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Investment Bank
Significant deals
Mergers and acquisitions
Merger and acquisition activity increased significantly as the recovery that started at the end of last year continued into first quarter. Key transactions in the quarter included:
joint financial advisor to global consumer goods company Gillette on its USD 57 billion sale to Procter & Gamble
exclusive financial advisor to global mobile telephone communications service provider Vodafone Group on its USD 4.4 billion acquisition of a 79% stake in the second largest mobile operator in Romania, MobiFon, and 100% of Oskar Mobil, the Czech Republic’s third largest mobile operator
lead financial advisor to Australian-based WMC Resources for a recommended USD 7.7 billion takeover bid from BHP Billiton, a global resources company.
Equity underwriting
According to Dealogic, global equity capital markets issuance was down 16% in first quarter compared to the same period a year earlier. Important transactions in the quarter included:
sole bookrunner on a USD 2.0 billion equity placing for Standard Chartered to partly finance its all-cash USD 3.3 billion acquisition of Korea First Bank
joint bookrunner on the USD 800 million initial public offering and a USD 240 million convertible equity issue for Celanese, a global chemicals company
sole bookrunner on a USD 560 million block trade in the Indian market for Bharti Tele-Ventures, the country’s leading private sector provider of telecommunications services.
Fixed income underwriting
In first quarter, issuance of US investment grade bonds increased 14% compared to the same period a year earlier, with developments largely driven by increased activity in the financial institutions sector. We participated in the following key transactions:
joint bookrunner on a USD 1.25 billion global 20-year bond issue for the Republic of Brazil
joint bookrunner on a GBP 750 million 19-year bond issue for Network Rail Infrastructure Finance, the owner and operator of the UK’s national rail infrastructure network
joint bookrunner on USD 500 million seven-year corporate bond offering for Korean-based Hanaro Telecom.
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