M&A
We have been involved with some of the biggest M&A deals in Australian corporate history. We are currently advising Rinker on the defence of the unsolicited A$16.8 billion takeover offer by Cemex, Qantas on the recommended A$11.1 billion takeover offer from a Macquarie Bank and TPG led consortium and Toll on the demerger of its transport infrastructure assets and network and supply chain businesses.
We have recently advised AGL on its defence of a hostile bid from Alinta, resulting in the A$14.4 billion merger with Alinta, PBL on the A$5.6 billion recapitalisation and partnership with CVC for its media businesses, DCA on the A$2.7 billion takeover by CVC and SFE Corporation on its A$5.6 billion merger with ASX. We have also advised Brambles on the sale of Cleanaway and Brambles Industrial Services for A$1.8 billion and the unification of its DLC structure.
In recent years we have been awarded Best M&A House in Australia by FinanceAsia, Insto Magazine, CFO Magazine and Euromoney. Over the last five years we have been the top ranked corporate adviser for M&A transactions with Australian involvement in the Thomson Financial Securities data league tables. The main aim of our work in mergers and acquisitions is to help our clients achieve their strategic and tactical objectives through identifying merger and acquisition transactions that will add value and then advising on structure, strategy, finance and capital market impacts to ensure successful transaction execution. The strong long-term relationships we have built with our clients, our sector expertise and our global reach mean we can deliver the best possible solutions.
Capital Raisings
We are a leading player in Australia’s capital markets. In 2006, UBS raised over A$11 billion through 40 separate transactions, with a leading market share of 21.2%. We consistently rank #1 in Thomson Financial's official equity capital market league tables, and have been awarded a number of industry accolades, including Australia's Best Equity House and Investment Bank of the Year by publications such as East Coles, Euromoney, Finance Asia and IFR Asia.
Working within the investment banking division, our equity capital markets team completed recent landmark transactions including the A$15.5 billion Commonwealth Government sell-down of Telstra, the raising of $1.2 billion for the Commonwealth Bank through an innovative PERLS III hybrid structure, the A$942m IPO of Emeco Holdings, and A$1.3 billion in equity and equity-linked products for Babcock & Brown.
We pioneered Jumbo Placements™ in 2001 and we continue to offer our clients innovative solutions to their funding needs.
Leveraged and Acquisition Finance
Our Leveraged and Acquisition Finance team provides clients with comprehensive global financing solutions for transaction based financings, including corporate acquisitions and leveraged buy-outs (LBOs). The team includes experienced professionals specialising in financial structuring solutions and execution of complex acquisitions. Transaction teams from our worldwide locations are formed to combine the necessary structuring, industry sector and geographical expertise to develop financing strategies that meet our clients’ global funding requirements.
Notable acquisition finance transactions include:
A$1 billion bridge facility to fund AGL Energy Limited’s acquisition of Sun Retail 1 in Queensland
A$500 million acquisition bridge facility for Babcock and Brown Infrastructure's acquisition of PD Ports, Plc
$A920 million acquisition facility bridge for MCIG's acquisition of NTL Broadcast.
We have a dedicated team for originating and executing LBOs. The team has undertaken some of Australia's largest LBOs, acting as lead arranger and underwriter for:
Publishing and Broadcasting Limited/ CVC Asia Pacific's A$5,500 million recapitalisation of PBL Media, announced in October 2006;
KKR's A$1,890 million acquisition of Brambles Industrial Services, announced in July 2006; and
CCMP Capital's A$1,150 million acquisition of Waco, announced in January 2006.
We are the clear No1 equity house in Australia, say fund managers and
our corporate clients.
Our Equities business is a gateway to the rest of the world. On the one
hand we take Australian and New Zealand companies to the world’s
largest money managers while on the other we bring a world of investment
opportunities to Australian investors. This captures the power of our
global strength and local knowledge.
Nowhere is that power more evident than our research with world class
local and global coverage.
