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Investment Banking Weekly Scorecard - June 1, 2012

This provides an overview of the week in M&A, capital markets and syndicated loans, with league tables, up-to-date industry and country trends, as well as top transactions for the past week. Full details can be found in the attached below, but headlines follow.

Investment Banking Weekly Scorecard - June 1, 2012
State-Owned Buyers Boost Monthly M&A

The volume of announced mergers & acquisitions totaled $205.4 billion during May, boosted by a trio of state-owned purchases which accounted for nearly 20% of monthly activity. Japan's Nuclear Damage Liability fund took over control of TEPCO in a $12.6 billion transaction, while Italy's government-controlled agency Cassa Depositi e Prestiti acquired a $4.3 billion stake in Snam SpA. Energy & Power deal making accounted for 20% of M&A during the month.

Spain's FROB's $23.8 billion takeover of Banco Financiero y de Ahorros topped the list of largest deals during the month, bringing year-to-date activity in the financials sector to $104.3 billion, a decline of 40% compared to year-to-date 2011.

U.S. Issuers Account for 33% of Investment Grade in May

U.S. companies raised $64.2 billion in the global investment grade debt markets during the month of May, more than double the activity seen during April and the second largest month for activity this year. U.S. companies accounted for 33% of global investment debt issuance in May, bolstered by multi-billion dollar offerings from Hewlett-Packard, Kraft Foods Group and United Technologies, which at $9.8 billion ranks as the largest investment grade debt offering from a U.S. company so far this year.

JP Morgan accounts for 15.1% of investment grade issuance for U.S. companies this year, down 2.0 market share points from last year at this time. Wells Fargo, which ranks fifth, has seen a 2.3 point increase, the largest move in the top 10.

@Dealintel: Japan Outbound M&A

Japan's Marubeni Corp agreed to buy US-based Gavilon Group in a deal worth $5.6 billion. Overseas acquisitions by Japanese companies has reached $31.0 billion (from 250 transactions) this year, down 9.0% from the same period last year. 24% of Japan's outbound M&A activity is in the consumer staples sector.

@Dealintel: Withdrawn IPO Activity

Ten companies have withdrawn/postponed IPO plans in the United States since Facebook’s May 17th listing, outpacing priced US IPOs for the first time since January. 46 IPOs totaling $7.7 billion have been withdrawn or postponed in Asia ex Japan so far in 2012, an increase of 33% from the $5.8 billion at this time last year.

For more information throughout the week follow us on Twitter @Dealintel

Thomson Reuters

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Vendredi 1 Juin 2012

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