UBS

With activist investors firmly established in Europe, advisers are beefing up teams and trying to position themselves for a possible shake-up in the relationship between boards and investment banks, writes David Rothnie.

New Zealand financial Kiwibank is holding non-deal roadshows in Switzerlandahead of what could be its first bond issue in Swiss francs since 2014.

The IPO of Siemens Healthineers was covered on day one of its bookbuild on Tuesday after its parent, Siemens, set a price range designed to please potential investors in the IPO of its medical technology division.

Unigel, the Brazilian commodity chemical producer, is planning a cross-border bond debut that would replace all of its existing debt, according to rating agency reports.

Korea Development Bank found a very different response to its bond outing this week versus its last transaction in September, with investors eating up its $1bn fixed and floating rate combination deal.

China Minmetals Corp’s perpetual bond sale on Monday was a demonstration of the market’s strength after a volatile few weeks, but the deal came at a cost.

Gategroup Holding, the Swiss airline catering company, is planning to list on the SIX Swiss Exchange in an IPO that will allow its Chinese owner HNA Group to raise leverage-funds after a global acquisition spree.

Philippines’ Metropolitan Bank & Trust Co is preparing to launch a Ps60bn ($1.2bn) rights issue at the end of March after getting the nod from the country’s stock exchange.

Siemens has chosen to set a price range designed to please investors on the IPO of its medical technology division Siemens Healthineers, rather than seeking an aggressive valuation.

Austrian wood products manufacturer Egger Holzwerkstoffe sold its third hybrid capital deal on Monday, with its largest size and lowest coupon to date. At the same time, Brisbane Airport announced plans to diversify its investor base.

Chinese after-school education provider OneSmart International Education Group has filed an IPO prospectus with the US market regulator for a New York Stock Exchange listing of up to $300m.

On Friday, Unilever Spreads released guidance for its €4.6bn equivalent loan to fund its acquisition by KKR. French telecoms infrastructure group Circet also launched a smaller deal, a €570m loan package for its buyout by Advent. But investor demand isn't satisfied yet, say some market participants.