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Unibail $25bn Westfield deal fires up retail consolidation

Europe's largest property company Unibail-Rodamco announced an agreed offer of $15.7bn for the equity of Westfield Corp, the Australian shopping centre operator, on Tuesday. The deal, which valued the enterprise at $24.7bn, was the second retail property consolidation in a week as the sector comes under the M&A spotlight, writes Nigel Owen.

  • By Nigel Owen
  • 14 Dec 2017

UK property company Hammerson offered £3.4bn for Intu, a UK and Spanish shopping centre owner the previous week. If that deal is approved it would create the second largest retail property owner in Europe, behind Unibail.

However, these are challenging times for retail property businesses. Before the ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 111,920.15 472 6.02%
2 JPMorgan 109,398.66 493 5.88%
3 Citi 87,522.27 467 4.71%
4 Barclays 76,951.08 312 4.14%
5 Goldman Sachs 74,201.23 293 3.99%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 24,290.57 109 8.79%
2 Deutsche Bank 20,527.57 75 7.43%
3 SG Corporate & Investment Banking 19,141.06 90 6.92%
4 UniCredit 15,521.61 71 5.61%
5 HSBC 14,524.88 82 5.25%

Bookrunners of European HY Bonds

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1 Goldman Sachs 5,048.40 37 7.53%
2 BNP Paribas 4,834.62 56 7.21%
3 Deutsche Bank 4,245.09 42 6.33%
4 JPMorgan 3,756.57 41 5.60%
5 Credit Suisse 3,672.86 39 5.48%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 19,149.85 147 10.24%
2 Goldman Sachs 14,216.06 100 7.60%
3 Credit Suisse 13,243.20 94 7.08%
4 Bank of America Merrill Lynch 12,775.52 117 6.83%
5 Citi 12,347.90 105 6.60%

Bookrunners of European Corporate IG Bonds

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1 HSBC 25,998.97 110 6.16%
2 BNP Paribas 24,502.49 106 5.81%
3 Barclays 24,303.18 86 5.76%
4 Deutsche Bank 22,812.36 93 5.41%
5 Citi 21,968.90 89 5.21%