UK

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.

Back in 2010, Brazil’s finance minister Guido Mantega warned that the world was in the midst of a “currency war” in the wake of US quantitative easing. The term is now back in vogue after China made the shock decision to devalue its currency.

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.

Mizuho International has hired an experienced banker in London to head its European flow derivatives business.

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

HSBC promoted its latest high profile UK hire, Philip Noblet, to co-head of UK banking, moving Natalie Blyth, the previous co-head, over to commercial banking.

Three of the UK’s biggest banks raised $5bn in senior and sub notes across the curve in the dollar market on Monday, while ING Bank still managed to beat them all in terms of size.

Credit Suisse has poached a banker from Nomura for its FIG syndicate team, according to market sources.

Côte Restaurants, the UK chain of French-styled restaurants being bought out by BC Partners, has avoided general syndication and allocated a £138m leveraged loan with early bird lenders.

Markit has launched an FX trade confirmation service that it hopes will mitigate operation risk and allow counterparties to manage trade lifecycle events more efficiently.

Nomura has cut at least 20 people from its credit trading business, according to two sources outside the bank, with the high yield business hit particularly hard.