Global Convertible Bond Offerings Up 58%

A $4.3 billion convertible bond offering from China's Ping An Insurance Group and a $1.3 convertible bond offering from Yahoo Inc pushed the volume of global convertible issuance to $89.8 billion for year-to-date 2013, a 58% increase compared to a year ago and the strongest year-to-date for convertibles since 2008 ($103.7 billion). Ping An's offering ranks as the second largest convertible from a Chinese issuer behind Bank of China's $5.9 billion convertible priced in 2010 and brings China's convertible bond tally to $12.8 billion this year, an all-time record.

Financials account for 30% of overall convertible bond issuance this year, followed by technology (18%) and materials (10%). JP Morgan leads the ranking of global convertible bond bookrunners with 13.2% market share, up 3.8 market share points from last year at this time.

German Divestiture Activity Hits Six-Year High

Hellman & Friedman's $2.0 billion bid for a controlling stake in Germany's Scout24 from Deutsche Telekom brings the volume of German divestitures to $58.7 billion for year-to-date 2013, a 69% increase compared to last year at this time and the strongest period for activity since 2008 ($89.7 billion). Private equity buyers account for 35% of German divestitures this year, the largest percentage for a year-to-date period since 2005, when private equity accounted for 44% of activity. Industrials, telecommunications and healthcare accounts for 57% of divestments in Germany this year, up from 22% last year.

German buyers account for 27% of divestiture activity in the country this year, down from 30% last year at this time. Buyers in Spain and the United States, account for 20% and 17%, respectively.

US, Russia, China Account for 56% of Energy M&A

Devon Energy's $6.0 billion bid for oil and gas assets from GeoSouthern Energy Corp and CEPSA's $3.6 billion bid for Houston, Texas-based Coastal Energy pushed the year-to-date volume of energy & power deal making to $309.2 billion, a 22% decline compared to last year at this time and the slowest year-to-date period for M&A in the sector since 2009 ($279.8 billion). Energy deals in the United States total $130.1 billion for year-to-date 2013, a 6% decline compared to a year ago. The US, along with Russia and China account for 56% of this year's energy M&A, up slightly from last year.

Citi, an advisor to Coastal Energy, narrowly leads the rankings for M&A advice in the energy sector this year with $55.8 billion in deals. Goldman Sachs, an advisor to CEPSA and Devon Energy this week, ranks second.

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