The latest August 2009 deal figures are out by Thomson Reuters and they ain’t pretty.
U.S. monthly M&A activity has hit a 15-year low, with just $13bn in deals for the month. Bankers who hit the Hamptons this month didn’t miss much.
Good news is that debt and IPO markets are strengthening.
High-yield issues, meanwhile, have been met with continued investor appetite, with global high-yield bond volume seeing a 5-year weekly high of $8.9bn the week of August 9. Financial issuers are also returning to the debt markets without government guarantees, accounting for 50% of all new issues in August. Meanwhile, the robust IPO market has seen five consecutive months of multi-billion dollar offerings on global exchanges, including Everbright Securities in China and and National Hydro Electric Power in India.