A busy week.
· ASIA PACIFIC IPOs total $9.6bn for YTD 2014, more than five times 2013 volume
· HIGH YIELD corporate debt falls 18% compared to 2013, slowest start since 2011
· CONVERTIBLE BOND issuance totals $9.5bn, down 36% from a year ago
· JP MORGAN and MORGAN STANLEY in near tie for top global M&A advisor
This week's $23.4bn bid for Forest Laboratories by Actavis PLC and Facebook's $19.5bn acquisition of WhatsApp pushed announced US target M&A activity to $308.6bn for year-to-date 2014, an 84% increase compared to a year ago. US targets account for 65% of overall worldwide deal making, the strongest year-to-date percentage over the past 20 years. Morgan Stanley, an advisor to WhatsApp, holds a narrow lead over JP Morgan in the US target M&A rankings so far this year.
The $2.9bn bid for the Canadian assets of Devon Energy by Canadian Natural Resources Ltd brings worldwide deal making in the ENERGY & POWER sector to $33.4bn, a 25% increase compared to last year
A $715m offering of shares from the second largest shareholder of Germany's TUI AG brings GERMAN ECM volume to $3.8bn for year-to-date 2014, a 24% increase compared to last year at this time. Media & entertainment and real estate offerings lead overall issuance in Germany this year, while Goldman Sachs, which led the TUI offering, holds the top spot for German ECM underwriters so far this year, up from second a year ago
Corporate debt offerings this week from Novartis, Medtronic and Google pushed the volume of global investment grade CORPORATE DEBT issuance, excluding financials, to $147.7bn for year-to-date 2014, a 5% decline compared last year at this time. Energy & power, industrials and telecom issuers account for 56% of global issuance so far this year, on par with last year.
Issuers in the United States, France and Germany lead overall global activity so far this year, followed by Brazil and the United Kingdom.