Insight

M&A Highlight: Full Year 2021

Private equity: A meteoric rise Global PE activity accounted for 27% of worldwide M&A activity by value and 9% by deal count in 2021, setting a new record for the total share of sponsor-led dealmaking. Buoyed by low interest rates and high volumes of dry powder, the PE space saw USD 1.5tn change hands across […]

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ECM Highlight: Full Year 2021

South Korea and India enjoy stellar IPO performances Asia-Pacific (APAC) exchanges have raised USD 170.3bn from 384 IPOs in 2021, well above 2020, when activity topped USD 130.3bn across 243 deals. Hong Kong’s exchange was surpassed by mainland China as the home of choice for Asian issuers, as India and South Korea saw a boom […]

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LevFin Highlight: Full Year 2021

US and European yields converge Yields gradually narrowed across the leveraged universe from pandemic-induced spikes in the 6-7% area to a range of 4.4-5.5% by end-2020, and these continued tightening in 1Q21. In the US institutional loan market, the weighted average yield reached its lowest point of 4.1% in 1Q21, with an average margin of […]

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DCM Highlight: Full Year 2021

Green lights: EMEA takes the lead in going green Corporates globally have raised a total of USD 236bn in sustainable (including green) bonds in 2021 YTD, taking a big slice of the total USD 819bn raised across all borrower types including SSAs, financial institutions and asset-backed securities. Corporates in EMEA have been by far the biggest issuers […]

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Loans Highlight: Full Year 2021

User friendly: Refinancing and M&A-driven financings on the rise The use of proceeds for refinancing and the repayment of debt at USD 2.74trn YTD has already exceeded 2019 pre-pandemic figures, while M&A-related borrowing is up almost 73% from the whole of 2020 and around USD 100bn shy of 2018 – the highest figure in the […]

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DCM Highlights: First 9 Months 2021

Hungry Borrowers Real estate/property players also are rushing to market, raising approximately USD 302bn from USD 261bn in the same period last year, as red-hot residential and commercial markets pick up a pace not seen for more than a decade. Utilities and energy, followed by computer & electronics borrower completed the top three.     […]

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Leveraged Finance Highlights: First 9 Months 2021

Rates Remain Attractive   Average margins were lower compared with the same time last year, where institutional loans priced tighter in the third quarter in both the US and Europe. US institutional loans priced on average at Libor+ 382 basis point (bps), 55 bps below an average of Libor+ 437 bps that was available in […]

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Loans Highlights: First 9 Months 2021

Real Estate/Property Loans Gaining Traction Among the top-three sectors issuing loans, the largest has been the computers & electronics sector space. Activity leapt 76% to reach USD 446bn in 1Q-3Q21, commanding a market share in excess of 11% and marking a gain of two percentage points from 1Q 3Q20, as the world adapts to, and […]

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M&A Highlights: First 9 Months 2021

Global: Software eats the world The idea that “software is eating the world” – expressed by venture capitalist Marc Andreessen in 2011 – has found its truest expression yet in 2021. Technology accounts for 27% of global deal value (USD 1.2tn across 8,797 deals) so far this year, the largest ever share.   Healthcare holds […]

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ECM Highlights: First 9 Months 2021

Global Overview: Size Matters Even as PE funds, VCs, founders and corporate-led carve-outs form a widening pool of issuers, investors know what to look for: quality, liquidity and growth, according to Gareth McCartney, global co-head of ECM at UBS. Indeed, more mega-IPOs have happened in 2021 than ever before, with twice as many USD 1bn+ […]