- US M&A Accounts for the Majority of Weekly Worldwide Activity
US M&A activity was worth $13.9 billion for the week, bolstered by a flurry of deal announcements ahead of Labor Day in oil and gas, media and pharmaceuticals. Goldman Sachs and Bank of America Merrill Lynch each advised on just over $9 billion in deals this week.
- Government Program Lifts Weekly US ABS Volume to $16.4 billion
The weekly volume of US asset-backed securities totaled $16.4 billion, powered by $14.2 billion of offerings eligible for Term Asset-Backed Securities Loan Facility (TALF). Multi-billion dollar securitizations from the likes of Citigroup, Bank of America and Ford brought year-to-date ABS volume to $110.5 billion, a 28% decrease from last year at this time when issuance totaled $154.1 billion.
- Private Equity Bids for UK-based National Express Group
An investor group led by CVC Capital Partners announced a $1.3 billion bid for UK transport company National Express, bringing year-to-date UK private equity-backed M&A activity to $6.4 billion, a 73% decline from last year.
- Spanish Debt Capital Markets Activity up 60 percent
A $1.7 billion debt offering from Madrid-based Banco Espanol de Credito (Banesto) ranked as the largest non-agency bond offering in Europe this week. It pushed Spanish debt capital markets activity so far this year to $128.1 billion, a 60% increase over the year-ago figure.