Investment Banking Scorecard by #Thomson Reuters

·         Rothschild moves into 10th place for WW M&A, up from 15th last year

·         Materials DCM falls 54% compared to year-to-date 2013

·         HSBC moves into the top 10 for Global ECM with 2.3% share, an increase of 1.4 points

·         Tech and Consumer Products ECM activity more than doubles

·         JP Morgan and Deutsche Bank lead global DCM with declining share

·         Consumer Staples ECM down 69% from 2013


WEEKLY HIGHLIGHTS-
•       Thirty-five M&A deals greater than $5 billion have been announced so far this year, nearly four times the level seen during year-to-date 2013 and the strongest year-to-date period for number of announced  "mega deals” since 2007.  Worldwide deal making in the large-cap space has been broad-based with deals greater than $5 billion in all 12 industry sectors and across 16 countries.  Last year at this time, just the two countries, the United States and Netherlands, had seen deals over $5 billion

•       The $12.2 billion acquisition of Pepco Holdings Inc by Exelon Corp ranks as the largest M&A deal in the energy & power sector since Freeport-McMoRan acquired Plains Exploration & Production for $17.2 billion in December 2012
•       Led by follow-on offerings from France's PSA Peugeot Citroen and Greece's Eurobank Ergasias, equity capital markets activity in Europe has increased 43% compared to a year ago.  Global ECM underwriting totals $261.2 billion, up 4% from last year
•       This week's $3.5 billion corporate debt offering from State Grid Corp of China brings investment grade corporate debt activity from Chinese issuers to $79.4 billion, down 42% from year-to-date 2013
•       Apple's $11.9 billion bond offering marks the second time the technology company has tapped the US$ bond market over the past 12 months and pushes US investment grade corporate debt in the technology sector to a record $32.6 billion for year-to-date 2013.
•       Goldman Sachs and Deutsche Bank have led both multi-billion dollar  offerings from Apple over the past year and have collected $53.3 million in underwriting fees.  Apple is just the second issuer to enlist  just two bookrunners for an offering over $10 billion since records began.  WorldCom hired JP Morgan and Salomon Smith Barney for an $11.7 billion offering in May 2001.

OVERALL INDIA BOND ISSUANCE DROPS 48.6% AFTER RECORD HIGH IN 1Q2013

Primary bond offerings from Indian issuers stood at US$10.8 billion during the first quarter of 2014, down 48.6% after reaching a record start last year (US$21.0 billion). Total proceeds this quarter also declined 24.1% sequentially compared to fourth quarter of 2013 (US$14.2 billion).

Indian companies tapping the offshore US dollar-denominated bond markets this year totaled US$2.0 billion, a 64.0% decrease after last year’s best-ever first quarter period (US$5.7 billion).

Axis Bank topped the ranking for India-issued bonds underwriting in the first quarter of 2014, with related proceeds of US$1.7 billion from 35 deals and accounted for 15.9% of all the bond offerings by Indian issuers.

According to fee estimates from Thomson Reuters/Freeman Consulting, capital raisings through bond issuance by Indian companies generated imputed fees worth US$14.4 million this quarter, a 61.9% decline from the comparative period last year.

With estimated fees of US$1.4 million, HSBC Holdings took the lead for India bonds imputed fee ranking this year, and captured 9.7% market share of the fee pool.

FINANCIALS TAKE THE LEAD WITH 70% MARKET SHARE

The majority of the bond proceeds were issued by companies from India’s Financials sector with 69.7% market share, or US$7.5 billion, even if the value of proceeds declined by 38.5% from the same period in 2013 (US$12.2 billion). The Consumer Staples sector came in second and captured 12.1% of the market share with US$1.3 billion worth of proceeds, a 37.1% growth compared to the proceeds during the first quarter of 2013.

INDIAN RUPEE BONDS DOWN 36.5% YTD

Indian Rupee-denominated bond proceeds amounted to INR530.9 billion in the first quarter of 2014, a 36.5% decline compared to the record-high quarterly level attained during the first quarter of 2013 (INR836.6 billion).  Total proceeds also saw a quarterly decline of 16.4% from the fourth quarter of 2013 (INR634.8 billion).

