Deals Intelligence: 07-08-08
Deals Intelligence with Matthew Toole of the Deals Intelligence Team at Thomson Reuters for the week of 07-08-08 Transcript: I’m Matt Toole with the Investment Banking Division of Thomson Reuters and this week’s Deals Intelligence highlighting trends in the US Municipal Bond Market. Volume Despite the complete deterioration of the some subsets of the market, municipal bonds were one of the few areas within the global credit markets to show positive growth over last year’s activity. As a …
Duration : 0:2:59
Posted by admin Date: Friday, April 17, 2009
Categories: Intelligent Investing
Tags: Anglin, Deals, Financial, Intelligence, Matthew, reuters, Sandy, Thomson, Toole
Deals Intelligence with Matthew Toole: 07-01-08
Deals Intelligence with Matthew Toole of the Deals Intelligence Team at Thomson Reuters for the week of 07-01-08 Transcript: I’m Matt Toole with the Investment Banking Division of Thomson Reuters and this week’s Deals Intelligence wrapping up the second quarter for worldwide mergers and acquisitions. Facing continued uncertainty in the global credit markets and a steep decline in stock markets around the globe, the volume of worldwide mergers and acquisitions totaled US$1.6 trillion dollars …
Duration : 0:3:32
Posted by admin Date: Monday, April 13, 2009
Categories: Intelligent Investing
Tags: Anglin, Deals, Financial, Intelligence, Matthew, reuters, Sandy, Thomson, Toole
Deals Intelligence with Sandy Anglin: 06-24-08
Deals Intelligence with Sandy Anglin of the Deals Intelligence Team at Thomson Reuters for the week of 60-24-08 Transcript: Hi, I’m Sandy Anglin, research analyst with Thomson Reuters’ investment banking divison, here to give you this week’s Deals Intelligence. In M&A so far this year, transactions involving US targets reached 587 billion dollars, a 38% decrease from the same period in 2007 when volume was 953 billion. When breaking the numbers down sector by sector, the gloom seems to have …
Duration : 0:2:6
Posted by admin Date: Tuesday, April 7, 2009
Categories: Intelligent Investing
Tags: Anglin, Deals, Financial, Intelligence, Matthew, reuters, Sandy, Thomson, Toole
Deals Intelligence: 07-15-08
Deals Intelligence with Matthew Toole of the Deals Intelligence Team at Thomson Reuters for the week of 07-15-08 Transcript: I’m Matt Toole with the Investment Banking Division of Thomson Reuters and this week’s Deals Intelligence highlighting recent events and trends in the US government sponsored enterprises. Media reports over the past few days have been dominated by speculation that US government sponsored enterprises, specifically Freddie Mac and Fannie Mae, will be severely affected by …
Duration : 0:2:57
Posted by admin Date: Tuesday, March 10, 2009
Categories: Intelligent Investing
Tags: Anglin, Deals, Financial, Intelligence, Matthew, reuters, Sandy, Thomson, Toole
Deals Intelligence with Matthew Toole: 06-24-08
Deals Intelligence with Matthew Toole of the Deals Intelligence Team at Thomson Reuters for the week of 06-24-08
Transcript:
I’m Matt Toole with the Investment Banking Division of Thomson Reuters and this
week’s Deals Intelligence on trends in the US investment grade credit markets.
The weakness in the global economy continues to weigh on the market for debt
new issues during the first half of 2008 as volume has fallen to its lowest levels in five
years. For year-to-date 2008, investment grade debt underwriting totals $487 billion
dollars, a 7% decrease from last year at this time, which ranked as one of the busiest
six months for underwriting activity on record. Globally, the depressed levels of
debt capital markets activity starting out the year marked the lowest quarterly
dollar volume for debt new issues since the third quarter of 2003 and the lowest number
of deals since the fourth quarter of 2000. As the environment for new deals remained
uncertain, investors fled to safety. New issues from federal credit agencies, with an
implied US federal government guarantee, have seen an increase of 86% over the first
quarter of 2007 and were the only advancing asset class over the past quarter. Battered
by the US sub-prime mortgage crisis, the market for asset-backed and mortgage-backed
securities, which includes collateralized debt obligations or CDOs, registered an 82%
decline over last year at this time.
Now over the past year, the Federal Reserve has undertaken an aggressive stance on
interest rate policy, which seems to have filtered down to the market for high-grade
new issues. In May of this year, the market for investment grade bonds saw its busiest
month for new deals ever, with over $140 billion in new offerings. It’s not clear whether
this trend will continue as we move into the typically slow summer months and the
beginning of second quarter earnings season.
With the shifting economic environment, we’ve also begun to see a shake-up in the
composition of what we term the “deals economy”, that is the financial advisors,
underwriters and law firms whose combined efforts bring new deals to the markets.
The largest shift has been in the US debt capital markets, where JP Morgan ranked first
for investment grade debt underwriting for the first time ever during the first quarter of
2008 with $27.3 billion dollars. Citi, which had held the number one ranking for 31
consecutive quarters fell to second place with $25.8 billion dollars in underwriting
assignments and its lowest ranking since the first quarter of 2001. As we look ahead to
the upcoming first-half rankings from Thomson Reuters which will be released on
Monday June 30th, the race for first place in investment grade underwriting is closer than
ever, with JP Morgan and Citi separated by less than half a percentage point. Be sure to
check our quarterly investment banking rankings available at thomsonreuters.com/league
to see the final outcome.
