Deutsche Bank

Though some bankers have detected a cooling of investors’ thirst for European IPOs in recent weeks, the right names are still flying off the shelves. Delivery Hero, the online food ordering service, is guiding investors in its €866m deal to the top of the price range, and shares in restaurant chain Vapiano rose on their debut.

Melco Resorts Finance added $350m to its existing 2025 bonds on Tuesday, managing to capture the interest of some Asian investors that had previously shunned the credit.

B.Grimm Power Public has begun the roadshow for its up to Bt11.8bn ($350m) IPO on the Stock Exchange of Thailand (SET).

Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage.

On Tuesday, Gecina, the French property company, latched onto the latest trend for issuance in the multi-tranche European corporate bond. The triple tranche €1.5bn deal will be used to refinance part of the bridge facility used by Gecina to acquire Eurosic.

Best, the Chinese logistics company backed by Alibaba Group Holdings, has announced its intention to float on the New York Stock Exchange or the Nasdaq.

Germany’s Jost Group, which makes safety systems for trucks and trailers, wants to list in Frankfurt to raise €130m of new capital and a yet-to-be-determined amount for the selling shareholders.

Daimler was the only company to issue a new bond in the European market on Monday, but it brought a huge, €4bn deal. And it maintained the recent trend for pushing out to longer maturities.

The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.

Shares in Allied Irish Banks rose 5% when they began trading on Friday after an excellent response to its €3bn IPO, in which the leads gave nearly a third or investors zero allocations.

Most new bond issues in Europe this week have been multi-tranche offerings, with issuers benefitting from investor appetite to buy longer tenors for greater returns. Safran, however, bucked that trend with a pair of short dated floating rate notes.

US vehicle parts manufacturer Federal-Mogul cruised through its second fixed rate deal in the euro high yield market this week.