UK

Four banks will underwrite the $1.25bn loan for UK investment firm Melrose's acquisition of Nortek of the US. It is the largest acquisition announced by a UK company since the country voted to leave the EU on June 23.

Mathias Noack, who oversees syndicated loans at UniCredit, will become head of syndicated loans at BTMU in London. UniCredit is looking for Noack’s replacement.

Electronic broker Icap launched the first offshore renminbi (CNH) FX benchmark based on market trading, the first said on July 7. The new fix, which is priced at the open of European markets, aims to fill the gap between Asian trading sessions.

UK real estate companies are facing a rough ride in loan markets after the country’s decision to leave the EU on June 23. But the rest of Britain’s borrowers have escaped paying a Brexit premium thus far, write Elly Whittaker and Robert Cooke.

Hollywood Bowl, the UK’s largest 10 pin bowling alley operator, has postponed its plan for a London IPO in July as a result of market uncertainty surrounding Brexit.

Credit and equity fund managers taking off hedges may have contributed to the resilience of these markets in the wake of the UK's EU referendum, according to derivatives traders, but a cocktail of calamities this week hinted at a precarious exposure to any further sudden moves.

The Bank of England won’t impose a capital buffer meant to counteract the creation of credit bubbles, citing an increasingly fragile British economic outlook after the nation voted to leave the European Union.

UK investors eager for North American exposure rushed to buy into Melrose Industries on Wednesday, pushing its shares up 46%, after it announced a heavily dilutive £1.655bn rights issue to finance the acquisition of Nortek, a US maker of heating and air conditioning systems.

The Bank of England cut the UK’s countercyclical buffer requirement with immediate effect on Tuesday, softening risks associated with payments on additional tier one (AT1) debt.

UK advertisement operator Exterion Media had begun offering term loans earlier in June, but the deal is now off the table as the UK's vote to leave the EU claims a victim in the leveraged finance markets.

Frontier Resources has announced its intention to buy Concepta Diagnostics, a healthcare company specialising in infertility treatments, through a reverse takeover on London’s Aim market, worth £3m.

It was a rough day for stocks on Wednesday, but a great day for equity capital markets, with two convertible bonds launched and priced — the first since the UK’s vote to quit the European Union was revealed on June 24. They came on top of a roaring reception for Melrose Industries’ announcement of a £1.7bn rights issue for an acquisition in the US.