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Investment Bank
Significant deals
Mergers and acquisitions
Merger and acquisition activity has continued its strong recovery and the first half showed the highest deal volume since 2000. We participated in many of the most significant deals of second quarter 2005, including:
lead financial advisor to independent credit card issuer MBNA on its USD 35.2 billion merger with Bank of America
joint financial advisor to cable television company Adelphia Communications on its USD 17.6 billion sale to Time Warner and Comcast
joint financial advisor and broker to ScottishPower on its USD 9.4 billion sale of PacifiCorp to MidAmerican Energy Holdings
exclusive financial advisor to Duke Energy on its USD 13.4 billion merger with Cinergy, a diversified energy company.
Equity underwriting
The second quarter ended strongly for the primary equity markets after a relatively quiet period in April and May. Underlying equity markets have been favorable and investor sentiment towards IPOs continues to improve. The strong end to second quarter has enabled UBS to finish first half 2005 as the leading equity capital markets house globally with a market share of 8.8%, according to data from Dealogic. Important transactions in the quarter included:
joint bookrunner on the EUR 2.4 billion sale of Deutsche Post shares by the German state through the Kreditanstalt für Wiederaufbau by way of an accelerated bookbuild
joint bookrunner on a USD 1.24 billion secondary offering of NAVTEQ, a navigation technology company
joint bookrunner on a USD 1.2 billion IPO of China COSCO Holdings, a Chinese shipping company.
Fixed income underwriting
Global investment grade corporate debt issuance slowed during the first half of the quarter, before rebounding in late May and June, led by financial institutions issuance. For first half 2005, global issuance was up 13% compared to the same period a year earlier, according to Thomson Financial. Key transactions included:
dealer manager for the Republic of Argentina’s USD 81.8 billion debt exchange offer, which contributed to S&P’s subsequent upgrade of the country’s long-term credit risk rating
joint bookrunner for a USD 1.0 billion perpetual non-call ten-year capital securities issue for Aegon, an insurance company
joint bookrunner on a USD 1.5 billion global issuance of three-year notes for Ford Motor Credit Corporation.
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