Vodafone / Verizon Could be 3rd Largest Deal of All Time
Vodafone Group PLC confirmed that it is in talks with Verizon Communications Inc to sell its stake in Verizon Wireless. Terms have not yet been disclosed, but the deal is rumoured to be valued at $130bn. At $130bn, the deal would be the third largest M&A transaction of all time and would boost worldwide telecoms M&A to $224.3bn so far this year. Currently, worldwide announced telecoms M&A totals $94.3bn, up 28% over the same period last year and the highest year-to-date total since 2010 ($124.3bn).
Goldman Sachs takes the tops spot for M&A financial advisors in the telecoms sector so far this year with $65.5bn from 11 deals.
Qihoo Raises $600 Million From Debut Convertible
This week, Qihoo 360 Technology, a Chinese internet service company, raised $600m from its debut convertible bond offering. The deal pushed Chinese convertible offerings to $5.4bn, up 195% compared to the same period last year. Global convertible offerings totalled $57.4bn for year-to-date 2013, an 81% increase compared to the same time last year, and the strongest year-to-date period for convertibles since 2008 ($99.5 billion). Companies in the United States (39.7%) and China (9.4%) accounted for 49.1% of overall convertibles issuance this year.
JP Morgan ranks as the top bookrunner for global convertible offerings so far this year, with 12.9% market share, an increase of 0.9 market share points compared to last year. Goldman Sachs follows in second place with 9.7% market share.
EU High Yield Bond Offerings Reach Record High
European high yield bond offerings witnessed a record volume in terms of total proceeds raising $80.1bn so far this year, a 128% increase from the comparative period in 2012. High yield bond offerings from European issuers accounted for 27.1% of the high yield bond offerings globally, an 11.5 increase in market share points from 2012 YTD.
Meanwhile, United States captured 62.9% of the market share with $185.7bn, a 9% increase in proceeds over the same period last year. Global high yield issuance raised $295.4bn to date, a 31% increase from the same period last year, and the strongest year-to-date level on record in terms of proceeds.
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