- High-yield debt, leveraged finance also showing improvement
- Activity accelerating after typical summer lull, Meissner says
Bank of America Corp. has seen an increase in mergers and acquisitions in recent months, along with improvements in high-yield debt and leveraged finance, according to Christian Meissner, global head of corporate and investment banking.
“The third quarter is proving to be a better quarter from a revenue and activity perspective,” Meissner said Monday at an investor conference in New York. “M&A has picked up steam.”
Deals have accelerated “again a little bit after a lull over the summer,” he said, adding that businesses related to risky debt have seen “significant improvements” and “a much better level of activity.”
The market took a hit earlier this year as the U.S. Treasury cracked down on so-called inversion transactions and U.K. voters opted to leave the European Union. More than $370 billion of deals that had been announced were canceled in the second quarter, according to data compiled by Bloomberg.
The investment-bank chief said that the company expects to gain share in capital markets and underwriting, matching success it’s had in selling deals advice.
“When I look at the pipeline, when I look at the levels of activity going forward, it actually looks much, much better,” Meissner said.