Dollar Volume of US Listed IPOs Hits 13-Year High
Twitter's $1.8 billion initial public offering pushed proceeds from US listings to $50.7 billion for year-to-date 2013, a 26% increase compared to a year ago and the strongest dollar volume for US IPOs since 2000. With 189 new offerings so far this year, 2013 marks the strongest year for the number of new US listings since 2004. The New York Stock Exchange has listed 96 companies so far this year, raising $37.0 billion, while NASDAQ has raised $13.7 billion from 91 companies. IPOs in six sectors have seen triple-digit growth rates over 2012, lead by healthcare, media and telecommunications.
Bank of America Merrill Lynch currently leads the ranking of underwriters of US listed IPOs with 12.2% market share, an increase of 2.1 market share points. Goldman Sachs and JP Morgan round out the top three IPO bookrunners in the United States.
Emerging Markets M&A Falls 9%
Emirates Telecommunication Corp's $5.7 billion purchase of Vivendi's 53% stake in Morocco's Itissalat Al Maghrib SA and PPF Group's bid to acquire a $3.4 billion controlling stake on Telefonica Czech Republic AS brings emerging markets deal making to $534.2 billion for year-to-date 2013, a 9% decline compared to a year ago and the slowest year-to-date period since 2009. Energy & power, financials and materials account for 47% of emerging markets M&A activity so far this year, down slightly from 49% last year at this time. Target companies in China, Brazil and Russia make up 45% of this year's activity.
Morgan Stanley tops the list of financial advisors for emerging markets deal making with $86.1 billion from 68 deals. Bank of America Merrill Lynch and Goldman Sachs are in second and third place, respectively.
Energy & Power Corporate Debt Down 4%
A $4.0 billion investment grade corporate bond from Norway's Statoil ASA ranked as the top European corporate bond in the energy sector this year and pushed global energy & power investment grade debt to $310.9 billion for year-to-date 2013, a 4% decline compared to the same time last year. Energy companies in the Americas account for 37% of overall global issuance in the sector, up 5% compared to last year. European issuers account for 33% of activity, which is down 2% compared to a year ago.
Barclays commands 5.7% of global investment grade corporate debt underwriting in the energy sector this year, an increase of 1.1 market share points. Citi and Morgan Stanley each hold 5.5% of the market followed by last year's top underwriter in the sector, JP Morgan, with 5.1%.