UniCredit

Varta AG, the German maker of micro-batteries for hearing aids and wireless headphones, has resurrected its plans for an IPO, after posting record earnings in the first half of 2017.

Last week saw the revival of a once glorious tradition; the spurious big bank M&A rumour. The trigger was an article suggesting UniCredit had approached the German government about buying Commerzbank, which was followed, in short order, by a suggestion that BNP Paribas was the preferred suitor.

Tuesday proved to be hybrid day in the European corporate bond markets with Aroundtown tapping its dollar hybrid bond for €200m while German electric utility, RWE, announced it was tendering for up to €550m equivalent of its own equity-like debt.

Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.

Turkey’s state-owned Ziraat Bank on Monday morning took orders of $1.25bn of its second senior trade of the year.

The €350m IPO of GIMA TT, the tobacco packaging machinery division of IMA, is covered throughout its price range and is expected to be priced near the upper end.

Irish aircraft lessor Goshawk is eyeing up a return to the Schuldschein market, less than a year after its $95m debut last October.

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor Brenntag, Australian property company Goodman and Austrian steel company Voestalpine were the latest to join that list.

Oesterreichische Kontrollbank found an almost empty market as it made a strong return to euro issuance after nearly a decade of absence. The lack of other benchmarks surprised some bankers — although opportunistic deals and SRI issuance now seems likely to make up the bulk of the remaining deals this year with most issuers very well funded.

Autostrade per l’Italia, the Italian toll road operator, on Monday printed a €700m 12 year deal to finance a tender offer for up to €650m shorter dated bonds.

Guarantor: Republic of Austria

In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor, Brenntag, Australian property company Goodman, and Austrian steel company, Voestalpine, were the latest to join that list.