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Investment Banking Weekly Scorecard - May 18, 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 - May 18, 2012

Facebook's Listing Dominates YTD US IPO Activity

Facebook's initial public offering raised $16.0 billion on Nasdaq on Thursday evening, raising more capital in one listing than all of the combined US IPOs this year ($12.1 billion). For year-to-date 2012, US IPO activity totals $28.1 billion, an increase of 50% compared to last year at this time. Including the full share overallotment, Facebook will raise $18.4 billion, marking the second largest initial public offering in US history, behind Visa's $19.7 billion offering in 2008.

The offering, which ranks as the largest technology IPO on record, boosted global technology- related equity capital markets volume to $33.2 billion for year-to-date 2012, an increase of 63% compared to a year ago.

European M&A Down 19%; WW M&A Falls 30%

Two European M&A deals top the list of worldwide deal making this week, bringing year-to-date European M&A volume to $245.3 billion, down 19% compared to a year ago. M&A activity in Switzerland, the United Kingdom, Germany and Russia accounts for 62% of this year's announced volume, while cross-border deals involving European targets total $130.6 billion, or 55%of year-to-date volume.

The $4.1 billion purchase of Germany's Open Grid Europe GmbH by an investor group brings the volume of energy & power M&A in Europe to $39.6 billion, a decline of 36%. Agilent's $2.2 billion bid for Denmark's Dako pushes European healthcare M&A to $19.3 billion, more than double the activity seen during year-to-date 2011.

Withdrawn Deals Tick Up; US M&A Down 46%

Coty's $12.8 billion withdrawn bid for Avon Products brings the level of withdrawn M&A activity in the United States to $55.4 billion from 45 deals, a 3% increase compared to last year at this time and the biggest year-to-date period for withdrawn M&A activity in the US since 2008. Overall announced deal making in the US totals $245.8 billion this year, down 46% compared to last year at this time and the slowest year-to-date period for US M&A since 2003 ($129.7 billion).

Boyd Gaming Corp's $1.4 billion purchase of Peninsula Gaming ranks as the largest deal in the US this week, and brings US M&A in the media sector to $10.5 billion, a decline of 46% compared to last year at this time.

Thomson Reuters

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Vendredi 18 Mai 2012