3Q20 Merger Activity Surpassed $1 Trillion

“In the face of the global COVID-19 pandemic and economic lockdown, for just the eleventh time over the past 40 years, quarterly merger activity has surpassed $1 trillion during the third quarter of 2020.  Whether it’s delayed merger announcements held over from this past Spring, the arrival of opportunistic strategic buyers or private equity buyers flush with cash and friendly credit markets or the desire to strike deals before the results of the upcoming US presidential election, there’s no question that deal making strongly rebounded far earlier than expectations.

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q2 2020 hedge fund letters, conferences and more

The pace of deals, coupled with record levels of equity and debt capital raising, the resurgence of SPAC IPOs and the re-emergence of direct listings, illustrates that investment bankers have likely never been more in demand.  Corporations around the world are evaluating their post-pandemic game plans and it’s fair to say that M&A and Capital Raising will play a pivotal role in how those game plans become reality,” comments, Matt Toole, Director of Deals Intelligence, Refinitiv

David Einhorn Buys Three New Stocks: These Are The Names And Theses (Q3 Letter)

david einhorn, reading, valuewalk, internet, investment research, Greenlight Capital, hedge funds, Greenlight Masters, famous hedge fund owners, big value investors, websites, books, reading financials, investment analysis, shortselling, investment conferences, shorting, short biasDavid Einhorn's Greenlight Capital funds returned 5.9% in the third quarter of 2020, compared to a gain of 8.9% for the S&P 500 in the same period. This year has been particularly challenging for value investors. Growth stocks have surged as value has struggled. For Greenlight, one of Wall Street's most established value-focused investment funds, Read More


Q3 2020: Global Investment Banking, Merger Activity, Capital Markets, Syndicated Loans, Municipals Reviews

  • Global Investment Banking Review (full report here)
    • Global Investment Banking Fees Set All-Time Record, Up 10%
    • Record DCM Fees Up 31%, ECM Up 38%, M&A Fees Down 15%
    • JP Morgan Maintains the Top Spot for Global Investment Banking Fees
  • M&A Financial Advisory Review
    • Global M&A (full report here)
      • Quarterly M&A Tops US$1 Trillion; Worldwide Deal Making Falls 18%
      • US Target M&A Triples in Q3, Down 42% During First Nine Months of 2020
      • Deals Between US$5-US$10 Billion Increase 23%; Mega Deals Fall 33%
    • Emerging Markets M&A (full report here)
      • Emerging Markets Deal Making Falls 4%; Strongest Quarter Since 2016
      • China, India & Russia Drive More Than Two-Thirds of Emerging Markets M&A
      • Mega Deals Account for 28% of Announced Emerging Markets Value
  • Global Equity Capital Markets Review (full report here)
    • Global ECM Activity Hits All-Time High
    • Global IPOs Up 26% During First Nine Months of 2020 to Two-Year High
    • Over 1,200 Secondary Offerings Come to Market in Q3; All-Time Record
  • Global Debt Capital Markets Review (full report here)
    • Global Debt Capital Markets Activity Surpasses US$8.0 Trillion
    • Half of Top 10 All-Time Months for US Investment Grade Corporate Debt in 2020
    • Global High Yield Up 37% for All-Time Record
  • Global Syndicated Loans Review (full report here)
    • Global Syndicated Lending Declines 25% to Eight-Year Low
    • Acquisition-related Financing Falls 50%
    • Healthcare, Media, and Tech Fall over 40%
  • US Municipals Public Finance Review (full report here)
    • Municipal Bond Issuance up 23%
    • Green Bonds Increase 64%, with Record Q3
    • Taxable Municipal Bonds Triple; All-Time High