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Thomson Reuters Investment Banking Scorecard - 31 May 2013


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 report, but headlines follow.



Thomson Reuters Investment Banking Scorecard - 31 May 2013










Energy & Power M&A Falls to 4-Year Low

MidAmerican Energy Holding's $10.4 billion (including net debt) bid for Nevada-based NV Energy Inc pushed the volume of worldwide merger activity in the energy & power sector to $123.9 billion for year-to-date 2013, a 31% decline compared to last year at this time and the slowest year-to-date period for deal making in the sector since 2009. Energy M&A in the United States accounts for 50% of worldwide activity so far this year, registering a decline of 13% over last year at this time. Targets in the Oil & Gas and Power sectors account for 86% of this year's energy & power activity.

Citi leads the financial advisor rankings for worldwide M&A in the energy & power sector with $25.9 billion from 24 deals. Morgan Stanley follows in second place with $20.3 billion from 24 deals.

Convertible Offerings Rise 78% Over 2012

The pace of global convertible debt offerings is off to the strongest annual start since 2008, with $41.2 billion in new offerings so far this year, an increase of 78% compared to last year at this time. Issuers in the United States account for 35% of overall issuance this year with Asia Pacific issuers representing 29% of this year's tally and Europe representing 27%. Six sectors have seen triple-digit gains over 2012, led by media & entertainment, materials and consumer staples. Only convertible offerings in the technology and consumer products sectors have registered year-over-year declines.

Goldman Sachs, the sole-bookrunner for this week's $980.0 million offering from priceline.com, leads the year-to-date global convertible debt league tables with 10.7% market share.

Industrial Corporate Debt Up 6%

This week's $2.8 billion bond offering from Northrop Grumman brings the volume of investment grade corporate debt in the industrial sector to $77.5 billion for year-to-date 2013, a 6% increase compared to last year at this time and strongest start for the sector since year-to-date 2009. European issuers account for two-thirds of corporate debt issuance in the sector this year, while Asia represents 30% and the Americas accounts for 21%. Transportation & infrastructure and auto issuers account for 65% of this year's industrial offerings.

Morgan Stanley remains atop the list of industrial investment grade corporate debt underwriters with 8.6% market share, up from 5.7% last year at this time when the firm also ranked first.

Please click below for this week’s Investment Banking Scorecard:
http://share.thomsonreuters.com/PR/IB/Weekly_Scorecard_053013.pdf

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

Thomson Reuters
www.thomsonreuters.com


Lundi 3 Juin 2013
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