Jefferies LLC

UK debt collector Cabot Credit Management has abandoned its IPO on the London Stock Exchange, blaming unsupportive market conditions.

Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe.

CVC and Ardian charged up the leveraged loan deal pipeline with new buyouts of European businesses in Ireland, Greece and Spain this week. A strengthening European economy is likely to attract more, said market participants.

Globalworth Real Estate Investments, the Aim-listed real estate investment trust focused on central and eastern Europe, plans to raise around €300m of fresh equity, and is preparing to move to the main market of the London Stock Exchange in 2018.

A rush of consolidation has swept through Europe’s payments processing industry in the past six months and the financing for two of the deals, the acquisitions of Nets and Paysafe, hit the leveraged finance market this week.

Leveraged loan issuance is set to outpace sales of new high yield bonds with a surge this year, pushed by a varied array of borrowers seeking not just tighter margins on old debt, such as US chemical group Angus this week, but also funding for acquisitions, as with Nordic travel operator Etraveli.

There are now only a handful of live IPOs left in the market from this season’s crop, after several deals have been pulled. HelloFresh, EN+, SMCP and Aedas Homes have all traded badly in the aftermarket and just one new deal has been launched this week.

Aviva Investors, the UK asset manager, is creating a new real estate investment trust (Reit) focused on long-lease commercial property.

European laboratory testing firm Eurofins secured €299m of capital to support its acquisition strategy, through an accelerated bookbuild run by Jefferies and Berenberg on Monday night.

TMF Group, the Dutch business services company, has abandoned its plans for an IPO on the London Stock Exchange in favour of a sale to CVC Capital Partners.

Ablynx, the Belgian biopharmaceutical firm, has raised $200m through a second listing in the US, following positive momentum in the development of a new drug designed to combat a life-threatening blood clotting disorder.

Cabot Credit Management, the biggest debt collector in the UK, launched its highly anticipated IPO on Friday, adding its name to the already vibrant list of companies preparing to go public in London this autumn.