DealZone

Keeping score: Airports and sovereign debt

October 23, 2009

PlaneHere are this week highlights from the Thomson Reuters Investment Banking Scorecard:
INFRASTRUCTURE FUND ACQUIRES UK AIRPORT

On Oct. 21, Global Infrastructure Partners of the US, a joint venture between Credit Suisse Group and GE Infrastructure agreed to acquire London Gatwick Airport, from BAA, for $2.4 billion in cash, in a leveraged buyout transaction.

This is sixth largest infrastructure acquisition of a UK company ever and the largest UK private equity acquisition year-to-date.

FOLLOW-ON ISSUANCE UP 30% YEAR-TO-DATE

Follow-on issuance reached $467 billion so far this year, up 30% when compared to the same period last year. Some 45% of this can be attributed to financial sector activity.

This week Qatar Holding sold a 3.4% stake in Barclays via an accelerated book build worth $2.2 billion. The shares represent half of the warrants held by the Qatari state, but it still retains a 13.3% holding in Barclays.

SOVEREIGN DEBT ISSUANCE AT ALL TIME HIGH

Agency, supranational and sovereign debt issuance reached $1,677 billion this year the largest level of activity ever. This is almost treble the level of activity for the same period last year.

UK and Italy issued two sovereign bonds this week each worth $11 billion and $5 billion respectively. The UK debt issue is the third largest agency, supranational and sovereign issue year-to-date

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