Europe

The restructuring of Royal Bank of Scotland’s investment bank continued to cost it dear in the second quarter, and the process is set to accelerate in the second half of 2015.

The short term risk of Grexit might have receded, but nothing really looks solved. In nearly every currency union in history, once a sovereign joins a currency, it doesn't leave — except for the Pope.

Solvay, the Belgian chemicals company, is buying Cytec in a deal that values the US-based firm at $6.4bn and will be funded in part by a rights issue.

BPCE, the French banking group, sold a €151m block of shares in Nexity, the French real estate firm, on Tuesday evening, as it continued to implement its plan to divest non-core assets.

Italy is almost certain to cut its 10 year borrowing costs for the first time since March in an auction on Thursday — and readied itself for that by selling debt at a smidge above 0% on Wednesday.

Deutsche Bank and Morgan Stanley will provide a €4.4bn bridge loan for German building materials supplier HeidelbergCement to buy Italian competitor Italcementi.

Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS are paying the most for analyst-level staff, according to salary benchmarking site Emolument.com.

Slovenia’s development bank, SID Banka, increased priced its first deal in five years on Tuesday, raising the deal size from a planned €250m.

Russian fertiliser producer UralChem is in the market for a syndicated loan led by Natixis, according to a banker looking at the deal.

Barclays investment bank revenues held firm in the second quarter, helping the bank post a strong set of results that sent its share price up on Wednesday.

Georgia fertiliser firm, Rustavi Azot has postponed its $180m five year non-call three bond, having released initial price guidance for the deal a week ago.

Rabobank enjoyed its visit to the dollar market for tier two debt on Tuesday, paying both a lower spread and new issue premium than it would have in euros.