Europe

Waberer’s International, the Hungarian haulage firm, launched a Huf73.7bn (€238m) IPO on the Budapest Stock Exchange on Monday, offering shares at a chunky discount to its US peers.

Raiffeisen Bank International (RBI) began gauging investor interest for the IPO of its Polish unit on Monday, via Citigroup and its own investment bank as leads.

The European Securities and Markets Authority (ESMA) on Monday said that it would not extend the trading obligation deadline for certain counterparties under the Markets in Financial Instruments Regulation (MiFIR).

Compass Group, the UK food service group, offered investors a choice of main courses on Monday, combining a €750m seven year bond with a £300m 12 year. Demand was plentiful for both and the new issue premia were minimal.

Delivery Hero, the Rocket Internet-backed online food delivery company, set a price range for its €747m to €866m IPO this morning, and will open the bookbuild on Tuesday.

Plastic Omnium, the unrated French car parts maker, on Monday became the first company that had held a European bond roadshow last week to launch a deal.

Greencoat Capital, the renewable energy investment manager, started investor education on Monday for a mid-July listing of a new Irish wind farm vehicle on the London and Dublin bourses, hoping to raise €250m.

Klöckner Pentaplast, the German plastic packaging maker, has in store a potential subordinated bond deal to fund its merger with UK peer Linpac. Some see the issue as a test on how real the risk appetite is in the European high yield market.

Safetykleen Europe, the surface treatment and chemical application services provider, has led a group of smaller new money deals to market this week. It held a bank meeting on Wednesday in London for its €455m seven year term loan ‘B’, backing Apax’s buyout from Warburg Pincus.

Cyprus, entering an otherwise quiet market, has picked banks for a seven year euro benchmark to be sold on Tuesday.

As temperatures across Europe hit new highs for the year, primary issuance is also hotting up in its corporate bond market. Borrowers led the charge on Monday with three well received deals totalling five tranches.

Aegon Bank has mandated leads for a €500m no-grow conditional pass-through covered bond and UniCredit's German subsidiary has appointed leads for a six year Pfandbrief.