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In the absence of a eurozone catastrophe, which European high yield bankers and investors do not expect, the market is set either for a tolerable sell-off or a moderate rally. The Greek referendum on Sunday will decide which.

Investment banks are making less money from senior unsecured DCM than ever before, while sluggish capital issuance from European banks has dragged down global FIG volumes in 2015.

Dutch conveyor belt provider Ammeraal Beltech has ridden through the sour mood infecting leveraged finance markets, closing a €300m loan that backs its buyout by Advent International.

Greece’s teetering to the brink of default this week rattled capital markets from Monday, but for syndicated lending any difference in mood appeared confined to leveraged loans.

Deutsche Pfandbriefbank opted not to start bookbuilding for its IPO on Monday, as the deepening crisis in Greece made the German specialist bank reflect on whether this was the best time to go public.

Airbus, the European aircraft manufacturer, showed just how flashily the convertible bond market can buck trends on June 26, when it issued a €500m deal that won exceptionally good terms, even as other markets frayed.

Banca Sistema, an Italian bank that specialises in factoring government invoices, completed its IPO in Milan on Monday, raising €146m and achieving a market capitalisation of €302m, despite being buffeted by market anxiety about the Greek debt crisis.

Orion Engineered Carbons has become the fourth company to pull a leveraged loan this month, as Greek-induced volatility batters the market.

The sukuk market has managed a record first half volume this year, although with the Greek debacle threatening a long and volatile summer debt bankers have doubts a full year record is possible.

Mithra Pharmaceuticals, the Belgian business devoted to women’s health, raised €72.3m on Monday from its initial public offering in Brussels.

Asian Development Bank managed to raise $1bn on Thursday — becoming the only public sector issuer to bring a syndication this week in the run up to a referendum in Greece on its bail-out terms.

Emerging markets bankers are hopeful the rising tension between Greece and its creditors will not halt CEEMEA bond supply over the summer, with bankers on the National Bank of Egypt and Kazakhstan bonds saying they considered even pricing this week.