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A European agency has become the first SSA borrower to bring a syndication after a referendum on bail-out conditions returned a ‘no’ vote in Greece over the weekend.

Supranationals and agencies grow in popularity among euro private medium term note investors, as the buy-side shuns risk and moves to top rated borrowers.

After a second quarter in which leveraged finance borrowers, in the main, felt exuberant, pricing has swung back from tight levels. The market is now trying to gauge the clearing point for new deals.

Turkiye Sinai Kalkinma Bankasi, the industrial development bank, has closed a €256m-equivalent refinancing loan with banks, increasing it from the deal it signed last year.

Ripples from Greece’s weekend referendum reached the CEEMEA market on Monday. But a lack of recent bond issuance against crashing yearly volumes meant the immediate impact was minimal, and debt bankers are not ruling out deals this week.

There are fears that the dire liquidity situation at Greek banks could hasten the country’s exit from the euro.

Banks could be in for a difficult few weeks in the euro private medium term note market, as a risk-off mentality pushes investors toward triple-A borrowers.

India is on the divestment trail again, with the government issuing two requests for proposals (RFPs) to offload its stakes in 10 state-owned firms, which could net about Rp190bn ($3bn) in proceeds at current share prices.

Traders said the decision of Greek finance minister Yanis Varoufakis to resign was a key brake on credit market panic following the country’s decision to reject European creditor proposals.

Financial bonds were frozen on Monday despite a definitive 'no' vote in Greece's referendum on its European bailout terms. Neither bankers nor investors are willing to make a market moving call on how the situation will play out.

Europe’s corporate bond new issue market will have another subdued week, following Sunday’s forceful 'no' vote in Greece’s referendum on bailout terms.

It was not just eurozone politicians that came into this week fearing Greece’s impasse with creditors. Leveraged loan bankers were stuck between a confident buyside and stubborn issuers.