Cross-Border M&A activity totals $913.5 billion, up 23% compared to YTD 2014 levels
July M&A Totals $436 billion, 7th Strongest Month On Record
Fourteen deals over $5 billion pushed the level of M&A activity announced during the month of July to $436.4 billion, marking the second strongest July on record and the seventh strongest month for deal making since records began in 1980. Healthcare, Financial and Retail deals accounted for just over 50% of activity seen in July, which saw deal value fall 20% compared to June 2015 ($546.8 billion) – the strongest month for M&A deal value on record. United States targets accounted for more than two-thirds of announced mergers, followed by Germany, China and the United Kingdom, which each accounted for 5% of the monthly total. Goldman Sachs, which advised on five of the top 10 deals during July, topped the list of financial advisors with $148.8 billion from 35 deals. JP Morgan advised on 30 deals with a value of $116.1 billion, followed by Morgan Stanley with $95.9 billion from 33 deals.
Non-Financial Corporate Debt Issuance Up 8%, Nears Parity with Financial Issuers
Investment Grade Corporate debt issuance from non-financial issuers reached $820.6 billion this week, an increase of 8% compared to a year ago and accounting for 47% of overall global investment grade issuance. Financial issuers account for 53% of year-to-date proceeds raised, the lowest percentage in two years and well below the 20-year historical average of 64% of overall issuance. JP Morgan, which leads both the financial and non-financial investment grade corporate debt underwriting league tables so far this year, commands 8.0% of overall investment grade debt market share, up from 6.7% of the market a year ago.