Global DCM activity totals $2.3 trillion, down 7% compared to YTD 2013
• All industry sectors register year-over-year gains for WW M&A this year
• Media and Healthcare are only DCM sectors to see positive growth over 2013
• WW M&A totals $1.3 trillion this year, an increase of 89% compared to a year ago
• Global ECM hits $293.3 billion so far in 2014, an increase of 1% over 2013
• Technology ECM doubles compared to a year ago - up 102%
Global follow-on offerings total $189.9 billion for year-to-date 2014, a decrease of 10% compared to a year ago, while the number of global follow-on offerings increased 3% compared to year-to-date 2013. European issuers account for 38% of global issuance so far this year, followed by the Americas (36%) and Asia Pacific (21%). Bank of America Merrill Lynch, which has led an industry-leading 109 follow-on offerings this year, has seen a 2.5 point increase in follow-on underwriting this year.
The $3.2 billion combination of the United Kingdom's Carphone Warehouse and Dixons Retail PLC ranks as the largest UK domestic M&A deal since Reckitt Benckiser Group PLC acquired SSL International PLC for $3.9 billion in July 2010. UK acquisitions of UK targets totals $21.3 billion so far this year, an increase of 25% compared to this time last year .
Blackstone Group's $1.7 billion purchase of The Cosmopolitan of Las Vegas marks the 14th acquisition or stake purchase this year by Blackstone or an affiliated fund. Blackstone announced a $5.4 billion bid for Gates Global in April, a minority stake in Gianni Versace SpA and participated in investor groups to purchase a stake in Kronos Inc and full control of Ipreo LLC from KKR.
This week's $4.5 billion corporate debt offering from Pfizer Corp brings the level of global investment grade corporate debt in the pharmaceutical sector to $13.2 billion, down 9% from a year ago.
Bolstered by double-digit percentage growth in Europe and Asia Pacific, global IPO activity has increased 55% compared to year-to-date 2013, totaling $70.6 billion - the strongest annual start for global IPOs since 2007. Morgan Stanley commands 9.2% of the global IPO market for first place this year, up from sixth place and 5.4% last year.