Global DCM activity totals $2.8 trillion, down 1% compared to YTD 2013
Asia Pacific and Europe M&A each up 92% compared to last year
• European IPOs hit $31.1 billion so far in 2014, more than triple year-ago levels
• Financials M&A activity totals $176.3 billion this year, up 80% from 2013
• Consumer Staples ECM issuance down 55% ($8.8 billion) compared a year ago
• Global Government & Agency Debt totals $687.6 billion this year, up 4% from 2013
Merck's $3.7 billion offer for Idenix Pharmaceuticals pushed the level of worldwide deal making in the pharmaceutical sector to $154.9 billion, the strongest year-to-date period since records began in 1980 and more than four times the levels seen last year at this time. United States targets account for 77% of overall activity in the sector this year followed by the United Kingdom (11%) and Switzerland (4%). Goldman Sachs and Bank of America Merrill Lynch are nearly tied for first place for financial advisory work in the sector for year-to-date 2014
Analog Device's $2.4 billion offer for Hittite Microwave Corp ranks as the largest semiconductor deal so far this year and brings announced global semiconductor M&A to $12.1 billion, the strongest year-to-date period for deals in the sector since 2011
This week's $4.2 billion debt offering from Emirates Telecommunications Corp marks the largest investment grade corporate debt offering from a United Arab Emirates-based issuer on record and brings the volume of emerging markets corporate debt to $138.4 billion so far this year, a 27% decline compared to a year ago. Brazil, Mexico, India and the UAE account for 54% of total emerging markets corporate debt volume for year-to-date 2014. Financials, energy & power and telecom issuers make up nearly 80% of this year's activity.
A $1.8 billion follow-on offering from Mexico's Fibra Uno Administracion SA brings the volume of Latin America equity capital markets activity so far this year to $9.8 billion, a 48% decrease compared to year-to-date 2013. Telecommunications, real estate and financial issuers account for nearly all of the ECM activity in Latin America this year, which has originated from Brazil, Mexico, Chile and Argentina.