The Thomson Reuters Investment Banking Landscape as of July 12, 2013
Investment Banking - the number of Italian companies involved in mergers and acquisitions was up by 30% so far in 2013, with a total value of $30.6 billion. LVMH have acquired an 80% stake in Loro Piana SpA, the cashmere clothing producers at a cost of $2.6 billion.
Increase in Italian Investment Banking
This means that Italian involvement in the consumer staples market is up to 9% of total activity compared to only 2% this time last year. The majority of merger and acquisition activity undertaken by Italian companies this year has been in the financial, industrial, energy and power sectors, accounting for 72% of overall Italian involvement compared to 74% last year.
Dominating the field in a financial advisory capacity for the Italian mergers and acquisitions was Goldman Sachs, overtaking last year's top contributor Mediobanca and keeping Deutsche Bank off the top spot as well.
US Mergers and Acquisition Rate Falls
Despite a $2.5 billion bid by Kroger for Harris Teeter Supermarkets, the US rate of retail mergers and acquisitions has only reached $12.7 billion for the year to date. This is a decline of 31% on last year's rate, although the total US target mergers and acquisitions has reached $457.3 billion this year, which is up 21% on last year. Around 88% of all US target mergers and acquisitions are by US buyers, which is an increase on last year's 75%. At 18% of all mergers and acquisitions, healthcare is at the forefront of activity so far this year, with energy and power accounting for 15% and real estate in third with 12%.
As Harris Teeter's advisors, JP Morgan remains in the top spot for US target mergers and acquisitions, with Goldman Sachs coming in second and Bank of America Merrill Lynch coming in third in their role as sole adviser to Kroger.
Reduction in Global Investment-Grade Debt
General Electric Capital Corp has this week made a $3.5 billion corporate bond offering, the largest issuing of global investment-grade corporate bonds since June, when $6 billion was raised by Chevron. This brings the strongest weekly total for global investment-grade debt since early June, standing as it does at $14.4 billion. There has been a 3% annual decline on overall global investment-grade debt in the corporate sector, with a total of $1.5 billion to date.There has been an 18% decline in global investment-grade debt from European issuers, whilst in the US it has increased by 19% in the year to date. Morgan Stanley has moved up from sixth place to top the rankings for financial advisors involved in mergers and acquisitions.
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