Insight

DCM Highlights: First Quarter 2019

Bond markets slow down Global DCM  markets started 2019 with moderate performance, as the first quarter of the year saw a 4.4% decrease with respect to the same period in 2018. A total of $1.89tr was sold in Q1 via 5,152 deals (vs. $1.97tr and 6,012 in Q1 2018). Despite a year-on-year decline, the current […]

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M&A Highlights: Q1 2019

EMEA leaves it late and APAC remains quiet; valuations low Q1 2019 started off in style, with Bristol-Myers Squibb announcing a $96.8bn offer for US-based Celgene Corp just three days into the new year. Since then global M&A volume has been somewhat underwhelming. However, a late volume resurgence during the last two weeks of the […]

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Loans Highlights: First Quarter 2019

Global loans in free fall Global syndicated loans volume reached $927.6bn in Q1 2019, plunging by 31.7% from Q1 2018 with activity dwindling from 2,739 to 1,857 deals YoY. Q1 2019 volume, which ranks as one of the worst Q1 since 2012, has seen a slump in both volume and activity across all regions. Volume […]

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ECM Highlights: 2019 Q1

Global Perspective Macroeconomic factors had a major impact on global IPO issuance in 2019 Q1. Global IPO volume stood at $17.3bn via 222 deals, representing a 65.8% decrease from 2018 Q1 ($50.5bn via 369 deals) and a 67.8% decrease from 2018 Q4 ($53.7bn via 372 deals) as varied macro factors combined to produce an overall […]

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Some privacy please

In 2018, global going-private M&A reached a record $154.3bn in volume with 164 deals. The Americas region was the biggest contributor to the record, with deal volume of $83.6bn. The Americas had a 32.9% increase in deal volume year over year ($62.9bn in 2017), followed by a 25.3% increase in the EMEA region ($34.0bn in […]

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Silver Lining of Chinese Tech Companies

China IPO Languished After the Chinese government imposed a stricter IPO approval process last year, the number of Chinese A-share IPOs plunged 76.6% compared with 2017, resulting in a 52.2% drop in the overall Chinese onshore ECM volume. Amidst the downturn in the domestic market, 117 Chinese companies applied to list offshore, marking the highest […]

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China welcomes perps to bank capital

Chinese banks join the perpetual club On January 25th Bank of China sold a CNY40bn ($5.94bn) perpetual bond (perp) to investors in the onshore market.  The deal is the first of its kind issued by a mainland commercial bank.  It was well subscribed, as offshore investors were also able to purchase notes through Bond Connect, […]

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Loans Highlights: Full Year 2018

Global Landscape – Jumbo* deals on the rise Global syndicated loans volume reached $5.28tr in 2018, up by 10% from 2017 despite a fall in activity from 10,180 to 9,733 deals. 2018 volume has been cushioned by jumbo deals which saw a marginal year-on-year rise in activity by 58 deals, yet volume jumped more significantly […]

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DCM Highlights: Full Year 2018

Bond markets reduce gear Global DCM markets started 2018 with a strong performance despite growing concerns of weakening conditions brought by raising rates and political instability. The first two quarters saw $1.98tr and $1.80tr of bonds distributed amongst investors. Q3 also beat expectations and reached $1.56tr of issuance. Despite this, the activity in the last […]

Insight

ECM Highlights: Full Year 2018

Global Perspective As was hoped coming into the year, 2018 did see one of the largest IPOs ever, but it wasn’t the name widely touted at the start of the year. With the Saudi Aramco IPO currently on hold, it was instead Softbank Corp which raised $21.3bn becoming the 4th largest IPO on record. This […]