An overview of the week in M&A, capital markets and syndicated loans — with league tables, up-to-date industry and country trends, as well as top transactions for the past week — from the Deals Intelligence team at Thomson Reuters:
South Korean Offering is Third Largest IPO of the Year
The recently announced $1.6 billion IPO from Korea Life Insurance Co is the largest South Korean IPO of the year and the largest offering from a South Korean company since January 2006. The listing is also the third largest global IPO in 2010. Year-to-date, IPOs in South Korea total nearly $1.9 billion from 13 issues, up nearly seven times from the same time last year. This IPO bolsters South Korea’s ranking in the global IPO market, accounting for 8% of total proceeds this year.
MetLife Announces Largest Acquisition on Record
US-based MetLife Inc’s $15.5 billion announced acquisition of American Life Insurance Co Inc from AIG is the company’s largest acquisition on record. So far this year, insurance M&A activity in the United States totals $18.7 billion, just over 11% of total United States M&A. Overall, M&A transactions in the United States are up 12% from the same time last year and deals in the global insurance industry are up over six times compared to 2009.
Securitizations Boost Global Debt Markets
With year-to-date securitized issuance up nearly three-fold so far in 2010, mortgage and asset-backed securities account for 12.1% of overall activity this year, compared to 2.6% for year-to-date 2009. Overall activity in the global debt markets is down 15% from the same time last year. With a nearly $1.1 billion mortgage-backed offering from UK-based Fosse Master Issuer Plc, securitized issuance is up over 500% in Europe from the same period last year.