Duration : 0:2:33
Posted by admin Date: Friday, December 26, 2008
Categories: Intelligent Investing
Tags: Anglin, Deals, Financial, Intelligence, Matthew, reuters, Sandy, Thomson, Toole
Deals Intelligence: 07-29-08
Deals Intelligence with Sandy Anglin of the Deals Intelligence Team at Thomson Reuters for the week of 07-29-08
Transcript:
Hi, I’m Sandy Anglin with the Investment Banking Division of Thomson Reuters, here to bring you this week’s Deals Intelligence.
In the US debt markets, investment grade issuance slowed to a crawl in July. In total there were 29 issues totaling $20.2 billion in proceeds for the month. This represents the lowest monthly level since July of 2002 when volume came to $13.1 billion, and the lowest level in terms of number of issues since February 1990 when there were 20 issues. This level of activity is far cry from the $145.6 billion in issuance brought to market in May of this year, the highest level of investment grade issuance ever.
US high yield debt issuance also posted declines in the month of July. In total there were six issues with aggregate proceeds of $2.8 billion, a decline of 67% from the previous month. Additionally, the average spread paid by borrowers on high yield debt issues surged in July. The spread, or the difference between the rate on the issue and the rate on a Treasury of comparable maturity, is an indicator of the price of a security relative to a risk free security. In essence, a higher spread indicates a higher cost to the borrower for capital. In July the average spread on high yield issuance reached 783 basis points, or 7.8% over the treasury rate. In comparison, the average spread on a high yield issue was just 590 basis points in the second quarter.
The cause of the debt fall-off in July is likely two-fold. First, July is historically a slow month for the capital markets. Secondly, underwriters and investors alike are waiting to see how the high issuance of the second quarter fares before bringing additional issues to market in the current, skittish marketplace.
Morgan Stanley topped Thomson Reuter’s league table for high yield in the month of July, ranking first and serving as book runner on 3 issues totaling $726 million in proceeds. Bank of America ranked second with credit on 4 issues, the most of any underwriter, accounting for $658 in proceeds.
In investment grade issuance JP Morgan ranked first and Bank of America second, with $3.2 and 2.3 billion in issuance from 12 and 10 issues, respectively.
In all corporate issuance, that is the total of investment grade and high yield issuance, JP Morgan and Bank of America led the ranks, echoing the investment grade league table.
That’s all for this week’s Deals Intelligence. Be sure to check back next week for more insight and analysis from Thomson Reuters.
Duration : 0:2:44
Posted by admin Date: Wednesday, December 10, 2008
Categories: Intelligent Investing
Tags: Anglin, Deals, Financial, Intelligence, Matthew, reuters, Sandy, Thomson, Toole
Deals Intelligence: 07-22-08
Deals Intelligence with Matthew Toole of the Deals Intelligence Team at Thomson Reuters for the week of 07-22-08
Transcript:
I’m Matt Toole with the Investment Banking Division of Thomson Reuters and this week’s Deals Intelligence taking a look at US venture capital investments
Many industry observers and those in the media have recently begun to discuss the future of the venture capital industry in light of today’s overall economic climate, the US regulatory environment and the literal shutdown of the market for initial public offerings in the second quarter. As many of these reports have highlighted, venture capital has served as an engine for innovation and growth in the United States for many years, bringing many well-known companies into the public markets, including Intel,
Google and even Federal Express.
To measure one aspect of the venture capital industry is to look at the volume of overall investments and we’ve just recently released the second quarter MoneyTree Report from Pricewaterhouse Coopers and the National Venture Capital Association based on data provided by Thomson Reuters.
US Venture capital investments totaled $7.4 billion dollars from 990 deals during the second quarter of 2008. Activity this quarter was basically flat compared to the first quarter of this year, marking the sixth consecutive quarter of investment levels over $7 billion dollars. But demonstrating the consistent levels of investment seen over the past 18 months, first half venture capital investments totaled $14.9 billion dollars compared to $14.8 billion during the first half of 2007. By number of deals, we’ve seen a 4% increase over the first six months of last year Seed and Early stage investing dollars during the second quarter totaled $1.6 billion dollars, a 6% decrease from the investment levels seen in the first quarter.
Later stage deals saw a 15% increase over first quarter 2008, with $3.1 billion invested in later stage deals during the second quarter compared to $2.7 billion in the first quarter of 2008, By dollar volume, later stage deals accounted for 42% of all deals in the second quarter. Over the past four quarters, expansion and later stage deals accounted for 78% of all investment dollars.
The dollar value of first-time financing, or companies receiving venture capital for the first time, totaled $1.6 billion going into 301 first time deals. With 22% of all dollars invested this quarter going into first time deals, this year’s activity is down 12% by dollar volume over first quarter of 2008.
From an industry perspective, investments in the software sector, a sub-set of our IT investments category, was the top industry sector by dollars invested, with $1.25 billion dollars going into 219 deals, nearly a quarter of all deals in the second quarter. Clean Technology companies, which have received a great deal of attention as the country searches for energy alternatives reached an all-time quarterly high in investment dollars with $883 million dollars going into 65 deals.
For additional coverage on the venture capital industry, including fundraising and fund performance, be sure to check out our quarterly press releases available at thomsonreuters.com.
Duration : 0:3:1