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DEALS INTELLIGENCE I MAY 8 2014
INVESTMENT BANKING SCORECARD
CROSS-BORDER DEALS BY NATION
CHART OF THE WEEK: CROSS-BORDER DEALS HIGHEST SINCE 2007 WEEKLY HIGHLIGHTS
EUROPEAN FOLLOW-ON COMMON STOCK OFFERINGS
Cross-border deals, which account for 43% of announced worldwide M&A, total $571.6 billion so far this year, nearly triple the level of activity seen during year-to-date 2013 and the strongest year-to-date total for cross-border deal making since 2007. Healthcare, industrials and materials account for 57% of cross-border deal making this year, up from 25% a year ago. The United Kingdom and United States are the top cross-border targets so far in 2014, while the United States and Switzerland are the most active cross-border acquirors
•The $5.0 billion combination of the coffee businesses of Mondelez and DE Master Blenders ranks as the largest European M&A deal in the consumer staples sector since the investment arm of Joh. A. Benckiser purchased DE Master Blenders for $8.6 billion in March 2013 • Led by a $1.9 billion follow-on offering from UK's Babcock International Group and a $1.4 billion offering from France's Cie de Saint-Gobain follow-on common stock activity in Europe has increased 36% compared to a year ago, marking the strongest year-to-date period for European follow-ons since records began in 1980 • This week's $2.5 billion corporate debt offering from Celgene Corp brings investment grade corporate debt activity in the healthcare sector to $19.7 billion, up 8% from year-to-date 2013 • The pace of European M&A activity has more than doubled compared to year-to-date 2013, leading all global regions. Asia Pacific M&A has increased 99%, while Americas M&A is up 62% and Japan has increased 11%. Only deal making in Africa/Middle East has seen a year-over-year decline compared to a year ago
$45.0
$39.8
$51.8 $54.4
$26.1
$56.4
$30.1
$54.1
$36.4
$49.2
$67.4
$0
$20
$40
$60
$80
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
US$-denominated Tech Investment Grade ($bil)
0%
10%
20%
30%
40%
50%
60%
$0
$100
$200
$300
$400
$500
$600
$700
$800
04 05 06 07 08 09 10 11 12 13 14
YTD Cross-Border M&A ($bil) Cross-Border as % of WW Total
0 20 40 60 80 100 120 140 160 180 200
Switzerland
Hong Kong
Spain
China
Australia
Netherlands
Germany
France
United States
United Kingdom
Cross-Border Acquiror Cross-Border Target ($bil)
1
DEALS INTELLIGENCE I MAY 8 2014
Debt Capital Markets by Issue Type
Fast Facts
Bank of America Merrill Lynch picks up 1.3 market share points in Global ECM
Energy & Power ECM activity down 11% compared YTD 2013
Technology DCM increases 61% compared to YTD 2013
INVESTMENT BANKING SCORECARD
Investment Banking Volume by Asset Class Equity Capital Markets by Issue Type
Goldman Sachs and Morgan Stanley are nearly tied for top spot for WW M&A advisors
Consumer Staples M&A falls 8% compared to YTD 2013
Credit Suisse moves up one spot in Global DCM with 3.7% share, an increase of 0.3 points
$0
$300
$600
$900
$1,200
$1,500
J 13 F M A M J J A S O N D J14 F M A M
Vo
lum
e ($
b)
LOANS ECM DCM M&A
$0 $50 $100 $150 $200 $250 $300
2013ytd
2014ytd
Volume ($b)
Follow-On IPO Convertible
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000
2013ytd
2014ytd
Volume ($b)
Investment Grade Corporate Agency, Supranational, Sovereign MBS
High Yield Corporate Emerging Market Corporate ABS
Federal Credit Agency
2
LEAGUE TABLES
Mkt. Share
Chg. in
3
Year-to-Date
37.8 150
113 4
Bookrunner
20,925.6
4
5.46
DEALS INTELLIGENCE I MAY 8 2014
Rank
20.1
Share
71
10.1
5
43
YTD Last Yr
13.3
1.0
99 ▲
24.3
18.2
9 (0.1)
Deals
12.7
▲
12.7
6,262.4
7.4
(2.0)
▲
▲
324
6
83
3
4
457
88
No.
