Investment Banking Scorecard from Thomson Reuters – 14 November 2014

Please click below for this week’s Investment Banking Scorecard.

FAST FACTS

· Europe M&A activity totals $742.3 billion, up 56% compared to YTD 2013
· Financials M&A totals $287.0 billion during YTD 2014, up 49% from a year ago
· US Investment Grade DCM activity increases 5% compared to year ago levels
· Technology ECM totals $98.0 billion during YTD 2014, up 66% from a year ago
· Global ECM hits $762.2 billion so far in 2014, up 13% compared to last year
· Media & Entertainment DCM totals $72.2 billion this year, down 2% compared to 2013

- Berkshire Hathaway's $4.7 billion bid for Duracell International and BB&T Corp's $2.5 billion offer for Susquehanna Bancshares pushed US target deal making to $1.35 trillion for year-to-date 2014, a 53% increase compared to a year ago and the strongest year-to-date period for US merger activity since 2007. Energy & power, healthcare, media and technology targets account for 63% of US activity this year, up from 44% a year ago. Goldman Sachs, which advised Duracell this week, is the top US target M&A advisor this year, followed by Barclays and Morgan Stanley.

- Axalta Coating Systems raised $1.1 billion in its initial public offering this week on the New York Stock Exchange and brought the number of newly listed US companies to 206 for year-to-date 2014, an 11% increase compared to this time last year and the strongest year-to-date period, by number of IPOs, since 2000. By proceeds, US companies have raised $48.6 billion so far this year, a decline of 1% compared to a year ago. Axalta is the 11th $1 billion-plus initial public offering this year -- an all-time record for US listings in the $1 billion-plus range. Morgan Stanley, which was one of eight bookrunners on the Axalta listing, leads US IPO underwriting so far this year, with 11.1% market share, up 8.0% and sixth place last year at this time.

- An $8.8 billion offer from Bain Capital and Apax Partners for the PT Portugal business of Brazil's Oi marks the third competing offer involving European telecom assets this year. Global telecom M&A totals $135.3 billion for year-to-date 2014, a 46% decline compared to a year ago

- Gilead Sciences tapped the investment grade corporate debt market for the second time this year with a $4.0 billion offering and pushed high grade corporate debt issuance in the healthcare sector to $73.2 billion for year-to-date 2014, a 35% increase compared to a year ago. Pharmaceutical and biotech issuers account for 54% of overall healthcare activity this year, down from 58% during year-to-date 2013. JP Morgan, which underwrote this week's Gilead offering along with Bank of America Merrill Lynch, HSBC and Barclays tops the list of global healthcare underwriters with 17.1% market share

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Thomson Reuters
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