Americas

The shift towards centrally clearing derivatives has contributed to a decline in the total amount of collateral supporting non-cleared derivatives transactions, according to the latest International Swaps and Derivatives Association (ISDA) Margin Survey, with cleared transactions gaining from the swing.

Changing the selection rules for the CDX HY index, which references the debt of US high yield companies, should make it more useful for investors as a hedge against cash bonds. But the even better news is that Markit and CDS market makers seem to have learned from the experience of last year's changes to Europe's equivalent, the iTraxx Crossover.

BNP Paribas responded to investor demand for dollar paper with a $1.5bn additional tier one (AT1) this week, just two months after making its euro debut.

The AT1 market has come of age. In just over two years there is no longer a need for arduous investor education and perfect markets to sell the riskiest bank debt on offer.

Latin American supranational Corporación Andina de Fomento (CAF) priced a Sfr200m ($203m) eight year bond on Tuesday with its lowest coupon on an international bond deal.

BNP Paribas played it safe on Wednesday, printing its $1.5bn AT1 in US hours to avoid any potential fall-out from the China related sell-off.

Markit has agreed to buy CoreOne Technologies, a provider of regulatory reporting, index management, data management and prime brokerage services to financial institutions.

US Reit Medical Properties on Wednesday sold its €500m unsecured bond drawing attention from investment and non-investment grade buyers by being the only corporate issue of the day.

Ukraine’s sovereign debt restructuring, Argentinian primary elections and a potential Turkish coalition government are keeping debt bankers alert while the primary bond market takes its summer break.

For the second time in two weeks a negative rating action on the Brazilian sovereign triggered a positive reaction in the country’s securities after Moody’s downgrade the country from Baa2 to Baa3.

Nasdaq’s aggressive entry into energy futures markets has coincided with macro-economic forces that threaten to dampen investor interest in the space.

Medical Properties, the US real estate investment trust, held a call with European bond investors on Tuesday, for the second time this year, as it prepares to sell euro notes.