37.8
2 24.3 13.5 Goldman Sachs & Co
3Bank of America Merrill Lynch
132,595.7 76
5.5
14,671.6
▲ 27,094.5
Mkt.
Deals
No.Mkt. Proceeds Mkt.
US$m Rank Share
Goldman Sachs & Co
407,146.3
498,292.5
Credit Suisse 196,357.5
Morgan Stanley
Barclays
136,842.8
265,247.2
382,015.9
12,189
10.4
Deutsche Bank
Deals
461
Credit Suisse
Citi
HSBC Holdings PLC
80,269.3 3.7
6.0
8
Morgan Stanley 108,990.0
Deutsche Bank
1164,430.0
9
120,063.9
1,317,844.9
6.5
8
14Evercore Partners
16.8
10
10.810.7
13.9
Global Announced Mergers and Acquisitions (AD1)
Mkt.
Rank Share
81
2
Bank of America Merrill Lynch
Citi
103
5
7
140,702.1Lazard
JP Morgan
▼
▲
▲
221,740.9
14.9
Citi
Advisor
3.5
4.7
▲
7
Volume
6
US$m
4
3
1
29.0 1
30.9
498,534.7
15.4
Rank
7.7
JP Morgan
22.4 2Morgan Stanley 22,866.5
1
20,717.1
91
UBS
5Deutsche Bank 15,716.4 5.8
3.29
126 13,857.3
10
9
5.4
5.18
14,617.4 7
8,810.3
4
2.3
60.9
100.0
Global Syndicated Loans (R1)
100.0271,693.0
65.1 (4.2) ▼
▼ HSBC Holdings PLC12.1
Credit Suisse
100.0 Top Ten Total
Barclays3.9
100.0
3 6.6
5.4
YTD Last Yr
504
331
5.7
Rank
118,226.1 7
US$m
Goldman Sachs & Co
5
Bookrunner
6
143,960.5
Industry Total
Year-to-Date
1
Proceeds
JP Morgan
Mkt.
Rank
10 3.6
9
BNP Paribas SA 78,431.4
5.08
Bank of America Merrill Lynch
▼
Mkt. Share
(0.3)
(0.6)
5.7
▲
▲
0.4
7.2
5
28,817.9
39,704.4
8
3.5
6
7
8
10
Mizuho Financial Group
6.2
4.6
(0.2)
5.6
Mitsubishi UFJ Financial Group
0.8 ▲
6.0
305 Sumitomo Mitsui Finl Grp Inc
5
0.1 ▲ Deutsche Bank
▼
7
Share
4,778
129,750.9 4
123,542.3
7.6
416
2,177,774.9
Global Debt (B1)
▼575
468
144,038.7 6.6
ShareShare
2
Barclays
4.6
5.5
Global Equity and Equity-related (C1)
Year-to-Date YTD Last Yr
Mkt. Share
Chg. in
Share
138 1
8.4
10.0
6.4
11.2
7.5
137 7
139 3
7.5
US$m Rank
116 2 7.7
7.6
Year-to-Date YTD Last Yr
(1.2) ▼
0.9 ▲
1.3 ▲
159
▼
101
7.3 (1.5)102
1.0
▼
▲6.6
5
6
▲
(2.3)
5.0 (1.8)
▼
8 5.1 0.0 ▲
1,561
(2.1)
▼
21 19 0.8 1.5
165,539.1
Industry Total
83,985.3 2
JP Morgan
Chg. in No.
ShareRank
(1.4) ▼11.1
Mkt.
