NEW YORK, Jan 13,2014 (IFR) – Beam’s bonds ratcheted in by as much as 15 basis points on Monday after Japan’s Suntory Holdings made a USD16bn bid for the US spirits maker.
Beam’s 3.25% June 2023s were trading around 60p bid/55bp offered this morning, from around 70/65bp on Friday. Its 1.75% 2018s tightened to Treasuries plus 30bp mid-morning from around Treasuries plus 45bp at open.
The tightening is based on hopes that a successful bid from Suntory will trigger a change of control (CoC) covenant aimed at protecting investors against credit event risk.
Posted in 2015 Recap, Bond, Bond Market, Breaking news, Corporate Finance, Economy, emerging market, equity capital market, Equity Markets, equity trading, Events, M&A
Tagged A3, Baa2, BBB, Centerview Partners, CoC, Credit Suisse, Economy, Global Economy, Gottlieb Steen & Hamilton LLP, Home & Security, Japan, Japan's Suntory, M&A, Modern Finance Report, Moody's, Morgan Stanley, S&P, Sidley Austin LLP
“The Middle East has seen a very robust year in terms of both inbound and outbound M&A activity,” said Tom Thraya, UAE Head of Corporate/M&A for Baker&McKenzie Habib Al Mulla.”The increasing trend looks set to continue in 2015, with stable markets such as the UAE and Saudi Arabia remaining attractive to international investors. Factors such as the UAE’s increasing importance as a business hub for the Middle East and Africa, and the opening up of Saudi Arabia’s stock exchange for foreign investors in 2015, are fueling optimism for a further acceleration of M&A activity in the region.”
Data from Thomson Reuters reveals that as of 14 December 2014, the total value of Middle Eastinbound M&A activity has already surpassed 2013, increasing by 53 percent to reach USD9.5 billion. In terms of deal value, inbound acquisitions were driven by the US (49.8 percent), followed by China (10.3 percent) and Switzerland (7.1 percent). The US had the most number of transactions with 43 deals, followed by India and China, both with 8 deals.
Posted in Breaking news, Commodities, Corporate Finance, Economy, emerging markets, Events, Finance, Middle East
Tagged Business, Company, deal, Economy, entertainment, equity, financial markets, Global Economy, Middle East, Modern Finance Report, Private Equity