Thomson Reuters Releases Third Quarter 2009 Glo...

M&A down 38% YTD but record corporate debt and equity offerings
                          brighten outlook

London/New York, 2 October 2009 - Thomson Reuters has released the
final third quarter 2009 global reviews for mergers & acquisitions
and capital markets activity.

Announced global M&A volume stands at $1.46 trillion for the year to
date, with $461.1 billion in deals announced for the quarter.
Dealmaking is still down a substantial 38% versus third quarter 2008
and is the lowest third quarter figure since 2004.  Financial sponsor
activity meanwhile has reached a 4-quarter high of $37.9 billion for
this quarter, a marked increase over second quarter but down 67% on a
full year basis.  Financial sponsor activity has comprised just 4.9%
of overall M&A activity so far in 2009, the lowest share since 2000.

In the global equity markets follow-on offerings have remained
strong, with year-to-date offerings totaling $439 billion, up 34%
versus the same period in 2008.  Global quarterly IPO volume reached
$34.4 billion, its highest level in five quarters, with Asian IPO
activity accounting for 84% of the quarterly total from 116 offerings
generating proceeds of $29.1 billion.  The global equity pipeline is
filled with $191.5 billion of planned IPO and follow-on offerings.

In the global debt markets, continued investor appetite for corporate
debt has driven year-to-date volume of investment-grade bonds
(excluding financial issuers) to $994.2 billion, marking the busiest
first nine months of the year ever and already exceeding any previous
full year volumes.  High yield bond issuance is still very active,
with $47.7 billion in global issues this quarter.  The year-to-date
total now stands at $109.7 billion, nearly triple the 2008 figure.
Meanwhile, government-guarantee schemes for qualifying firms' debt
have helped raise $807.1 billion in 15 countries since programs were
introduced in October 2008.

Issuance of syndicated loans remains anemic, with $261.9 billion of
loans issued this quarter, 61% lower than third quarter 2008.
Year-to-date global volume is $1.24 trillion, the slowest first nine
months of the year since 2000.

"For those seeking green shoots the evidence is somewhat patchy,"
said Neil Masterson, Global Managing Director of Investment Banking
at Thomson Reuters. "Despite low M&A and syndicated loan volumes,
bond markets remain very strong with record issuance in some asset
classes. Follow on offerings continue to drive equity capital markets
and there are signs of resurgence in the IPO market. M&A deal values
and fees have contracted significantly when compared to the same
period last year, although the decline in the number of deals
announced is more modest at 11%, implying that bankers are active yet
unable to close large mandates due to a lack of market confidence and
difficulty financing large transactions."

Global investment banking fees are down over the previous year with
an estimated $44.5 billion earned across all asset classes, compared
to $56.1 billion in fees for the first nine months of 2009 (a 21%
decline).  Fees from debt and equity capital markets activity
accounted for 63% of the total pool during the first nine months of
2009 compared to 39% last year.

The full reviews are available at the new Thomson Reuters Deals
Intelligence website, which provides instant access to market insight
and data powered by Thomson Reuters Deals and Private Equity
content.  In additional to league tables, Thomson Reuters weekly
Scorecards, monthly Snapshots, ad-hoc Daily Deals Insights and timely
research reports will be available here.   For immediate access
please register.


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www.thomsonreuters.com.



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