(0.7) ▼
9.9
(0.3)
0.1 ▲
▼
3.9
4.6
▼
4.0
▲
(1.2) ▼5.8
(0.4)
▼
0.0
Chg. in No. Mkt. Proceeds
Bookrunner
138
543
0.0 251
3
17.9
2
187
7
6
640,949.3
Bank of America Merrill Lynch
3
370
58,401.1
Wells Fargo & Co 4
Deals
2
4
392
Mkt.
5.4
7.9
19.7103,167.2
10
3.8
3.0
3.9
2.7
3.9
8
48,528.2
41,002.5
(2.0)
▼
3.4
261
335
Mkt. Share
3.2
163 5
3.7
124 3.4 9
▲0.05.0
31,543.8Credit Suisse
36,160.7Barclays
9
▼
10
Citi
(0.2)
(0.3)3.0
(6.4)
▼0.3
0.6
0.1
▲
▲
9
100.0
258
54.7
Source: Thomson Reuters LPC
Top Ten Total 1,211,703.1 55.7 Top Ten Total
Industry Total 100.0 Industry Total
▲55.1 512,260.4
2,475100.0
48.3
1,060,771.4100.0
3
77
-
-19%
--
▼14
0.0
295
▼
▲
-40%
19 -17%
201%
0
168
▼
▼
▲
▲247%
330% ▲
152%
-33%
▲
139%
-12%
▲
▲
▼
▲
19.4 116
206%
148%
719
▼-18%
▼
▲
▼-13%
177
1171.9 -65%
Issues
YTD Proceeds
(US$b)
-12%
SECURITIZATIONS
63% ▲
-18%
150%
196%571.6 ▲
100.3
3,323
62%
200.0
▲
2,177.8 4,778
% Change YoY
367
209.8
284.7
▼
575
886%
448%6.9 -37%▼143.0 594
-47%
▼
-23%
-
117
▼
-
71
- -372
-39% ▼-38%BRIC
-8% 43.1 175▼
-
-
-
▼186.3 789
-37% ▼
24
0%
10
0.9
16
8
-
175%
128%
20.7
-
14
-7%
-76%
339%
0.0
7.3
12.9
49
1.3
▲
▲
Australia 56.9 97
Asia (ex. Japan) 280.6 1,119
China 91.8 373 -40%
123India 14.6
Japan 73.2
109%
-17%
▲
-50%
4.4
14
▲
-22%
-50%
-44% 4.4
▼
-5%
▲
▲
▼
▼
73%
123
19
4%
3
90.2
35.3
353
6.2
0.5 207%
-
35%
81.1
3
-
-21
32.5
31.2
3 -
4 -
186
19
16%
▲
-83% 1
-
-24%-19% 18.4
0.3
▲
3
-77%
▲10.2
▼
▲260%
8.5
▼
48
69.77%
57%
70.6 79
63
6
Russia 6.7
▲10%
130 ▲
▼-
40
156.7
▼
9
26
▲
15.6
-
97
▼
-
6.1
46.8
-3%
▼
28%
▲
-
▲
▼ 61%
96.0
100
5.6
▼
▼
128.9
-19%
▲
12.0
27.5
▼
▼-29%-
▲
2
109
Brazil
15Africa 4.1
170.3 325
24
United Kingdom
-18%
5%
-24%
-6%
▲
▼
5%
2%
2511.1
▲
12
2.8
▲ 3.1
5.9
0%
0
▼
6
5
▼
7.6
11%
0
-
60
841.2 1,856 -11%
104%
-10%
392
0
-18%
0.0
10.9
- -
118.3 789
Deals
144.0
YTD Volume
(US$b)
YTD Volume
(US$b)
-4%
9%
381
90.4▼
74
689420.5
% Change YoY
YTD Volume
(US$b) Deals
% Change
YoY
▼
292.6
▲
▼333.2
-5%
274
▲
▼
▲789%
95%
75%
▲
▲
▲
▲
-
97.0
5%
-18%
-- -
▼
▼
-
156
24%
711 11% ▲
▲
184
▼
137%
16.7
164%Spain ▲
-23%
▲
116
-58%130
3,980
23%
1,473175%
22.4
1.0
364
335.3
9.0-15%
946%United Kingdom ▲162.2
▼
▼
12.6
165
64.4
254
293%
144.3
49 -35%
196
403
98
13.4 181
203%
88
82
-31%70
187%163
Issues
