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Investment Bank
Significant deals
Mergers and acquisitions
The momentum of mergers and acquisition activity continues to be strong, with global announced deal volumes rising 45% on the same period last year. In first quarter 2006, we advised on a total of 92 transactions with a deal volume of USD 208.7 billion. Our deal volume increased by 92% compared to the same period last year, more than twice the market’s growth. Transactions this quarter included:
– joint financial advisor to a consortium led by Cerberus Capital Management, joined by Supervalu and CVS Corporation, in the acquisition of food-drug retailer Albertsons, for USD 17.4 billion
– joint advisor to Arcelor relating to the EUR 24.7 billion unsolicited offer by Mittal Steel
– sole financial advisor to Vodafone Group on the GBP 8.9 billion sale of Vodafone Japan to Softbank.
Equity underwriting
In first quarter, global equity capital market volumes rose 25% compared to the same period last year. We were bookrunner for 12 initial public offerings, 45 secondary offerings and 12 convertible deals, translating to a 6.5% global market share and a fourth place in the league tables, according to Dealogic. Notable deals this quarter included:
– joint bookrunner in the USD 531 million secondary offering of Weight Watchers International
– sole bookrunner for USD 2.2 billion of mandatory exchangeable notes convertible into shares of Time Warner
– joint bookrunner on the GBP 250 million initial public offering of HSBC Infrastructure Fund.
Fixed income underwriting
Conditions in the primary bond markets continued to improve, following the trend seen in the second half of 2005. Global market issuance increased by 19% over the same period in 2005 and was up 39% on last quarter. As funding costs remain attractive on an historical basis, we expect volumes to remain robust into second quarter 2006. Key highlights included:
– joint bookrunner on J. Sainsbury’s GBP 2.1 billion issue of commercial mortgage backed securities and its GBP 1.7 billion tender for outstanding unsecured bonds
– joint bookrunner on Deutsche Telekom’s USD 2.5 billion multi-tranche issue
– joint bookrunner on the Republic of Philippines’ USD 2 billion issue due 2030.
TopImportant legal information - please read the disclaimer before proceeding.
Products and services in these webpages are not available for US persons, for the exclusion of residents of other nations see the disclaimers relating to the actual services.
© UBS 1998-2009. All rights reserved.
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