Insight
H1 2018 ECM Highlights
Record issuance on US convertibles One of the highlights for global ECM in H1 2018 is the rapid expansion of US convertible bonds. In the first half, US companies issued a total of $28.6bn via 79 such deals—the highest half-year volume since H1 2008 ($51.5bn via 75 deals). This increase in issuance validated the expected […]
Insight
H1 2018 DCM Highlights
DCM issuance slows down in Q2 Global bond markets—initially spurred by one of the strongest first quarters on record ($1.95tr of volume issued from January to March 2018)—started to show some signs of exhaustion, with issuance in Q2 totaling $1.68tr from 5,110 transactions. This is the lowest second-quarter volume in the past 3 years, and […]
Insight
US construction & building M&A rises to new heights
Firms expand with expected infrastructure boom US-targeted construction & building M&A reached its highest YTD volume on record this year with 173 deals totaling $26.4bn. This marked an increase of 312% compared to volume last YTD ($6.4bn via 183 deals). High expectations in the sector were largely a consequence of the federal government’s push for […]
Insight
Global tech ECM builds second wave
Recovery since the Dot-Com Bubble The US has seen a relatively better recovery compared to other countries since the Dot-Com Bubble; American technology companies reached $28.2bn via 81 ECM deals in 2018 YTD, compared to $54.3bn via 195 deals in 2000 YTD. Meanwhile, some other countries are still struggling to get back to half of […]
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Japanese lenders grow their APAC footprint
Moving towards non-Japanese borrowers and markets Japanese banks are lending more to non-Japanese companies, both inside and outside of their home market. In the Japan market, non-Japanese borrower volume was up 78% year-on-year; remarkably, volume in the oil & gas sector almost tripled over the same time. These banks’ market share in the rest of […]
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$1bn+ IPOs ignite global volume
Mega deals push up volume Global proceeds from initial public offerings (IPOs) stood at $79.6bn so far this year via 564 flotations, with 31.0% of the volume generated by 10 mega deals over $1bn. This is the highest contribution by such deals as a share of total IPO volume since 2014 YTD, when they accounted […]
Insight
Go hybrid and keep acquiring
Vodafone’s ratings game Vodafone Group’s €18.4bn takeover of Liberty Global’s German and central European divisions has been labeled a daring move by some market participants. In response to Vodafone’s plans, Moody’s announced earlier this month a review for downgrade of the UK telecom conglomerate’s Baa1 rating. Considered equally bold, Vodafone’s financing scheme of the acquisition […]
Insight
It’s all about spending cheap money
Outbound deals dominate Japan M&A With the announcement of the biggest Japanese outbound deal on record—Takeda Pharmaceutical’s acquisition of Shire for $81.45bn—2018 YTD surpassed full-year 2017 for Japan outbound M&A volume. The deal also led to a new record high in the percentage of outbound deals as a share of total Japan M&A volume, based […]
Insight
Dry powder unleashed
Sponsors ramp up acquisitions Global M&A has had a fantastic year so far, largely thanks to strategic buyers and their plethora of high-value deals. Overall strategic M&A volume grew 60% to $1.78tr this YTD from $1.11tr in 2017 YTD. However, financial sponsors have also had a part in that growth. Sponsor entry deals have finally […]
Insight
Is new M&A financing finally taking off?
YTD growth in new M&A financing The long-awaited spree for new M&A financing is burgeoning. With global volume YTD reaching $417.5bn across both loans and DCM—trending 29% above 2017 YTD figures—fixed-income bankers have been enjoying wallet contributions from bigger deal sizes. So far this year, M&A-related debt deals generated a total revenue of $3.2bn via […]