12.1
% Change
YoY
HIGH YIELD CORPORATE DEBT
1.4
YTD Proceeds
(US$b)
2,001
▼
Issues
197.1
143.2
2,365
INVESTMENT GRADE CORPORATE DEBT
YTD Proceeds
(US$b)
% Change
YoY
641
101%
15%
248 -10%-54%
25.1
21.2
527
81
106.0
9.0
8.7
▲
▲
103.0
416%
207
▲
▲
▲
336
154.0
▲
226
3,308
6.2
2,81183.9
-52%
▲
224.9
397.4
▼
▲
▼
19.5
1,110
111%
485%
-7%
▲
▲
1416.5
135%
1,071.1
103
38.2
56%
784
547
0.2▲
▼
126
▲
▲
14.0
563▲
▼
▲ 40.9
▼
0.0
▲
1,491
1,389
81.8Italy
United States
Germany
▼-7%
% Change
YoY
▲
117%
Worldwide
Europe
542
603
245.7 ▲
2.2
0.9
4.0
959.6
461.9
17.3
11.3
M&A
Target Region/Nation
Americas
Italy
Europe
Brazil 21.2
Deals
12,189
ALL M&A
484.4
▲
CROSS-BORDER M&A(by Target Nation)
% Change
YoY
STRATEGIC M&A
▲
Deals
% Change
YoY
▲
205.9
47%
468
1.8
43%
77%451.5
106%10,331 ▲
456%134%
1,317.8
DEALS INTELLIGENCE I MAY 8 2014
93%
854
146
REGIONAL DEALS MATRIX
YTD Volume
(US$b)
▲
30
1,112.0
74%
209%
▲
▲ ▲
▲
▲
▲
372.8
PRIVATE EQUITY M&A
6.6
452
15.3
670 428%
158%
182 -8% ▼
3,048
133.4
1,192
357
Issues
155.3
26.5
284
2,164
YTD Proceeds
(US$b)
BRIC
India
Japan
3,152
9.5
2.4Middle East
United States
Africa
569.8 4,097
Worldwide
3,261
107%
45
88
200
82
30.4
7.4
France
Germany
China
Russia
Asia (ex. Japan)
8.0
Australia
28.6
113.9
8.8
Americas
39.4
Middle East 16.0
France
29.9
Issuer Region/Nation
682.8
82.6
Spain
DCM
▲
34.2
▼
ALL DEBT CAPITAL MARKETS
7%
47 -24%
466 ▲
▼
▼
▼
▼
821%
99%
46%
-23%
80% ▲
▲
36
-35%150.1
1.3▲ 21
2.3▼
7.9
19%
1457%
3.9
33%
1.5
64.4
0.5 13
▲
237
123
20.8
8.2 86%
▲
▲71%
41
0.4
2,460 ▲ 111.6 692
30
24%
-17% ▼
25%
1,858
79%
4
-25%
- 6 -
4.0
0.5 -73%
-79%
3.2
14
▲
1
▲
▲
-
▼
▲
12
--
--
14.8 116%
▼
-
-
▼
-
▲
▼
▼
-13%
6%
▼-71%
▲
-8%
▼
-
India
▼
-
▲320%
▼
-
7
6.6
11
-- -
-48% ▼
10
▲
-21%
-
85% ▲
▲
-48% ▼13
152.649 ▼
-2.8
17.6
6.0
▼ 3.782
34% ▲
-49%
0.0
11 2117%
-
233%
-3
▲
-
1
-44%
▼
-21%139%
--
▲
▲
▼-98%
-
4
▲
40
▼
▼
345%
-▲73%
▼
1% ▲
- -
-47%
▲ -
▲
1.4
192%
-
3
-96%
1
955%
▼
583%
-
36% ▲
▲
7.7
-
11695% 1
▲
-27%
▲
132%
0.6
▲
▼
21
-
-
-▲ --
▼ 12.4 16%31
-
▼-15%
% Change YoY
CONVERTIBLES
-
45%
▲
41
687.4 1,299
168
▼
28.8 71 37%
36 -
▼12
48
11
15.3
China
▼
38%
▼
▼
▲
253%
-83%
-79%
23.1
7%
▼
-7%
▼
▼
-12%
-49%
1.0
1.0
-45%
▲
France
8.5
48
91%
61.3
United Kingdom
Italy 5.7
351
43%
35%
