Deutsche Bank

The recent surge of primary action in European high yield suffered a blow on Monday when Verallia pulled its €500m pay-if-you-can (PIYC) bond. But the market trotted on and kept its momentum.

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.

Necta & Wittenborg Global Vending, the Italo-German vending machine maker, kicked off October for the euro high yield market, which printed €16bn of deals during the previous month.

Italian multi-utility company Hera made a rare visit to the euro market on Thursday as it issued a sub-benchmark 10 year bond that was over two times subscribed.

Numerous press articles in recent years have predicted the death of single name credit default swaps. Onerous capital requirements, costly changes in market structure and alternative hedging tools have all been cited as factors driving the inexorable decline in the product.

Misys, the UK banking software company owned by Vista Capital Partners, will make its return to the London Stock Exchange via an IPO in early November, the company said in an intention-to-float document on Thursday morning.

Banks showed a clear preference for dollar-denominated primary issuance in the third quarter, as the euro market grappled with heightened volatility.

The Islamic Republic of Pakistan raised $1bn from a five year sukuk at a record low coupon on Wednesday. The deal affirmed the country’s ability to raise funds from international investors, which are growing more confident about its economic prospects.

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.

For the nine months through September, Morgan Stanley topped the Asia ex-Japan ex-onshore China ECM bookrunning league table with $9.41bn in deals, according to Dealogic. It was also the only bank with double-digit market share.

China Aoyuan Property has mandated banks to organise fixed income investor meetings to update the market on recent news about its credit.

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.