Credit Suisse

Innogy, RWE’s renewables, retail and grids business, had a bumpy first day of trading in Frankfurt on Friday after it completed its IPO which valued the business at €19.2bn. It is the largest flotation in Europe since Glencore in 2011.

The Dutch lender has mandated leads for an ultra-long soft bullet covered bond which will follow a roadshow due to begin next week.

Hellenic Petroleum on Thursday opened books for a new euro bond to redeem its 8% 2017s, with coupon guidance already some 200bp tighter than the old notes.

Hong Kong-listed ITC Properties Group became the only international debt issuer from Greater China this week, selling its notes during the country’s week-long national holiday.

Swiss investors, who have shunned Austrian bank bonds for three years, have suddenly changed their minds and bought three deals in the last few weeks, with Bawag PSK the latest. An end to the wrangling over the resolution of Hypo Alpe Adria has been helpful, writes Silas Brown.

French glass packaging maker Verallia on Wednesday began testing investors’ thirst for risk with a €500m pay-if-you-can (PIYC) bond, the first of its kind issued since October 2015.

Chinese data firm GDS Holdings has begun pre-marketing its $300m US listing with bookbuilding expected in the next two weeks. Logistics company ZTO Express has also chosen to float in the US.

Alliance Automotive, the Blackstone-owned French car parts supplier, announced and printed an add-on to its LBO bonds in just one day, to fund the acquisition of UK peer FPS Distribution.

The IPO of Innogy, RWE’s renewables, retail and grids business, is set to be priced in the top quarter of its initial range and is covered at the maximum deal size.

Bawag PSK offered a Sfr175m five year note to yield hungry Swiss investors on Wednesday, becoming the third Austrian bank to offer short dated, but positive yielding bonds to Swiss investors in the last few weeks.

Doosan Bobcat is guiding investors for its W2.4tr ($2.2bn) IPO in South Korea to a price that is 15% below the bottom of the marketing range, according to bankers close to the trade.

Block issuance has been active this week, with three notable accelerated bookbuilds all sold well. Monday also brought the announcement of what could be the largest IPO in London this year.