All-Time Record for US Non-FIG Corporate Debt
This week's multi-billion dollar corporate bond offerings from Microsoft, CVS Caremark and Johnson & Johnson pushed the volume of US non-financial investment grade corporate debt to $438.0 billion for year-to-date 2013, a 6% increase compared to a year ago and the strongest year-to-date period on record. Microsoft's multi-currency offering brings the company's corporate bond issuance this year to $10.6 billion, ranking fifth behind Verizon, Apple, AT&T and IBM for US non-FIG debt issuers this year.
Telecommunications and technology offerings account for 28% of US non-FIG corporate debt issuance this year, registering increases of 300% and 69%, respectively. JP Morgan leads US non-FIG debt underwriting with 12.9% market share, a decline of 3.2 market share points compared to year-to-date 2012.
Real Estate Pushes Australia M&A Up 17%
Westfield Retail Trust's $15.9 billion offer for the Australian and New Zealand businesses of Westfield Group ranks as the largest M&A transaction in Australia this year and brings Australia target deal making to $71.9 billion, a 17% increase compared to a year ago. Real estate, industrials, energy & power and materials deals account for 79% of Australia target M&A this year, up from 73% last year at this time. Cross-border deal making involving Australian targets totals $26.2 billion so far this year, down 23% compared to last year and accounts for 37% of overall Australia M&A, down from 56% last year.
UBS, which advised Westfield Retail Trust along with Morgan Stanley, tops the list of Australia M&A advisors this year, up from fifth place a year ago. Macquarie, the top advisor for year-to-date 2012 has fallen to sixth place this year.
European ECM Activity Up 75% From 2012
The volume of equity capital markets activity from European companies reached $211.9 billion this week, an increase of 75% compared to a year ago and the strongest year-to-date period since 2009 ($226.2 billion). Issuers from the United Kingdom, France and Germany account for 47% of year-to-date ECM activity up from 43% last year at this time. Triple-digit percentage increases in the retail, industrials, media and real estate sectors bolsters activity, while healthcare and consumer staples are the only sectors to register year-over-year declines.
Goldman Sachs leads the ranking of European ECM bookrunners with 10.2% market share, up 0.6 market share points from last year. JP Morgan and Morgan Stanley round out the top three, while last year's top bookrunner, Deutsche Bank, falls to fifth.
This week's multi-billion dollar corporate bond offerings from Microsoft, CVS Caremark and Johnson & Johnson pushed the volume of US non-financial investment grade corporate debt to $438.0 billion for year-to-date 2013, a 6% increase compared to a year ago and the strongest year-to-date period on record. Microsoft's multi-currency offering brings the company's corporate bond issuance this year to $10.6 billion, ranking fifth behind Verizon, Apple, AT&T and IBM for US non-FIG debt issuers this year.
Telecommunications and technology offerings account for 28% of US non-FIG corporate debt issuance this year, registering increases of 300% and 69%, respectively. JP Morgan leads US non-FIG debt underwriting with 12.9% market share, a decline of 3.2 market share points compared to year-to-date 2012.
Real Estate Pushes Australia M&A Up 17%
Westfield Retail Trust's $15.9 billion offer for the Australian and New Zealand businesses of Westfield Group ranks as the largest M&A transaction in Australia this year and brings Australia target deal making to $71.9 billion, a 17% increase compared to a year ago. Real estate, industrials, energy & power and materials deals account for 79% of Australia target M&A this year, up from 73% last year at this time. Cross-border deal making involving Australian targets totals $26.2 billion so far this year, down 23% compared to last year and accounts for 37% of overall Australia M&A, down from 56% last year.
UBS, which advised Westfield Retail Trust along with Morgan Stanley, tops the list of Australia M&A advisors this year, up from fifth place a year ago. Macquarie, the top advisor for year-to-date 2012 has fallen to sixth place this year.
European ECM Activity Up 75% From 2012
The volume of equity capital markets activity from European companies reached $211.9 billion this week, an increase of 75% compared to a year ago and the strongest year-to-date period since 2009 ($226.2 billion). Issuers from the United Kingdom, France and Germany account for 47% of year-to-date ECM activity up from 43% last year at this time. Triple-digit percentage increases in the retail, industrials, media and real estate sectors bolsters activity, while healthcare and consumer staples are the only sectors to register year-over-year declines.
Goldman Sachs leads the ranking of European ECM bookrunners with 10.2% market share, up 0.6 market share points from last year. JP Morgan and Morgan Stanley round out the top three, while last year's top bookrunner, Deutsche Bank, falls to fifth.