LONDON and NEW YORK, July 2 /PRNewswire/ --

    Thomson Reuters has released the final Q2 2009 global reviews for mergers
& acquisitions and capital markets activity.



    Announced global M&A volume stands at US$941bln for the year to date,
down 40.2% versus the same period last year and marking the lowest first half
volume since 2004. Dealmaking activity in the Financials, Materials, and
Energy & Power sectors combined for 55.5% of worldwide M&A activity.
Financial sponsor activity has reached a dramatic 12-year low of US$32.9bln,
comprising just 3.5% of global M&A activity. Goldman Sachs is the lead
adviser in this asset class globally.



    Global equity markets staged a modest resurgence in Q2. US IPO volume has
reached US$2.3bln for the year to date, with 6 venture-backed IPOs priced in
the second quarter. Meanwhile, with 6 offerings in Q2 worth US$1.9bln, Asian
IPO activity is up again after 5 consecutive quarters of decline. Follow-on
offerings reached all time high levels, with US$281.1bln in issuance for the
year to date. JP Morgan is the lead bookrunner for global equity and
equity-related issuance, both by deal volume and fees.



    The global debt markets have seen US$3.2tr in underwriting activity for
the year to date, with many qualifying institutions taking advantage of
government-guaranteed debt programs. The market for asset-backed and
mortgage-backed securities, including collateralized debt obligations,
registered a 50% decline over 2008 volume, while high yield corporate bond
issuance increased year-over-year by 96%. JP Morgan is the lead underwriter
for global bond issuance, both by deal volume and fees.



    "The fallout from the global financial crisis continues to depress
overall market activity, particularly in M&A. However, heightened capital
market activity, which historically has been a precursor for a recovery in
M&A activity, provides some cause for optimism," said Neil Masterson, Global
Managing Director of Investment Banking. "The second quarter showed a modest
uptick in IPO activity over the first quarter, with increased activity in
China and Brazil and the most significant venture-backed exit activity in the
US in 12 months. Meanwhile, the high yield debt market saw its strongest
quarter since the second quarter of 2007 as credit conditions have eased."



    With an estimated US$16.5bln earned in Q2, global investment banking fees
are up over the previous quarter for the first time in 12 months, but still
down 25% from the second quarter 2008. Completed M&A advisory fees reached
US$3.4bln in second quarter 2009, down 62% from same period last year.



The full reviews are available at www.thomsonreuters.com/league.

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