Thomson Reuters Investment Banking Weekly Scorecard

Retail Buyout Activity Up 76% Over 2011

The $1.8 billion buyout of thrift store chain Savers Inc by Leonard Green Partners and TPG Capital brings the value of worldwide private equity-backed M&A in the retail sector to $11.2 billion so far this year, an increase of 76% compared to last year at this time. Overall private equity-backed M&A totals $99.6 billion for year-to-date 2012, a decline of 21% compared to last year at this time. The telecommunications, retail and industrials sectors are the only industry groups to post positive gains over year-to-date 2011.

US buyout activity totals $56.6 billion for year-to-date 2012, accounting for 57% of worldwide private equity deal making, an increase of 16% compared to last year at this time. Asia Pacific buyout activity is down 52%; Europe down 41%.

China Debt Capital Markets Volume Declines 8%

The volume of debt capital markets activity from issuers in China totals $91.0 billion for year-to-date 2012, a decline of 8% compared to a year ago. This week's $3.1 billion offering from ICBC brings the volume issuance from financial issuers to $39.1 billion, or 43% of year-to-date activity, down 15% compared to last year at this time. A number of multi-billion dollar offerings from China National Petroleum Corp has pushed energy & power debt issuance to $29.8 billion in China, nearly triple the level of activity seen during last year at this time.

China International Capital tops the list for debt underwriting in China with 8.1% market share, an increase of 1.6 market share points from last year when the firm ranked third.

German Healthcare M&A Pushes Higher

A$2.2 billion bid for Hamburg-based healthcare product manufacturer BSN Medical GmbH by EQT Partners pushes the level of healthcare M&A in Germany to $8.2 billion, more than 15 times the level of deal making in the sector last year at this time. Private equity-backed M&A in Germany, which comprises 16% of overall activity this year, totals $5.2 billion, a 31% increase compared to a year ago when buyouts accounted for 12% of M&A.

Deutsche Bank holds a slight edge over Morgan Stanley for German target M&A financial advisory this year, with $12.6 billion from 11 advisory assignments. Both Deutsche Bank and Morgan Stanley advised EQT Partners in its bid for BSN Medical.