North America

Yankee banks took full advantage of strong funding conditions and the undivided attention of investors to print a volley of senior paper this week, as Wall Street’s heavyweights skulked in earnings blackout.

German carmaker BMW drove primary market activity this week, making a stunning debut as corporate America entered an earnings blackout.

Four banks have teamed up with the Depository Trust & Clearing Corporation, Markit, and Axoni, a distributed ledger technology firm, to undertake the market’s first test of a blockchain solution for managing single name credit default swap post-trade events.

US cash machine maker Diebold, which is acquiring German peer Wincor Nixdorf, has increased the size of its euro and dollar loans and tightened their spreads, amid an improving investor mood in the leveraged loan market.

Eco World International has obtained approval from the Securities Commission Malaysia for its IPO, which is expected to raise $500m by the middle of this year.

Credit Suisse has named former Macquarie banker Cheun Hon Ho as its new southeast Asia ECM head.

Market participants and their lawyers were this week studying the US Department of Labor’s lengthy new fiduciary rules for retirement accounts, as the industry worries about a big shift in the way it can offer financial products to the country’s savers. One derivatives-related area on which officials appear to have taken advice is their previous plan to limit the ability of investors to hold listed options.

Market participants and their lawyers were still poring over the US Department of Labor’s mammoth ream of fiduciary rules on Wednesday evening following its publication that day, but one derivatives-related area on which officials appear to have taken advice is their previous plan to limit the ability of investors to hold listed options in their retirement accounts.

China Renaissance has named Andrew MacInnes as CEO of its US arm, as the boutique investment bank steps up its overseas ambitions and grows its equity distribution capabilities stateside.

Global Medical Real Estate Investment Trust, owned by Hong Kong-listed ZH International Holdings, is aiming to list on the New York Stock Exchange in a deal that could net $100m.

trueEX, the interest rate swap trading platform, has started supported market activity during London business hours as it looks to build its client base in Europe.

Ally Financial has signed an agreement to buy options broker-dealer TradeKing Group for $275m, in a deal that brings $4.5bn of assets and technology.