Investment banking scorecard – Thomson Reuters

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Worldwide M&A activity totals $3.2 trillion, up 48% compared to YTD 2013

Japan Investment Grade DCM activity decreases 5% compared to year ago levels

U.S. ECM hits $240.8 billion so far in 2014, down 6% compared to last year

Real Estate M&A totals $337.3 billion during YTD 2014, up 15% from a year ago

Energy & Power ECM totals $118.0 billion during YTD 2014, up 24% from a year ago

Technology DCM totals $98.2 billion this year, down 6% compared to 2013

This week's $17 billion US-dollar denominated investment grade corporate debt offering from Medtronic ranked as the largest US-dollar offering this year and pushed volume to a record $1.11 trillion for year-to-date 2014, a 7% increase compared to year-to-date 2013. For first time since records began in 1980, the average deal size for US-dollar investment grade offerings has surpassed $1.0 billion for year-to-date 2014. Healthcare corporate bond offerings in the United States total $82.9 billion so far this year, a 66% increase compared to a year ago.

Deutsche Annington Immobilien's $10.5 billion offer (including debt) for Luxembourg's Gagfah SA brings the volume of cross-border M&A involving a European target to $585.6 billion for year-to-date 2014, more than doubling last year's total and accounting for 73% of all European target M&A during year-to-date 2014. Over the last decade, cross-border activity has accounted for 55% of total European target M&A. The deal, which ranks as the fourth largest German outbound acquisition this year, also pushed German outbound cross-border deal making to $106.3 billion during 2014, the strongest year-to-date period for German buyers of foreign assets since 2007. Deutsche Bank has advised five German buyers on foreign acquisitions valued at $31.5 billion this year, while JP Morgan has advised on $30.3 billion from three deals.

A $4.8 billion stake sale from Ping An Insurance Group and a $3.2 billion initial public offering for CGN Power lifted China equity capital markets volume to $118.2 billion for year-to-date 2014, a 69% increase compared to last year at this time and the strongest year-to-date period for Chinese issuers since 2010. Morgan Stanley, the sole bookrunner for Ping An's offering, leads year-to-date 2014 China ECM underwriting with 11.2% market share, up from 2.8% a year ago. Goldman Sachs, which commanded a market-leading 13.8% of China ECM issuance during year-to-date 2013, falls to second place this year with 7.6% market share. Technology, financials and industrials account for 57% of proceeds raised from Chinese issuers this year.

Source - Thomson Reuters

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