DealZone

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.”

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