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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 JPMorgan 45,124.63 201 6.45%
2 Bank of America Merrill Lynch 39,348.09 190 5.62%
3 Citi 34,000.44 198 4.86%
4 Goldman Sachs 33,240.47 118 4.75%
5 Barclays 32,509.94 125 4.65%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 10,750.18 47 9.69%
2 Goldman Sachs 8,556.64 17 7.71%
3 SG Corporate & Investment Banking 8,358.42 35 7.53%
4 UniCredit 7,055.47 28 6.36%
5 HSBC 6,903.62 39 6.22%

Bookrunners of European HY Bonds

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1 JPMorgan 2,035.22 21 8.02%
2 BNP Paribas 2,008.60 22 7.92%
3 Goldman Sachs 1,563.07 16 6.16%
4 Credit Suisse 1,458.00 14 5.75%
5 Morgan Stanley 1,375.83 10 5.42%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 9,128.85 70 9.67%
2 Citi 6,785.07 56 7.19%
3 Bank of America Merrill Lynch 6,685.98 62 7.08%
4 Barclays 6,303.47 46 6.68%
5 Credit Suisse 6,011.71 44 6.37%

Bookrunners of European Corporate IG Bonds

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1 BNP Paribas 9,718.26 43 6.27%
2 Citi 9,615.13 40 6.20%
3 JPMorgan 9,533.28 34 6.15%
4 Goldman Sachs 8,943.16 20 5.77%
5 Deutsche Bank 8,857.89 36 5.71%