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Welcome to PwC's Capital Markets Watch weekly for the week ending Thursday, March 23, 2017. This
snapshot of the IPO and the high-yield debt markets in the US includes issuances for the last week and a look
forward. We hope you find the information helpful in staying up to date on new issuance activity. Please reply
to this email if you would like to subscribe others to this weekly email.
For companies considering an IPO or high-yield debt offering, it is useful to understand how quickly
windows of opportunity can open and close, making it important to be well-prepared to enter the market
when that moment arrives. Having solid economics, strong fundamentals and a well prepared story to market
can provide a great foundation for a successful offering.
2 IPOs priced raising $1.0bn
10 high-yield debt issuances for $5.4bn
IPO Market: The US IPO market saw weekly proceeds raised exceed $1 billion for the fifth time this year,
with two IPOs raising $1 billion. Weekly deal value was driven by the largest SPAC IPO in 10 years, which
raised $900 million. Filing activity dipped slightly with three companies filing publicly and there are two
transportation & logistics IPOs expected on the two-week forward calendar. In the broader markets, indices
slid with the S&P 500 closing down 1% for the week.
High-Yield Debt Market: The US high-yield debt market continued to decelerate this week with 10
issuances raising $5.4 billion, with almost half the proceeds being raised in BWAY Holding’s $2.7 billion two-
part issuance to back the acquisition of Mauser. Declines in primary issuances, as well as sector concerns in
retail & consumer and energy, saw choppy trading in the secondary market. The pipeline is also light with
only two companies expected to raise approximately $2.1 billion.
Automotive: No IPOs priced, 2 high-yield debt issuances for $520m
High-yield debt issuances
Dana (auto parts & equipment) issued $400m 144A for life 5.75% (BB) 8-year unsecured senior
notes to refinance e