Insight

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 […]

Insight

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 […]

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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 […]

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M&A Highlights: Full Year 2018

Boutiques keep pressure on investment banks During 2018, advised global M&A volumes reached $3.35tn, its highest levels since the renowned M&A record-breaking year of 2015 ($3.63tn). Boutique M&A financial advisors increased the pressure on the global investment banks after increasing their share of global M&A volume to 40.9%, equating to $1.37tn in total volume, the […]

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Europe DCM resilient in times of change

Business as usual for European corporates Despite the prospect of tough tariff agreements with the United States and the uncertainty surrounding Brexit, European firms are still actively tapping the bond market. The appetite for international bonds has remained strong with European corporate DCM volume up 5% year-on-year to $439.6bn—the second-highest YTD level on record ($511.3bn […]

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First 9 Months DCM Highlights

DCM credit starts to drain in Q3 On the back of a weak third quarter, global bond markets started to see signs of exhaustion, and saw deal flow in the first 9 months of the year drop to a 9-year low of 16,217 transactions (14,985 deals in F9M 2009). Though volume of $5.24tr ranked well […]

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First 9 Months Loans Highlights

Global volume—a tale of two cities A total of 6,984 syndicated loan facilities were completed in the first 9 months of 2018, down 9% on the comparable 2017 period and a 6-year low for deal activity (6,563 loans in the first 9 months of 2012). Global loan volume on the other hand, reached $3.81tr, which […]