Insight

First 9 Months Loans Highlights

Global volume—a tale of two cities A total of 6,984 syndicated loan facilities were completed in the first 9 months of 2018, down 9% on the comparable 2017 period and a 6-year low for deal activity (6,563 loans in the first 9 months of 2012). Global loan volume on the other hand, reached $3.81tr, which […]

Insight

First 9 Months M&A Highlights

Global volume still ahead despite Q3 slowdown After a strong first-half to the year which saw M&A volume hit an 11-year high, the third quarter has seen a pullback with global volume in Q3 down 5% year-on-year to $855.6bn, the lowest Q3 level since 2016 ($837.5bn). The weaker quarter was driven by a downturn in […]

Insight

First 9 Months ECM Highlights

Global issuance in Q3 dips to 3-year low Encompassing the Northern Hemisphere summer months, Q3 is historically not the strongest quarter for ECM issuance, and this year was no exception for most markets. Volume in Q3 2018 totaled $158.4bn from 1,230 deals, down 21% from the same period last year and marked the lowest Q3 […]

Insight

Cross-border M&A soars to new record

Volume growth for cross-border M&A So far this year, a record $962.6bn worth of cross-border deals have been announced via 5,498 transactions. This represents a 38% increase in volume year-on-year ($696.1bn in 2017 YTD), despite deal activity having dropped 18% over the same period (6,680 deals in 2017 YTD). UK targets remain popular Since 2011, […]

Insight

US and China ECM continues to flourish despite trade war

US and China continue to top global ECM issuance ECM investors appear unfazed by trade tensions between the US and China which have been ongoing since April this year. US ECM volume stands at $159.5bn via 676 deals this YTD, which is slightly higher than the $155.3bn raised via 663 deals last YTD. Chinese ECM […]

Insight

The tide turns for reverse Yankees

Reverse Yankees shift into lower gear The reverse Yankee bond market was set on a bullish trajectory in 2015, after the European Central Bank implemented its asset purchase program—issuance in 2015 YTD subsequently jumped 45% year-on-year to $90.7bn, and peaked at $99.8bn last YTD. Tax reform in the United States has seen the tide turn […]

Insight

Putting the 'reverse' in reverse takeovers

Reverse takeovers at a 10-year high Following a 30% dip in year-on-year volume in 2017 YTD, reverse takeovers have soared to $60.1bn this year—the highest YTD level since the financial crisis ($61.3bn in 2008), and up 53% from last year ($39.4bn in 2017 YTD). Unexpected sectors and countries have driven volume, with the biggest deals […]

Insight

LevFin wallet share holds tight

Growing LevFin wallet Global investment banking (IB) revenue has reached $49.5bn in 2018 YTD, down by 5% from 2017 YTD. While a busy M&A market has generated a steady source of return for banks so far this year, though down slightly to $15.6bn from $16.1bn, the leveraged finance (LevFin) market accounts for 17.3% the total […]

Insight

Auto industry in the shadow of tariffs

Driving amid the waves of war Although H1 2018 marked a 5-year high for corporate debt issuance* in the auto/truck industry ($136.9bn), ongoing talks of potential tariffs on vehicles and imported parts together with proposed countermeasures, are setting up an uncertain time for the sector. Companies that mainly rely on imports could face the challenge […]

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MiFID II