Binder formulation for producing pigment

A pigment paste forming resin having a viscosity of from about 50 to about 5,000 mPa and a solids content of from about 20 to about 40%, containing from about 20 to about 50 parts of a polyester urethane resin having an acid number of from about 10 to about 50, with from about 70 to about 100% of the acid groups being neutralized, the resin being prepared by the reaction of (a) one or more polyester polyols that do not contain any carboxyl groups, having an OH number of from about 35 to about 200, and a number average molecular weight of from about 500 to about 5000, mixed with from about 2 to about 30 wt. % based on the polyester polyol of one or more low molecular weight diols having a molecular weight of from about 60 to about 350, whereby a part of the low molecular weight diol contains at least one acid group capable of forming an anion, and with 0 to about 6 wt. % based on the polyester polyol of one or more low molecular weight triols having a molecular weight of from about 60 to about 350, said reaction being with (b) one or more diisocyanates in which where the ratio between the OH groups of polyester polyol, diol, and triol to the NCO groups of the diisocyanate is more than from about 1.0 to about 1.3, whereby the quantity of diisocyanate is selected to insure that the polyester urethane produced has a number average molecular weight of from about 2,000 to about 30,000; the reaction being carried out in the presence of (i) from about 0.3 to about 18 parts by weight of ammonia and/or an amine; (ii) from about 4 to about 25 parts by weight of one or more organic solvents that are at least partly miscible with water; and (iii) from about 15 to about 75 parts by weight of water.