Keeping score: Food and drink M&A, sovereign debt
Highlights from the Thomson Reuters Investment Banking Scorecard:
“Food and beverage accounts for 10% of M&A
Coca Cola’s $12.1 billion offer to purchase Coca Cola Enterprises, an Atlanta-based producer and wholesaler of bottled beverages, brings the total of M&A activity in the food and beverage sector to $32.4 billion, an increase of 257% compared to the same period in 2009.
Deals in the food and beverage industry account for nearly 10% of all global activity this year and are second only to activity in the oil and gas sector. Credit Suisse, an advisor to Coca Cola Enterprises, ranks as the top advisor in the food and beverage industry with $26.7 billion from 11 deals for year-to-date 2010.
European issuers power agency and sovereign debt market
This week’s $6.2 billion sovereign debt offering from the United Kingdom bolsters Europe’s stronghold in this market. For year-to-date 2010, European countries have issued nearly 78% of all sovereign and supranational debt with 285 issues and proceeds of $206.5 billion. The Americas region follows in second place with $23.3 billion from 52 issues. This week’s offering is the largest debt issue in the United Kingdom this year and the seventh largest agency and sovereign offering in Europe.
Japanese issuers lead follow-on offerings
Japanese companies account for the top three equity and equity-related offerings for the week, with proceeds of $1.1 billion from follow-on and convertible offerings. The two secondary offerings this week from Kawasaki Kisen Kaisha Ltd and Pioneer Corp, raising just over $770 million, pushed Japan into the top position globally for follow-on issues in 2010, with a total of $12.96 billion. Issuers from the United States have raised $12.3 billion via follow-on offerings, the second largest total for the year-to-date period.”
The weekly Investment Banking Scorecard is produced by the Deals Intelligence team, part of the Investment Advisory division of Thomson Reuters. The scorecard highlights the year’s trends in M&A, capital markets and loan issuance.