Banks

New Development Bank will become the first issuer to hit the dollar market this week, announcing a five year benchmark, the proceeds of which will fund sustainable development activities and emergency support loans to its member countries.

Nykredit Realkredit ended a six year absence from the tier two format in euros this week. With conditions for subordinated bond sales looking good despite looming blackouts, bankers feel now is the time for issuers to "go go go."

Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.

Coventry Building Society is set to sell its inaugural non-preferred senior bond, which it will use to optimise its balance sheet ahead of a deadline for its end-state minimum requirements for own funds and eligible liabilities (MREL).

Pegasus Airlines was seeking on Monday to issue a Eurobond in dollars. The deal will demonstrate market appetite for Turkish credit after the country navigated another economically tumultuous month, which saw investor confidence drop.

Equate Petrochemical, the petrochemical producer part-owned by Kuwait, has laid plans to re-enter the international debt markets after less than a year since its last outing. The mandate comes just days after the IMF warned Kuwait to undergo fiscal consolidation after its economy shrank last year.

Clarion Housing, the UK housing association, has signed a £100m sustainability-linked loan, with the borrower using Sonia as the pricing benchmark for the first time.

Synlab, the German laboratory diagnostic services company, has set the terms for its €1bn plus IPO on the Frankfurt Stock Exchange.

The European Central Bank published the findings from its targeted review of internal models on Monday. The exercise, which could, to an extent, frontload the impact of Basel IV, is expected to result in a 12% increase in risk-weighted assets and a 71bp decline in common equity tier one ratios.

Credit Suisse has rejigged the leadership team of its investment banking and capital markets (IBCM) coverage businesses in Indonesia and Malaysia.

India’s Glenmark Life Sciences, a pharmaceutical ingredients maker, has filed draft paperwork for an IPO of new and existing shares.

Citi is planning to hire around 2,300 people to support the expansion of its wealth management business in Asia Pacific, as the bank undertakes a restructuring that boosts focus on its four wealth centres.