BofA Investment Bank Chief Meissner Says M&A ‘Picked Up Steam’By
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.