Europe

Eurozone government yields dropped on Tuesday after the European Commission said the Greek government had struck a bail-out deal “in principle” — but the agreement does not signal the end of the euro market’s troubles, said SSA bankers.

Finnish sporting goods company Amer Sports issued its second Schuldschein loan for $55m to meet demand from investors left out of its first deal.

Nordea Bank has appointed a new chief executive and chief operating officer, with Christian Clausen set to step down in November.

Swedbank kept euro denominated FIG supply ticking over with a five year floater on Tuesday, but bankers said the deal’s small oversubscription would do little to convince others to pull the trigger this week.

Analysts expect Russian borrowers’ foreign currency debt redemptions to put pressure on the rouble, despite the central bank’s efforts to downplay the effect.

Three of the UK’s biggest banks raised $5bn in senior and sub notes across the curve in the dollar market on Monday, while ING Bank still managed to beat them all in terms of size.

Credit Suisse has poached a banker from Nomura for its FIG syndicate team, according to market sources.

Côte Restaurants, the UK chain of French-styled restaurants being bought out by BC Partners, has avoided general syndication and allocated a £138m leveraged loan with early bird lenders.

Markit has launched an FX trade confirmation service that it hopes will mitigate operation risk and allow counterparties to manage trade lifecycle events more efficiently.

Nomura has cut at least 20 people from its credit trading business, according to two sources outside the bank, with the high yield business hit particularly hard.

Poseidon Containers, the Greek shipping company, has suspended its plan to list on the New York Stock Exchange, blaming unfavourable market conditions.

UK self-storage company Safestore has amended around £255m of loans, reducing margins by 75bp as part of the firm's push for balance sheet flexibility.