The Financials sector accounted for 62.8% of the Indian Rupee bond markets where proceeds amounted to INR333.6 billion from 79 new issues, down 34.6% in proceeds from the first quarter of 2013 (INR510.5 billion). The Consumer Staples sector, with INR80.0 billion in proceeds, grew 53.8% from the first quarter of last year, and accounted for 15.1% of the market share.

Asia Pacific’s aggregate local currency bond volume amounted to US$131.4 billion so far this year, down 29.1% from the first quarter of 2013. Indian Rupee-denominated bonds accounted for 6.6% of Asia’s local currency bond market share while Chinese Yuan captured the biggest market share with 39.1%.

Thomson Reuters India ECM Review for first quarter 2014
A SLOW START FOR INDIA EQUITY, EQUITY-LINKED ISSUANCE

Equity and equity-linked issuance by Indian companies raised a total of US$2.43 billion during the first quarter of 2014, a 55.3% decline from the comparable period in 2013, and the lowest start to a year since 2011 (US$2.39 billion).

Follow-on offerings captured majority of India’s equity capital markets activity with US$2.42 billion worth of proceeds, a 54.6% decrease from first quarter of 2013, and accounted for 99.4% of the market activity this year. This is the lowest first quarter period in terms of proceeds amount since 2011 when volume fell to US$2.15 billion.

Initial public offerings (IPO) totaled US$13.50 million, a significant drop of 84.0% in proceeds compared to the first quarter of 2013 (US$84.30 billion). This is the lowest quarterly level in terms of proceeds since first quarter of 2009 (US$4.90 million).

Citi and JP Morgan are tied at the top spot for India’s equity and equity-linked League Table in the first quarter of 2014. Citi and JP Morgan each captured 22.0% of India’s ECM activity with related proceeds of US$ 535.7 million from 3 deals.

According to estimates from Thomson Reuters/Freeman Consulting, India’s equity and equity-linked capital raisings generated imputed fees worth US$9.44 million so far this year, a 50.2% decline from the comparative period last year.

JP Morgan and Citi were tied at the top spot and both took the lead for India ECM imputed fee ranking this year, as the two banks each registered 18.5% market share of the fee pool.

Trilegal selects Thomson Reuters for holistic Matter Management

Thomson Reuters, world's leading source of information for businesses and professionals, today announced that Trilegal, a leading law firm in India has selected MatterSphere as its matter management solution to consolidate the firm’s content, document, practice and resource management functions. With this agreement, the firm becomes the first MatterSphere customer in India.

MatterSphere is a unified matter management solution that lets lawyers easily manage clients, matters and all associated details from a centralized location. With customers ranging from mid-market firms, specialty practices, and large global firms, MatterSphere embeds client and matter information within Microsoft Office applications and simplifies everyday activities, from billing to reviewing case files, all while offering the seamless mobility and 24/7 accessibility that customers expect. The matter-centric solution, with capabilities that can be tailored easily to meet their unique requirements, helps law firms overcome the challenges of siloed data and the traditional divide between transactional and case-based information thereby resulting in reduced costs, improved profitability, and increased client satisfaction.

Commenting on the development, Arvind Pachhapur, country head Legal business and head of strategy for Thomson Reuters India, said, “We are excited that MatterSphere has entered the Indian market with a leading law firm such as Trilegal. This win demonstrates growing demand for sophisticated legal solutions in the Indian legal market, as well as the increasingly high value that is being placed on technology as a business solution by legal firms.”

Rahul Matthan, Partner, Trilegal said: “As Trilegal continues to grow, we need to continuously improve the sophistication of the infrastructure we use to provide services to our clients. MatterSphere is the best matter and resource management solution we could find to aid us in our documentation management needs and we are confident that its advanced processes and initiatives will significantly improve the way we serve our clients.”

