ABN Amro has dealt a blow to its UK advisers by choosing to go off-panel to find advisers for its infant high-yield business, it has emerged.

The bank has confirmed it intends to use US firms such as Cravath Swaine & Moore, Latham & Watkins, Shearman & Sterling and Simpson Thacher & Bartlett for high-yield debt over UK finance advisers such as Clifford Chance (CC) and Allen & Overy.