HSBC

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There was a cheerful mood in European equity capital markets throughout September, despite clear risks of volatility on the horizon and the IPO of Telxius falling into difficulty. The health of the market was highlighted this week by the success of a €2.5bn capital raising by Steinhoff, the South African retail group.

After German utility company ENBW struggled to offload a $300m hybrid in a choppy market on Monday, the issuer returned with a bang in euros on Wednesday, and was quickly followed by a dual trancher from French energy provider Total on Thursday.

The sterling market's strength was on full display this week, with £1.1bn in new investment grade deals heading into investor pockets — a good sign that supply may be able to replace the BoE’s intended £10bn in purchases.

A chaotic start to the week for the euro corporate bond market saw one deal pulled on a combination of soured sentiment and aggressive pricing, causing issuers to engage in a balancing act before risk appetite returned in force at the end of the week.

The Asian Development Bank on Thursday sold the tightest priced SSA dollar benchmark of the year, as SNCF Réseau got off to a flying start with its first ever issue in the currency.

France's Total became the second European issuer of a corporate hybrid in two days, following EnBW’s successful deal on Wednesday.

Investors threw off the caution on Thursday that saw them hesitate over lower-rated investment grade corporate bond deals offering low spreads on earlier in the week.

Hong Kong conglomerate New World Development benefited from a market pick-up on Wednesday, with its strong household name helping it raise $1.2bn from a perpetual non-call five bond.

CK Hutchison raised $1.25bn and another €1bn ($1.12bn) on Wednesday, whetting investors’ appetite with a good marketing strategy and wise timing, according to bankers.

Construction equipment maker Doosan Bobcat and Netmarble Games are on track with their respective IPOs, with the former set to become the largest listing in South Korea since 2012.