BNP Paribas

South Korea’s Cowell e Holdings has raised HK$884m ($114m) by pricing its IPO just above the bottom of the price range, as concerns about a possible overhang following the listing and the company’s excessive dependence on Apple caused some price sensitivity.

Predicting levels of equity-linked bond issuance must be one of the hardest jobs in the capital markets. The market follows its own rhythm and reasons, which even veterans struggle to forecast.

The spate of very large and strategic block trades has continued this week, with sales of stock in Accor, Dassault Aviation, the London Stock Exchange and Havas, totalling an expected €5.2bn.

Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year.

Apax-owned Top Right, the UK information and events group, has launched a £435m-equivalent refinancing loan that will be denominated in dollars and euros.

Teva Pharmaceuticals priced its largest euro-denominated bond on Tuesday with a dual tranche eight and 12 year which came roughly flat to the dollar equivalent, according to bankers.

South Korea’s Cowell e Holdings has raised HK$884m ($114m) by pricing its IPO just above above the bottom of the price range, as concerns about a possible overhang following the listing and the company’s excessive dependence on Apple caused some price sensitivity.

Aabar Investments, the Abu Dhabi investment group, raised €2bn with its second exchangeable bond on Tuesday, to repay a €1.25bn exchangeable into Daimler shares it issued in 2011.

Spain hit the euro market on Tuesday to sell its second 15 year syndication of 2015, following up a conventional deal earlier in the year with its third ever syndicated linker.

Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.

Centrica, the UK energy company, is to launch its first hybrid bond, and has hired banks to arrange a four day roadshow for a the deal, set to be in sterling and euros.

Teva Pharmaceutical Industries is out in the market with a dual tranche euro-denominated bond. Bankers expected the deal to be priced flat to the borrower’s dollar curve.