UK

Franchise Brands, the UK franchising group that provides oven cleaning and car paint repair services, has announced plans to raise up to £3.5m through a listing on London’s Aim in the third quarter of 2016.

Clydesdale Bank reopened the UK RMBS market with the first deal following the UK referendum and paid double the spread of its previous deal. GE Money Bank in France is expected to finalise its RMBS on Friday.

In the immediate aftermath of the Brexit vote, London’s loss of its status as leading RMB hub in Europe seemed highly likely, a turn of events that left China and the UK to figure out how to move forward from the “golden era” they had on just ushered in. But a more nuanced picture is now starting to emerge.

The chief executive of ICAP’s EBS BrokerTec has stepped down from his post, and is set to leave “in due course,” according to the company.

US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.

The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.

The UK’s largest dental company Mydentist on Thursday launched a £425m bond to refinance all of its debt, becoming the first high yield sterling deal since the country voted to leave the European Union.

Australia and New Zealand Bank has made an appointment to its loan syndications team in London.

Softbank, the Japanese technology and telecoms group, has taken a ¥1tr ($9.5bn) loan for its £24bn acquisition of Arm Holdings, the UK firm which designs mobile phone chips. The loan could be syndicated to non-Japanese banks if the refinancing strategy requires it, said one senior banker.

The sterling denominated FIG market awakened on Tuesday with news of the first deals since the UK’s vote to leave the EU on June 23.

Norwegian gas and oil shipping and storage company Stolt-Nielsen has agreed $325m of new debt arrangements with three of its relationship banks to fund the purchase of Jo Tankers' chemical tanker operations.

Shares in Faroe Petroleum, the British oil and gas exploration firm, have fallen 8% today after the company announced it had completed a £62m capital increase on London’s Aim to finance its acquisition of new production assets in the Norwegian North Sea.