Europe

Forterra and Mediawan have closed and completed their IPO bookbuilds this afternoon, though Forterra’s will be priced at the bottom end of the range.

Heineken launched a 10 year bond today, almost immediately after publishing its first quarter results, and ended up increasing the deal to €800m on strong demand.

Moody’s said in a report released on Wednesday that the UK leaving the European Union would be credit-negative “for most UK-based companies”.

The German association of mortgage banks (VDP) has suggested a potential change in the Pfandbrief law that could result in a change in the maturity structure from hard to soft bullet.

State-owned Georgian Oil & Gas Company crunched pricing from guidance on Tuesday to print a $250m five year bond with a 7% yield.

Bank Gospodarstwa Krajowego (BGK), Poland's state development bank, has mandated three banks for its debut euro bond — a deal that has been expected since 2014.

KBC was more than 10 times oversubscribed for its holding company-issued senior debut on Wednesday, providing further evidence of the asset class's growing success in Europe.

HSH Nordbank found little difficulty finding demand for its €500m seven year issued on Wednesday, and despite its relatively low credit standing, international demand for the bonds was strikingly high.

UBI Banca has begun marketing a tier two transaction, which will be the first capital sale from an Italian bank since January.

VimpelCom was on track to print a dual tranche structurally subordinated note on Wednesday with books over $4bn.

Bank Nederlandse Gemeenten has debuted in the offshore renminbi market, becoming one of only a handful of public sector issuers to access the market this year.

An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.