Investment Banking scorecard of the year by Thomson Reuters

·         European FOLLOW-ON activity up 16% for strongest start since year-to-date 2012

·         FRANCE ECM activity totals $2.3 billion for YTD 2014, more than double YTD 2013

·         Global SECURITIZATIONS fall 42% compared to YTD 2013 to $97.3 billion

·         Triple-digit percentage gains for Media, Healthcare & Consumer Products M&A

·         TECH is only sector to see year-over-year gains across every asset class this year

·         DCM activity in the FINANCIAL sector down 17% compared to YTD 2013


•       US companies raised $26.5 billion in the investment grade corporate debt markets so far this week, marking the strongest year-to-date week for issuance this year.  Led by multi-billion offerings from Cisco Systems, Goldman Sachs, Philip Morris and PepsiCo, US companies have raised $135.5 billion during year-to-date 2014, a 5% decline compared to a year ago.  JP Morgan leads the year-to-date bookrunner rankings for US issuers with 15.9% market share, up 0.9 points from 2013
•       This week's $1.7 billion bid for TriQuint SemiConductor by RF Micro Devices brings worldwide deal making in the TECHNOLOGY sector to $47.6 billion, a 54% increase compared to last year
•       A $1.9 billion secondary offering from the United Kingdom's Direct Line Insurance Group brings UK ECM volume to $4.7 billion for year-to-date 2014, more than double activity seen last year at this time.  Morgan Stanley, which underwrote the offering along with Goldman Sachs and UBS, takes the top spot for UK follow-on offerings with 18.5% market share
•       Worldwide announced M&A activity totals $511.4 billion during year-to-date 2014, a 42% increase compared to a year ago.  The figure, which includes Charter Communications pending $62.6 billion bid for Time Warner Cable, marks the strongest year for deal making since 2007.  Excluding the Charter bid, M&A activity falls to $450.8 billion, up 24% compared to a year ago
•       FEBRUARY 2014 M&A activity, which currently totals $251 billion, is down slightly from the opening month of the year, and dragged down by a pause in new deal announcements during the last week of the month.  Just $14 billion in deals have been announced this week, marking the lowest weekly period for worldwide M&A since April 2009
 

Thomson Reuters Announces Buy-Side Focused Enhancements

Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced the roll out of a number of new features for the buy-side on its flagship financial markets desktop, Thomson Reuters Eikon. As part of the ongoing evolution of Eikon, these enhancements will provide portfolio managers, analysts, strategists and economists with access to powerful analytics and workflow capabilities giving them unparalleled insight and competitive advantage.


The new Microsoft Office add-in feature for Eikon enables portfolio managers and analysts to leverage the breadth and depth of Thomson Reuters content in applications such as Excel and PowerPoint to produce insightful models and superior presentations. This feature includes Excel tools to facilitate deep analysis of premium content sets including Datastream, fundamentals, StarMine analytics, smart estimates and key performance indicators. The addition of StarMine models to Eikon leverages new visualization technology to provide buy-side customers with greater insight to uncover actionable opportunities and better understand credit risk.

The new Datastream charting app in Eikon allows economists and strategists to leverage the full power of Datastream’s deep, cross-asset time-series database and robust analytics and publishing tools to access prebuilt studies, generate new compelling charts from the chart studio or access their existing library of charts.  A new macro explorer app provides financial professionals with an intuitive view of global economies, allowing them to screen across hundreds of content sets sourced from Datastream and apply powerful visualization techniques including maps, bubble charts, motion tables and filters to investigate content and gain new insight.



Eikon portfolio analytics provides investment professionals with an intuitive monitor of intra-day performance across any number of portfolios and benchmarks, allowing them to identify primary drivers of absolute and relative performance at the sector/security level. Eikon briefcase is another powerful workflow capability that allows users to collect, manage and access key content and documents via their mobile solution and synchronize this with the desktop, allowing them to work remotely from anywhere at any time.

 “Portfolio managers on the buy-side are looking for tools that help streamline their workflow,” said Bill Fearnley Jr., senior analyst at Celent. “Tools such as Eikon that help integrate portfolio analytics, information from sources like Datastream, and StarMine models into tools like Microsoft Office can help firms discover, test and share actionable ideas more quickly and easily.  And speed is important in helping gain a competitive edge.”

 Instead of a fixed home screen, Eikon now manifests itself as a floating command bar at the top of a customer’s screen, staying visible whatever application the customer is currently using and enabling quick access to Eikon’s data and tools. The floating command bar works seamlessly with the Eikon plug-in for Google Chrome which installs into the toolbar of Google Chrome’s browser interface and on-demand allows Eikon to analyse information that is being viewed on the internet and provide key related data for any entities listed on the page.