80.2
17
32
-56%
47.7 132
777
BRIC
-13%
-46%
Japan
Source: Thomson Reuters LPC
11.0Germany 48.5
33
0% ▲75.611%
51%
Europe
89.3
312.5 370
102
Australia
Asia (ex. Japan) 126.7
Russia
Spain
4.9
YTD Proceeds (US$b)
84
1,227.4
YTD Proceeds (US$b)
India
Middle East
Japan
1,164 ▼
-15%
China 31.0 9.7 ▲
2,800
2.9 32
15.5
BRIC
0.0
41.6
Americas
Borrower Region/Nation Issues
207
828
Worldwide
402.6
ALL SYNDICATED LOANS
848
52.6
625.1United States
246%14Brazil 6.8
-13%
- -
394.7
▲
▼
-15%
▼
LEVERAGED LOANS
-21%
% Change YoY
-20% ▼
▲
445148 5.9
152▲
▼
40%
-8%
215%
▼-54%
% Change YoY
▼
▼
0.9
Asia (ex. Japan) 60.7
1.0
633
1 1
▼
20
557%
1149%
16
5.8
▲
▲
7
▼
-
-
▼
132
-58%
Spain
-
73
Issues
963
-
8%
11
16.8
Russia
-16%
485.5
3
21.1
-
96.5
10.0
United Kingdom
Australia 6.9 160
344
1.4
▲
110
-
-13%
United States 79.6
22.4
89
6.7
Middle East
78
17 77%
7.4 23
15
-33%
1.3
1.7 12
6.8181%26.7
217%
148%
66.5
206.2
245
▲
0.4
6.7
▲
▼ 0.9
-▲ -3
13
About Thomson ReutersThomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs 55,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.
About Thomson Reuters Deals Intelligence Thomson Reuters Deals Intelligence, a part of Thomson Reuters Advisory & Investment Management division, brings up to the minute market intelligence to the deal making community and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.
Contact Information:
AMERICASMatt Toole I +646 223 7212 I [email protected]
EUROPELucille Quilter l +44 207 542 4372 l [email protected]
ASIAElaine Tan l +632 858 4387 l [email protected]
54%
16
7.2 -51%
3
0.8
38.1
1
-
▼
3.7
6
174.6
3.2
365%
-56%
96.8
▲19.0
-13%
-1%
8
-26%
10328
▼
0.6
54%
Issues
-
% Change YoY
24%
44866%
66.51%
ALL EQUITY CAPITAL MARKETS
Issues
▲
-24%-18%
175.7▲
YTD Proceeds (US$b)
YTD Proceeds (US$b)
▼
38
10
6
REGIONAL DEALS MATRIX
10%12.8
29.5
62.6
252
% Change YoY
1151,096
IssuesYTD Proceeds
(US$b)
338
Issues
-21%
48.2
IPOs
% Change YoYYTD Proceeds
(US$b)
DEALS INTELLIGENCE I MAY 8 2014
19.6
350
94 ▼
-9%
19.8▲
FOLLOW-ONS
-
0.2
1.8
-
470
372
France
Americas
Europe
271.7
ECM
95.0
Worldwide
6.6 31
2.3
6
Italy 4.3
1,561
Germany
Africa
Issuer Region/Nation
Brazil
LOAN
Africa
5
▲
27% ▲
ECM
95
1,042.5
147
United States
▼
0%
France
▼
59
38%
▲
▲
