Thomson Reuters Investment Banking Scorecard - 23 August 2013

Real Estate M&A Pushes Higher, Up 40% over 2012

Germany's Deutsche Wohnen AG's $4.8 billion purchase of Berlin-based GSW Immobilien AG ranks as the largest real estate deal in Germany since Whitehall Street Fund's $5.3 billion purchase of LEG in 2008 and pushed worldwide deal making in the sector to $182.5 billion, an increase of 40% compared to year-to-date 2012 and the strongest year-to-date period for real estate M&A since 2007. United States real estate M&A accounts for 46% of activity in the sector this year, followed by Japan (9%), Canada (7.2%) and Germany and China, each with 6.8%.

Bank of America Merrill Lynch maintains the top spot for M&A financial advisors in the real estate sector this year with $20.1 billion from seven deals. Goldman Sachs follows with $15.2 billion and Deutsche Bank with $11.9 billion.

US, China and Japan Bolster Follow-On Activity

Global follow-on common stock offerings total $321.2 billion for year-to-date 2013, a 26% increase compared to last year at this time and strongest year-to-date period for follow-on offerings since 2009 ($389.0 billion). Companies in the United States, China and Japan account for 52% of overall follow-on common stock issuance this year, which has been highly concentrated in four sectors: real estate (17%), financials (16%), energy & power (16%) and industrials (13%).

Goldman Sachs ranks as the top bookrunner for global follow-on offerings so far this year, with 11.5% market share, an increase of 2.9 market share points compared to a year ago. JP Morgan follows in second place with 7.7% market share and Citi falls to third place, down from first place during year-to-date 2012, with 7.4% market share this year.

M&A Involving UK Companies Falls to 17-Year Low

The $1.6 billion bid for UK-based Edwards Group Ltd by Sweden's Atlas Copco AB brings announced any UK involvement M&A to $124.1 billion for year-to-date 2013, a 34% decline from a year ago and the slowest year-to-date period for deal making involving UK companies since 1996. Media and entertainment, industrials and real estate deals account for 45% of overall any UK involvement M&A, up from 27% during year-to-date 2013. Inbound cross-border UK M&A totals $35.6 billion, down 51% compared to last year at this time.

Goldman Sachs, Deutsche Bank and Morgan Stanley top the ranking of financial advisors for any UK involvement M&A this year. London-based Barclays has fallen to eighth place so far this year, down from third place last year at this time.

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