“Our clients are at the core of our business model,” said Ranjit Tinaikar, managing director, advisory & investment management, Thomson Reuters. “With the addition of key buy-side capabilities such as Datastream charting and explorer apps, new StarMine models, enhanced analytics and publishing tools, we are combining next-generation content with innovative visualization and analytics tools to vastly improve the way asset managers approach and process information across their workflow.  These enhancements represent a significant milestone as we continue to work closely with our clients to meet their evolving needs through further advances in Thomson Reuters Eikon.”

 These latest additions to Thomson Reuters Eikon come at a time when Thomson Reuters is making significant changes to Eikon’s user interface that are designed to ensure that Eikon is always available across the customer’s entire workflow, no matter what application they are working in. From the beginning, Thomson Reuters Eikon has been designed to provide a powerful and intuitive next-generation solution for consuming real-time and historical data, connecting with the financial markets community and executing financial markets transactions across asset classes such as foreign exchange (FX), fixed income, commodities, equities and derivatives. It realizes Thomson Reuters vision for a financial markets desktop that is connected, informed, intelligent and open and provides access to a messaging community of over 200,000 financial professionals.

 Thomson Reuters Datastream is the industry's largest and most trusted set of macro-time series data, containing up to 60 years of history on many series, over 15 million global financial instruments and indicators, more than 17,000 different fields, and more than 95,000 active (and 130,000 inactive) securities.  Together they cover 175 countries in 60 global markets totaling over 360 million time series.



Thomson Reuters
Thomson 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 and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com.

First Investment Banking scorecard of the year by Thomson Reuters

FAST FACTS
·         Worldwide MERGER activity totals $228.2 billion for YTD 2013, up 85% compared to January 2013

·         Global Investment Grade CORPORATE DEBT falls 17% compared to YTD 2012 to $258.8 billion

·         EQUITY CAPITAL MARKETS hits $52.0 billion so far this year, up 6% compared to a year ago

·         MORGAN STANLEY holds the top spot for worldwide merger advisory with $100.9 billion from 15 deals

·         JP MORGAN accounts for 7.3% of global debt underwriting so far this year, down 1.6 market share points from 2012

·         With 9.8% share, GOLDMAN SACHS tops the ranking of ECM underwriters, an increase of 2.6 points from last year


·         Lenovo Group's $2.9 billion purchase of Google's Motorola Mobility unit marks the second acquisition by the Hong Kong-based computer manufacturer this year and pushes the level of US acquisitions by companies based in China or Hong Kong to $5.2 billion for year-to-date 2014, up from $1.7 billion a year ago.  Credit Suisse advised Lenovo on both purchases this year, while Lazard advised Motorola Mobility

·         Liberty Global's $10.9 billion bid for Dutch cable provider Ziggo NV pushes European M&A volume to $35.4 billion, up 21% compared to a year ago and the strongest year for European M&A since 2011.  The deal ranks as the largest merger in the Netherlands since RWE AG's $11.5 purchase of Essent NV in 2009

·         This week's multi-billion dollar sovereign debt offerings from the United Kingdom and Finland bring global agency, sovereign and supranational volume to $177.0 billion this year, up 1% compared to a year ago

·         Cross-border M&A, which totals $70.5 billion for year-to-date 2013, and is up 65% compared to a year ago, accounts for 31% of overall announced M&A, down from 34% last year at this time

·         Deal making activity in January 2014 totals $229.2 billion, which ranks as the strongest opening month for worldwide M&A since 2011.  Charter Communications $62.0 billion bid for Time Warner Cable, Suntory's $16.0 bid for Beam Inc and Liberty Media Group's $11.0 billion offer to purchase Sirius XM Radio bolstered this month's volume

·          Media & entertainment, consumer staples and industrials account for 56% of announced merger activity during the month of January

Thomson Reuters launches an offline legal research solution, LawTab

Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced the launch of LawTab, a comprehensive legal research solution for Android technology based tablets. Lawtab offers users an easy access to Supreme Court and High Court cases, Central and State Legislations, Circulars and Notifications, Bar Acts and other relevant eBooks enabling users to be productive and maximize their time whereever they are.

