Investment Bank

Significant transactions

Worldwide mergers and acquisitions

In first half 2008, global volumes of completed mergers and acquisitions declined by 29% from first half 2007, according to Thomson Reuters. This was due to the deteriorating credit environment and volatile equity and debt markets. UBS advised on 136 transactions with a deal volume of USD 247 billion during first half 2008, down 5% from the same period last year. Key transactions announced in second quarter 2008 included:

lead financial advisor to Vodafone on Verizon Wireles's USD 28.1 billion acquisition of Alltel
joint financial advisor and mandated lead arranger to Abertis Infraestructuras S.A., Citi Infrastructure Investors and Criteria CaixaCorp S.A., in relation to a 75-year concession and lease of the Pennsylvania Turnpike for USD 12.8 billion
sole financial advisor to St.George Bank Limited on its AUD 18.6 billion merger offer from Westpac Banking Corporation

Equity underwriting

In first half 2008, deal volume in global equity capital markets saw a 20% year-on-year decline to USD 389 billion, according to Dealogic. UBS participated in 105 transactions with a deal value of USD 22 billion during first half 2008, down 40% from the same period last year. Key transactions in second quarter 2008 included:

joint lead manager and joint underwriter on Australia's third largest entitlement issue ever - a fully underwritten AUD 2.8 billion entitlement offer for Wesfarmers Limited
joint global coordinator and joint book runner on the EUR 1.6 billion initial public offering (IPO) of EDP Renovaveis, the renewables subsidiary company of Portuguese utility EDP - Energias de Portugal S.A. (EDP), the largest Portuguese IPO since EDP's own flotation in 1997
joint global coordinator and joint book runner on Brazil's largest ever equity offering, the USD 4.1 billion IPO of OGX, an independent Brazilian oil and natural gas company

Fixed income underwriting

In first half 2008, global debt capital markets issuance volumes dropped 29% compared with first half 2007, according to Dealogic. UBS participated in 692 transactions with a value of USD 143 billion in first half 2008, down 17% from the same period last year. UBS's market share improved to 5.1% in first half 2008 from 4.4% in first half 2007. Key transactions in second quarter 2008 included:

joint book runner on a USD 2.5 billion issue for Wells Fargo, its first institutional fixed income hybrid offering since November 2006
joint book runner on a USD 2.0 billion dual-tranche issue for VimpelCom, Russia's leading telecommunications operator, the largest ever US dollar bond offering by a Russian corporate
joint book runner on a USD 1.8 billion tier 1 issue for Sumitomo Mitsui Financial Group, the first public issuance of an international bank capital security by a Japanese bank since January 2007