Europe M&A activity totals $615.4 billion, up 11% compared to YTD 2014 levels
Europe Leads Materials Deal Making to 7-Year High
CF Industries $8.0 billion bid for certain North American and European assets from OCI NV of the Netherlands pushed the level of M&A activity in the Materials sector to $217.1 billion, a 45% increase compared to a year ago and the strongest year-to-date period for deal making in the sector since 2008. Chemicals and Metals & Mining activity accounts for 73% of overall Materials M&A activity this year, up from 58% a year ago. Tie-ups in the Chemicals sectors total $103.8 billion this year, an all-time year-to-date record. Materials M&A in Europe totals $96.5 billion so far this year, up 90% compared to year-to-date 2014. Goldman Sachs and Morgan Stanley, which both advised CF Industries, lead worldwide financial advisory in the sector with $121.3 billion and $89.7 billion in deal value, respectively.
Biotech & Pharma Corporate Debt Surpasses Full Year 2014 Total
This week’s $8.0 billion corporate debt offering from Celgene Corp brings the level of global investment grade corporate debt issuance in the biotech and pharma sectors to $55.4 billion, just surpassing last year’s 12-month tally ($51.3 billion) and marking the strongest year-to-date period for new issuance in the sector since 2009. United States issuers account for 89% of year-to-date activity, nearly three times the level of US issuance seen during year-to-date 2014. Deutsche Bank, which was one of eight bookrunners on the Celgene bond offering, leads year-to-date underwriting in the biotech and pharma sector with 14.2% market share, followed by Morgan Stanley and Bank of America Merrill Lynch, both with nearly 11% share.