LawTab is an innovative offline legal research solution created for lawyers, judiciary, educational institutions and policy makers who are seeking information wherever they are – on the move, in the office or in meetings. LawTab, with its extensive legal content, is equipped with an intuitive search engine that allows users to conduct legal research.

LawTab allows users to regularly update the off line content by using an SD card or connecting to the Internet.

“The launch of LawTab is consistent with our goal of empowering every lawyer with access to efficient legal research. LawTab allows even those lawyers that do not have access to a PC or Internet to instantly tap into a wealth of information at the touch of a button, enabling them to quickly address their legal queries,” said Arvind Pachhapur, Country   Head of Legal business, India, Thomson Reuters  .

Thomson Reuters plans to make LawTab available at major legal bookstores in selected cities in India.


Thomson Reuters Legal business is a leading provider of critical, online and print, decision support tools, software and services to support legal, academia, policy makers and business professionals.

About Thomson Reuters

Thomson 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 and risk, legal, tax and accounting, intellectual property 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 approximately 60,000 people and operates in over 100 countries. For more information, go to http://thomsonreuters.com

Thomson Reuters acquires Omnesys Technologies Pvt. Ltd

Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced that it has acquired Omnesys Technologies Pvt. Ltd, a leading integrated provider of sell-side order management systems (OMS) and high frequency trading solutions for Indian exchange traded instruments.

The acquisition of Omnesys Technologies Pvt. Ltd. further extends and complements Thomson Reuters   financial market data desktop and feeds offering to the financial industry in India. By combining Omnesys Technologies’ market-leading sell-side order management system and high frequency trading capabilities with Thomson Reuters content, analytics, quant and event driven trading infrastructure, the company now offers Indian customers a portfolio of integrated and innovative solutions for exchange traded instruments that are tailored to their market.

Omnesys Technologies Pvt. Ltd.’ s products range from multi-asset, multi-venue trading systems, Indian market data and connectivity solutions for sell-side firms, focused on institutional, retail and proprietary trading institutions. The main product suite, Omnesys NEST™, is a platform of choice for leading institutions, brokerages and exchanges in India.



“The acquisition of Omnesys Technologies Pvt. Ltd. is an exciting step forward in expanding Thomson Reuters regional presence and demonstrates our ongoing commitment to the financial marketplace in India,” said Swarup Choudhury, managing director, India, Thomson Reuters. “Thomson Reuters is now able to offer a suite of transaction solutions to sell side institutions and exchanges in India, allowing us to seamlessly integrate this capability with our world-class content and technology. Moreover, it provides us with a new opportunity to service the Indian equities market with a powerful combination of desktop content, analytics, feeds and transaction capabilities,” he added.



"Omnesys Technologies Pvt. Ltd. is delighted to have found a strong industry leader in Thomson Reuters that shares a passion for customers and growing business in India," said Shrikant Pandit, CEO of Omnesys Technologies Pvt. Ltd.



Terms and conditions of the acquisition were not disclosed.



Founded in 1997, Omnesys Technologies Pvt. Ltd.is headquartered in Bangalore with offices in Mangalore, Chennai and Mumbai. Shrikant Pandit, managing director, Omnesys Technologies Pvt. Ltd. will continue to lead the Omnesys business and will oversee its integration with Thomson Reuters.



With a presence in India since 1851, Thomson Reuters was one of the first global financial services companies to enter the Indian financial market. Today, Thomson Reuters employs more than 10,000 people in India, its largest employee base outside of the U.S., with key offices and operations located in New Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Ahmedabad. Thomson Reuters has a diversified set of professional businesses in India including Financial and Risk, Intellectual Property & Science, Tax and Accounting and Legal.


About Thomson Reuters

Thomson 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 and risk, legal, tax and accounting, intellectual property 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 approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to http://thomsonreuters.com.


About Omnesys Technologies Pvt. Ltd.
Omnesys is a leading provider of multi-asset, multi venue trading system called Omnesys NEST. Omnesys NEST is a platform of choice for leading institutions, exchanges and brokers in India. OMNESYS NEST™ is used by more than 200 of the top financial institutions in India as well as by various exchanges which provide OMNESYS NEST™as a front office service to their customers.