A $6.6bn (€4.6bn) investment vehicle that was run by Cheyne Capital, a London hedge fund, moved a step closer to rehabilitation after Royal Bank of Scotland was granted exclusivity in talks over refinancing the troubled Cheyne Finance.

Deloitte & Touche, acting as receivers for the structured investment vehicle (SIV) formerly managed by Cheyne Capital, will thrash out the details of a refinancing with RBS over the next couple of days.