UBS for a seven year transaction after investor calls starting today. To be issued off Carige’s programme 1, the soft bullet covered bonds have expected ratings of Baa3/BBB.

The Italian’s last euro benchmark was a €500m five year priced at 100bp over mid-swaps in October 2015.

The troubled lender last Wednesday appointed Boston Consulting Group as an advisor to assist in developing its strategy, including a possible merger.

A seven year euro benchmark for Korea Housing Finance Corporation (KHFC) in social format is meanwhile in the pipeline for launch after investor calls starting today.