◆ Why the PE industry is going to have to make the IPO market work ◆ Real estate, real refi risk ◆ Managing the SSA bond pipelineThe European IPO market is in a pitiful state. Of the few deals that do make it to book building, some are pulled while some that are priced then tank. Discounts are eye-watering and a lack of liquidity makes bringing mid-cap companies all but impossible. As one ECM banker told us this week, "something has got to give."Well, it turns out it might just be the private equity industry that does the giving. We discover why financial sponsors must start coming to the IPO market next year and what they can do to manage the risks of doing so. "The whole world is trying to work out what this new price of money actually means," said one market participant.It seems to mean little but misery for a number of real estate companies. A sector that thrives on high leverage, it is starting to face genuine refinancing risk now interest rates have soared. We sort those that have access to capital from those that have none and discuss the latter's options for staying alive.Speaking of interest rates, the ECB stood still this week with its monetary policy. We looked into what that means for the sovereign, supranational and agency bond market for the rest of the year, and more importantly, for January — traditionally the busiest month of its funding calendar.