European M&A activity hits $850.4 billion up 22% compared to a year ago
Record Levels of Inbound Cross-Border US and UK Deal Making Drives Cross-Border M&A Up 32%
The United States and United Kingdom have combined for $714.5 billion in announced inbound cross-border M&A deals so far this year, an all-time record by value and at 52% of total cross-border deal making, the largest percentage of overall inbound cross-border M&A activity for the two countries since 1998 (53%). Overall cross-border M&A totals $1.4 trillion, a 32% increase compared to a year ago and the second highest dollar value on record. Healthcare leads global cross-border M&A with 14% of activity this year, followed by financials and energy & power (13%) and consumer staples (12%). Morgan Stanley has served as financial advisor on an industry-leading aggregate total of $609.3 billion of cross-border M&A deals, followed by Goldman Sachs ($560.3 billion) and JP Morgan ($543.7 billion).
Global High Yield Corporate Debt Hits Four-Year Low; 21% Decline from 2014
T-Mobile USA’s $2.0 billion corporate bond offering pushed the issuance of high yield debt to $322.2 billion so far during year-to-date 2015, a 21% decrease compared to a year ago and the slowest year-to-date period for high yield debt offerings since 2011. Telecom high yield debt issuance has increased 18% compared to a year ago, behind retail offerings which have seen an increase of 36% compared to year-to-date 2014. Issuers from the United States account for 58% of this year’s volume, up from 53% a year ago. JP Morgan commands 10.0% of global high yield market share, up from 9.6% last year.