Thomson Reuters Investment Banking Weekly Scorecard

Mexico Offers $943 Million Century Bond

Pricing last week, Mexico issued a $943 million century bond, the first sovereign century bond since China's $398 million offering in January 1996. Mexico's 100-year maturity bond was rated BBB by S&P and priced with a 5.1% coupon, while the previous century bond from China carried the same BBB rating but offered a 9% coupon, nearly double the latest offering from Mexico.

2010 global debt offerings from Mexican issuers total $30 billion, higher than all annual volumes which saw previous record issuance of $28.7 billion for the full year 2009. Citi ranks as the top underwriter for global debt by Mexican issuers, having acted as underwriter on 18 offerings with total proceeds of $4.8 billion, followed by HSBC and Goldman Sachs, with total proceeds of $3.8 billion and $3.7 billion, respectively.

Record Secondary Offering In Germany

Last week Deutsche Bank AG in Germany priced a $14.1 billion secondary offering, the largest follow-on offering from Germany since records began in 1985. Secondary activity in Germany totals $24.3 billion in 2010, more than double the volume from the same period last year. The Deutsche Bank follow-on offering is the second largest worldwide in 2010, behind the recent nearly $70 billion offering from Petrobras.

Despite two of the top follow-on offerings last week from European companies, Deutsche Bank and Sweden-based Volvo, secondary offerings in Europe are down 52% compared to the same period last year. Year-to-date offerings total $72.6 billion, down from $151.3 billion for the same period in 2009 and the lowest volume since 2003 when year-to-date volume reached $47.3 billion.

Tech Deals Over $1bln Highest Since 2000

In 2010 there have been 31 worldwide announced M&A deals in the high-tech sector with total value larger than $1 billion, the highest number of transaction this size in the industry since the same period in 2000, which saw 72 deals. Year-to-date activity in the high-tech industry has reached $116 billion, up 25% from the same period in 2009. Deals of this size in the high-tech industry represent 54% of total worldwide value in the sector this year.

Total value for deals over $1 billion in the sector in 2010 has reached $62 billion, bolstered by the third quarter of 2010 which saw 15 announced deals over $1 billion with total value of $33 billion, the largest quarter by value and number of deals since the 4th quarter of 2007.

Source - Thomson Reuters

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