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
Insight
Trade war with China? Not according to US ECM
Strong demand for Chinese stocks Despite the fear of trade tensions heating up between the US and China, the US ECM market continues to show strong appetite for Chinese IPOs. So far this year, Chinese IPOs in the US have raised a total of $5.9bn via 17 deals, which is already the second highest full-year […]
Insight
Sponsors hungry again
Private equity eating into food & beverage industry The food & beverage sector has witnessed an increase in sponsor activity this year, after a relatively muted period since H1 2015 which was boosted by the $62.6bn HJ Heinz/Kraft Foods Group mega deal. Sponsor-related deal volume in H1 2018 jumped to $40.2bn and accounted for a […]
Insight
Jumbo LBOs drive European institutional loans
Jumbo volume soars amid overall drop in levfin loans Despite a 30% year-on-year decline in European institutional* leveraged loans volume in 2018 YTD, jumbo LBO deals have climbed to a record-high—reaching $26.3bn so far this year. Jumbo deals have also boosted the average deal size for European LBOs, which have ballooned by 78% year-on-year to […]
Insight
H1 2018 Loans Highlights
Global volume takes off amid fall in activity Global syndicated loans volume grew by 11% year-on-year and stand at $2.75tr for the first half of 2018, even with a crumbling activity level (down by 575 deals year-on-year). While refinancing and amendments, which account for 58.4% of H1 volume, are unsurprisingly dominant, the growth of new […]
Insight
H1 2018 M&A Highlights
Global Volume Rampant Global M&A during H1 2018 has reached its highest levels since H1 2007, with volume totaling $2.49tr via 17,611 deals. The surge in volume represents an increase of 57% in comparison to the same period of 2017, largely due to a sharp rise in mega deals. Such deals over $10bn have dominated […]