Goldman Sachs

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.

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.

China’s Baidu is readying a dual-tranche dollar bond offering, mandating banks for the deal, while Melco Resorts Finance opened a tap of its May notes on Tuesday.

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.

L1 Retail, the retail division of holding company LetterOne, has agreed to buy UK health food retailer Holland & Barrett from Carlyle for £1.77bn. The deal comes after one global financial sponsors head at a bank forecast less traditional sponsors, such as LetterOne and SoftBank, to become important players in the buyout market.

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.

Ireland has printed just shy of the 50 year part of the euro curve using a pair of private placements, a market it has used with increasing frequency over the last year.

Delivery Hero, the German online food delivery platform, is set to price its €866m IPO at the top of its range, following the latest guidance on pricing on Wednesday morning.

Kyobo Life Insurance Co and Korea Hydro & Nuclear Power Co have mandated banks for new dollar outings.

Zhongyuan Bank has begun fielding interest for its Hong Kong IPO, which is set to raise around $1bn, according to a banker close to the deal.

International schools operator Nord Anglia has tightened pricing and accelerated the deadline on its $1.22bn-equivalent euro term loan, while up to six leveraged loans are due to close syndication at the end of the week.