Mega Deals

February 16th, 2017 3:44 pm | by John Jansen |

Via Bloomberg:

IG CREDIT: A History of Mega IG Deals
2017-02-15 19:01:26.409 GMT

By Nico Grant
(Bloomberg) — Just two months into 2017, and there has
been one mega investment-grade deal and three more that have
come close. Investors have gotten used to issuance sizes of $15b
or more over the past two years, but it wasn’t long ago when a
big offering only happened once a year, according to data
compiled by Bloomberg.

* This year’s big deals have been dominated by tech and
telecom:
* $17b 7-tranche Microsoft offering priced Jan. 30
* $13.55b 4-part Broadcom deal priced Jan. 11
* $10b 9-part Apple issuance priced Feb. 2
* $10b 6-tranche AT&T offer priced Jan. 31

Records

* Verizon holds the record with a $49b offering from Sept.
2013
* In Jan. 2016, the debt market devoured Anheuser-Busch
InBev’s massive $46b issuance, compared to $50.55b total of
4 big deals this year so far

Looking Back

* 2009 saw the first modern mega deal, a $16.5b 6-tranche
offering by Roche
* It wasn’t until 2012 that another deal came close, with
$14.7b in 6 parts from AbbVie

* 2013:
* $49b 8-part Verizon deal priced Sept. 11
* $17b 6-tranche Apple issuance priced April 30

* 2014:
* $17b 7-part Medtronic deal priced Dec. 1

* 2015:
* $21b 10-part Actavis offering priced March 3
* $17.5b 6-tranche AT&T issuance priced April 23
* $16.7b 6-part AbbVie deal priced May 5
* $16b 6-tranche Visa offering priced Dec. 9
* $15.5b 6-part Charter Communications deal priced Jul. 9
* $15b 6-tranche CVS offering priced July. 13

* 2016:
* $46b 7-part ABIBB deal priced Jan. 14
* $20b 6-part Dell EMC offering priced May 17
* $19.75b 7-tranche Microsoft issuance priced Aug. 1
* $15.1b 6-part Abbott Laboratories deal priced Nov. 17
* $15b 6-part Teva offering priced Jul. 18

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