May 11, 2016

By Wendy Lam

$94.9bn: global accelerated offering volume in 2016 YTD

Global accelerated offering* volume has dropped to $94.9bn in 2016 YTD, down 47% on the previous record of $180.5bn in 2015 YTD and the lowest YTD volume since 2010 ($66.7bn). With 410 deals completed so far in 2016, it isthe lowest activity levelsince 2009 YTD (284 deals). The decrease was driven by a fall in $1bn+ deals with $33.5bn via 23 deals completed in 2016 YTD, lessthan half the record raised in 2015 YTD ($72.6bn via 40 deals).

The decline is in line with overall global ECM volume with $212.9bn in 2016 YTD, down 40% year‐on‐year and the lowest YTD level since 2009 ($173.8bn)

TransCanada largest accelerated Offering globally

TransCanada’s $3.3bn accelerated offering priced on March 17 is the largest accelerated offering globally in 2016 YTD and also the third largest ECM transaction globally in 2016 YTD, behind Saipem’s $3.9bn and China Yangtze Power’s $3.7bn offerings in February and April, respectively

United States leads global issuer ranking in 2016 YTD

The United States leads the accelerated offering volume globally with $45.2bn in 2016 YTD, down 39% on 2015 YTD ($74.1bn). The most notable recent deal is Walgreens Boots Alliance Inc’s $1.2bn accelerated offering priced on May 6 in what stands as the seventh largest accelerated offering in the US in 2016 YTD.  Canada ($13.7bn) and United Kingdom ($9.1bn) roudn out the top 3

Goldman Sachs tops accelerated offering ranking

Goldman Sachs leads the global accelerated offering bookrunner ranking in 2016 YTD with an 11.1% market share. JPMorgan and Citi follow with 9.6% and 9.3% shares, respectively