Americas

US biotech firm MaxCyte started trading on London’s junior stock exchange on Tuesday, after raising £10m from its initial public offering.

Western Digital, the US maker of computer hard drives, has widened pricing on its $9.5bn loan package to entice reluctant lenders. The loan will back Western Digital’s $17bn acquisition of SanDisk.

The International Swaps and Derivatives Association has warned that European supervisory authorities’ decision not to give ground on one day margin collection in their rules for uncleared derivatives will pose big challenges and costs for the buyside, while the deadline to comply in general with the regulation has become a ‘sprint’.

UBS has joined a growing list of European banks ramping up their senior holding company level issuance in 2016, printing a large three tranche deal in dollars as demand for the product surges.

Brazilian pulp producer Eldorado Brasil Celulose is plotting a potential debut cross-border bond that investors believe could receive a decent reception — if the company waits long enough to issue.

Critics have lined up to savage a proposed Securities and Exchange Commission rule that would change the way that mutual funds, exchange-traded funds and other investment companies measure risk and limit their use of derivatives in ways that could have sweeping effects across the investment management industry.

Brazilian low-cost airline Gol Linhas Aéreas Inteligentes said on Monday it had hired PJT Partners to advise it on its capital structure and liquidity, immediately provoking words of warning from Standard & Poor’s.

The US regulatory framework offers little insight into the riskiness of hedge fund option portfolios, claimed treasury researchers this week, even as the industry reels from its worst year since 2009.

Banks continued to take advantage of the rally in high grade credit as Citigroup and Svenska Handelsbanken printed benchmark trades ahead of the Easter holiday.

Tata Steel is expected to offer banks a much higher return for a refinancing related to its Canadian operations than it paid for its recently concluded $1.5bn facility, according to sources.

The Republic of Paraguay was the only Latin American borrower to sell bonds in a short Easter week for much of the region, as conditions continue to improve for new issues.

A continued rally in Brazilian bonds is giving DCM bankers in São Paulo some hope that issuance from the country may be on its way — although it will not be a flurry and volatility looks set to remain high for some time.