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The ramping up of tensions around Greece debt over the weekend has brought two days of high volatility in credit markets, but traders say there is little appetite among participants to position in either direction.

Europe's investment grade corporate bond market is in shutdown, but the mood is calm among bankers, and most issuers are comfortable biding their time on the sidelines.

Shares in Sophos traded up on Tuesday to about 234p, cementing a 4% gain since the UK software security firm’s IPO was priced on the morning of Friday last week at 225p a share. According to the London Stock Exchange, it was the largest software IPO in UK history.

Italian and Spanish bond yields clawed back some of Monday's losses on Tuesday afternoon after the market absorbed the first European sovereign bond supply following the collapse of Greek debt talks at the weekend.

The reaction from Europe’s capital markets this week is far from what Greece’s government politicians may have been hoping for, after talks broke down this weekend.

The Flemish Community of Belgium has hit the market with a quartet of private medium term notes — a rare appearance from a public sector borrower in the currency this week.

Capio, the Swedish healthcare group, rose on its first day of trading in Stockholm on Tuesday, after an IPO that was little affected by the Greek crisis, thanks to heavy cornerstone support.

Credit market traders are gearing up for volatility this week with the Greek debt crisis mounting and threatening to twist in unpredictable directions.

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

Standard Chartered Bank has used synthetic securitization to protect a $3bn pool of trade receivables, despite recent critical comments from the Bank of England’s David Rule about this method of risk transfer.

Sumitomo Mitsui Banking Corp has increased its commitment to European leveraged finance, buying a $2.2bn portfolio of leveraged buyout loans from GE Capital.

Touax Rail Ltd — the Irish subsidiary of French container leasing firm Touax Group — has refinanced a €55m syndicated credit facility. The parent company had to pull a high yield bond issue because of weak demand in March.