24.3
1,994.7
▼
Netherlands
Proceeds ($mil)
33.1
1,019
2,082.8
▲
-8%
17.6
Merck & Co Inc-Consumer Care B
Deal Value ($mil)
14,200.0 Bayer AG
-
68.4
75.3
1,897.8
Proceeds ($mil)Issuer Nation
United Kingdom
764
576
59.6 18%
17.8
176
204
109%
100%
-28%
33.8
34.8 204
558% ▲
▲
15.4
61% ▲
▲
118% ▲
33.9
M&A
284.9
88%
2,425 -2%
-11%
96
% Change YoY
-10%
34.3 61%
137.0 949 33%
Industry
▼
▲1,166
% Change YoY
17.8
INDUSTRY ANALYSIS AND TOP DEALS
Deals
747
146.0 1,371
1,247
Deals
1,757
DEALS INTELLIGENCE I MAY 8 2014
Deals
-30%
▼ 198
YTD Volume (US$b)
% Change YoYDeals
-7% 77.8
DCM
30.5
▼
-10%
488
% Change YoY
-8%
▼
▼
▼
▼
29%
-5%
175
185.1
268
126
320
80.5
166.6
175.5
Issuer Name
Babcock International Group5/7/14
5/5/14 Caterpillar Inc
Caisse Centrale du Credit
153.4 ▼
LOAN
5/7/14
Issue Date
5/7/14
Ann. Date
5/8/14
ECM
DCM
5/5/14
5/6/14
3,000.0
5/6/14 3,000.0 First Quantum Minerals Ltd
Talisman Energy Inc
Zambia
Canada
IPO
Close Date Proceeds ($mil)
5/7/14 731.2 SFS Holding AG Switzerland
Issuer Name
5/7/14
1,402.3 Cie de Saint-Gobain SA
6,000.0 BHP Billiton PLC
France
Issuer Nation
United Kingdom
Issue Date
Celgene Corp
5/7/14
Issuer NationIssuer Name
United States5/6/14
Netherlands
Australia
153
389
36.0
-3%
▲
▼-10%
▼
-16%
▼
Syndicated Loans
▼
-12%
246
▼
13%47 ▲
▼
42 ▲61%
▼
118
YTD Volume (US$b)
45
40.5
-22%278
-4%▲
116.0
43.5
-53%
79.2
▲28%
10.1
10.9 37
200
▼
43.9-46%
86.2
-24%
73.3186
-43%
59
131
209
▼
40.0
74.7
▼
195▼5.1 55 -71%
165
48
▲19%
Issue Type
256
62
-39%
-4% ▼
542.2
Follow-On
Investment Grade Corporate
Investment Grade Corporate
Investment Grade Corporate
Issue Type
-34%
Investor Group
Follow-On
Acquiror Name Acquiror Nation
Envestra Ltd
▲
- -
United States
-2%
4,096.7
49.2 52
Top Deals - Last Seven Days
Target Nation
Hong Kong
Target Name
Germany
DE Master-Coffee Business
▼
▲
-2% ▼47.5
36%
22
Government and Agencies
Consumer Prod/Svcs
Mondelez-Coffee Business
▲
5,000.0
-
9%847
High Technology
33% ▲
▲
102.8
179%
59% ▲
86.6 201 8.1
YTD Volume (US$b)
135%
100.9
1,667
Telecommunications
Media and Entertainment
Real Estate
Retail
▼▼ 5.7 27 -30%
M&A
2,491.8
121.4 888
58.4
38.8
Financials
Industrials
Consumer Staples
Energy and Power
YTD Volume (US$b)
Materials
Healthcare
118.3
88.5
6