We’re a market leader in trading cash equities, equity derivatives
and convertible securities in Australia.
We are also at the forefront of innovation with a host of new business
streams including corporate derivatives, high net worth hedging and monetisation,
retail structured products, prime broking services, hedge fund sales,
program trading.
Research
Our research coverage of Australian and New Zealand companies is second
to none.
We have the largest research team in the local market, with 54 analysts
in Australia and New Zealand covering 270 companies- 230 in Australia
and 40 in New Zealand. These companies are spread across 23 industry sectors.
We can also access the research from our 600 analysts across the globe.
This gives us great insight and the ability to make informed comparisons.
Our breadth of coverage clearly goes well beyond the Top 100 companies
in the region. The team produces research and stock ideas for both Australian
and international fund managers wanting to buy Australian and New Zealand
stocks.
Our Research team was rated # 1 in the 2002 Greenwich Survey.
Not many fixed income teams in Australia can say they’ve been around
as long as us. And it’s because we’ve been active for the
past 20 years that the local market recognises us as a dominant force.
We’re No1 in market penetration and market share and were also the
No1 lead manager of Australian domestic corporate bonds.
All the 25 top active investors in Australia cite a relationship with
us.
But just because we’re old hands at fixed income doesn’t mean
we’re not innovative – indeed, we’ve pioneered a number
of major developments in Australia including the kangaroo bond market.
And because we have a highly developed sales team who understand the market,
we know we can rely on them to explain –and sell – even the
most innovative of concepts. Few in the market have the depth of experience
and innovation as us.
We are a dominant force in domestic fixed income distribution, research,
trading and debt capital markets covering the full debt spectrum from
government bonds to the latest in innovative debt-equity hybrids. We are
a leading provider of debt capital for Australian borrowers in offshore
debt markets where we are able to leverage the global strength of UBS
for the benefit of Australian borrowers.
Fixed income’s clients include domestic superannuation funds, managed
funds, life insurance companies and banks as debt investors as well as
local and offshore governments, banks, insurance companies and other corporate
entities as debt issuers.
We were named 2002 Australian Bond House of the Year by IFR Asia.
Distribution
Fixed income sales distribute the full range of primary and secondary
debt products. The sales team, with representation in Sydney, Melbourne
and London cover major domestic investors as well as international investors
in Australian fixed income. In Australia, the investor base covers superannuation
and managed funds, life insurance companies, alternative asset managers
and banks.
Outside Australia, the investor base covers central banks, major global
fund managers and other investors in A$ and $NZ securities.
Fixed income sales product suite covers Australian dollar government debt,
corporate securities, CPI bonds, asset backed securities, structured finance
transactions as well as debt-equity hybrids.
We were rated #1 in sales, distribution and execution of corporate fixed
income products in the 2002 INSTO Research Poll.
Research
Our fixed income research covers credit, quantitative, asset-backed and
indices research.
Credit research provides analysis of Australian debt issuers for local
and international investors. The credit research team, based in Sydney,
provides analysis of over 25 major Australian debt issuers. Major credit
publications include the Fixed Income Strategy Monthly and daily Fixed
Income Early Edition.
Quantitative research provides relative value analysis on the government
and semi-government markets on a weekly basis. We also provide a weekly
analysis of the asset-backed market.
We have been providing the leading fixed income benchmark for nearly 15
years. Our bond indices are used by nearly 90% of the funds management
industry as the performance benchmark for domestic fixed income investment.
Our unparalleled coverage of secondary debt markets ensures that the integrity
of the indices is unquestionable.
Our bond indices, which originally covered government, semi-government
and corporate securities, have been expanded to include asset backed securities,
floating rate notes and debt-equity hybrids. As we have led innovation
in the market, so too it has ensured that the indices are updated to reflect
the changing market landscape.
Products and services in this web site may not be available for residents of certain jurisdictions. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker dealer. Member of SIPC.
For information as to which entity provides the services in each jurisdiction, click here.
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