Keeping score: Sukuk pickup, blank-cheque M&A

August 7, 2009

Highlights from this week’s Thomson Reuters Investment Banking Scorecard:

“Islamic Financing Reaches $10.9 billion

“Malaysia state oil company Petronas lifted the volume of Islamic financing for year-to-date 2009 with a $1.5 billion sukuk offering that was part of a $4.5 billion global financing package via CIMB Securities, Citi and Morgan Stanley. Year-to-date, Islamic financing volume has reached $10.9 billion, a 30% decline from last year at this time when new offerings totaled $15.7 billion.

“Issuers from Malaysia, Saudi Arabia and Pakistan have accounted for over 80% of this year’s Islamic financing activity, while Energy & Power companies have raised just over 40% of the overall proceeds in the market this year.

“Infineon Offering Marks Biggest EMEA Tech Deal

“A $1.0 billion secondary offering from Germany’s Infineon Technologies marked the biggest high technology equity offering in Europe, Middle East and Africa this year, bringing activity in the sector to $2.4 billion, a 52% increase from last year at this time.  Excluding financials, EMEA follow-on activity totals $78.5 billion for year-to-date 2009, an increase of 72% over 2008.

“Including financials, secondary offerings in EMEA total $118.3 billion, 3% decrease from the same period a year ago.

“US “Blank Check” Acquisitions down 53% from 2008

“This week’s $582 million acquisition of Resolute Natural Resources by Hicks Acquisition Co marks the second biggest acquisition by a blank check company this year, behind Liberty Acquisition Corp’s $794 million offer for Pearl Group Ltd in June.  The volume of acquisitions by US blank check companies totals $2.4 billion from 34 deals for year-to-date 2009, a 53% decline from last year at this time.

“Since 2004, US blank check companies have raised over $18 billion in the equity capital markets from 117 offerings.”

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see