United States

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.

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.

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.

Berenberg has strengthened its US-focused team, hiring a new chief economist to focus on the region.

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.

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.

Beneath listless summertime stock market trading, options markets continue to signal increasing worry.