·Nine Consecutive Weeks of IPO Filings in the US
Since late June, 32 Companies have filed to go public on US stock exchanges, marking nine consecutive weeks of IPO filings and the longest streak in over a year. Notable names include Hyatt Hotels, Dole Foods, Dollar General and Ancestry.com.
·US Debt Capital Markets Activity Breaks Even
The volume of new debt offerings from US issuers totals $1.5 trillion for year-to-date 2009, exactly even with volume last year at this time. US High Yield activity is up 139% over 2008 levels, totaling $72.4 billion from 166 offerings.
·Porsche-Volkswagen Tie-up Boosts M&A Rankings
As Porsche and Volkswagen prepare to merge operations, eight investment banks secured advisory roles in the transaction, boosting worldwide M&A rankings. Most notably, Citi moved up one spot to third, while UBS moved to seventh from ninth.
·Switzerland Sells 9% Stake in UBS
The Swiss government sold a 9% stake in UBS on Thursday, raising $5.1 billion in proceeds and topping the week’s list of biggest equity offerings. European follow-on common stock activity totals $125.1 billion, a 15% increase over last year at this time.
·Investor Group Raises Stake in Cathay Pacific Airlines
An investor group comprised of Air China and Swire Pacific acquired an additional 14.5% stake in Hong Kong-based Cathay Pacific Airlines in a deal valued at $948.2 million. Year-to-date, Hong Kong target M&A totals $14.1 billion, a 76% decrease from 2008.