Insight
ECM Highlights: Full Year 2018
Global Perspective As was hoped coming into the year, 2018 did see one of the largest IPOs ever, but it wasn’t the name widely touted at the start of the year. With the Saudi Aramco IPO currently on hold, it was instead Softbank Corp which raised $21.3bn becoming the 4th largest IPO on record. This […]
Insight
M&A Highlights: Full Year 2018
Boutiques keep pressure on investment banks During 2018, advised global M&A volumes reached $3.35tn, its highest levels since the renowned M&A record-breaking year of 2015 ($3.63tn). Boutique M&A financial advisors increased the pressure on the global investment banks after increasing their share of global M&A volume to 40.9%, equating to $1.37tn in total volume, the […]
Insight
Europe DCM resilient in times of change
Business as usual for European corporates Despite the prospect of tough tariff agreements with the United States and the uncertainty surrounding Brexit, European firms are still actively tapping the bond market. The appetite for international bonds has remained strong with European corporate DCM volume up 5% year-on-year to $439.6bn—the second-highest YTD level on record ($511.3bn […]
Insight
First 9 Months DCM Highlights
DCM credit starts to drain in Q3 On the back of a weak third quarter, global bond markets started to see signs of exhaustion, and saw deal flow in the first 9 months of the year drop to a 9-year low of 16,217 transactions (14,985 deals in F9M 2009). Though volume of $5.24tr ranked well […]
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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 […]
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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 […]