Chasing the Tortoise

Thomson Financial has compiled a wide array of market data for August, but there is a unifying theme: The month was slow. Very, very slow.

Here is the Capital Markets Snapshot:

Here is the M&A Snapshot, which includes breakout data for financial sponsor-backed transactions.

Here are some of the lowlights, for those to lazy to download:

M&A
*
US & European M&A Activity Falls to 2 Year Low.
* Asia Remains Mostly Unaffected by Recent Events – Asian M&A is down only 6% from Aug 06 and is still on course to be the busiest year on record.
* Mega Deals Crumble in August – Only one M&A deal above the $5 billion mark in August.  

Financial Sponsors
*
Financial Sponsor M&A Down 64% Year on Year – Global financial sponsor M&A fell to its lowest monthly activity since Feb 2005.
* Pending LBOs are worth $427 billion.
* US Financial Sponsor M&A at 3-year-low – US target financial sponsor M&A reached $4.2 billion in August, down 68% from the same month last year.   

Loans
*
Sponsored Backed Loans Down 47% in August – Global sponsored loan issuance reached $25 billion from only 25 deals, down 47% from August 2006.
* $332 billion Worth of Sponsored Loans pending syndication.
* Global Leveraged Loans at a 6-Year Low – 104 leveraged loans issued in August, the lowest level since October 2001.  

Equity
*
Global IPO volume reached $7.4 billion – up 10.5% from August 2006, driven by US issuance.
* European ECM activity hits a 12 months low – only 46 issues, down from 148 in July.
* IPO Pipeline – 204 European IPOs worth over $38bln planned at the end of August, Asia: US$61.7 billion worth of IPOs planned before the end of the year, US: US$23.4 billion by the end of Q3. 

Debt
*
High Yield Bond Issuance Comes to a Halt – only 2 High Yield bonds issued globally in August.
* US Investment Grade Bonds Bounce Back – Investment Grade Bonds reached $83 billion in August, up 212% from July 07 and up 23% from August 06.
* Securitization On a Low – Global Securitizations reached $79.9 billion through 101 issues, down 65% from August 2006.