Debt Captial Markets: 2023 Year-To-Date and Full Year 2022
Year-to-date, in 2023 Blaylock Van participated in 19 transactions totaling $65.5 billion in notional volume. We are proud to have served as Co-Manager on the two largest debt deals year-to-date, Amgen’s $24bn 8-part and Intel’s $11bn 7-part transactions, in February 2023. Notably, the Amgen Inc. transaction was also the 9th largest print on record and 6th largest peak order book on record. In addition, we are proud to be the only D&I firm included on the $2.5 billion Bank of Montreal transaction in January 2023.
In 2022, Blaylock Van reported 23% growth in notional deal volume year-over-year, with 67 debt capital markets new issues representing close to $186 billion notional. From 2018 to 2022, Blaylock Van’s closed transactions increased by a CAGR of 23% in terms of number of deals, and by 50% in deal notional value.
Notable debt capital market deals included serving as co-manager on Magallanes’ $30 billion transaction, a mega-transaction that opened the new issuance market in Q1’22. This was the fifth largest corporate bond in industry history and the largest deal in 2022. Blaylock Van also served as co-manager on PG&E Wildlife Recovery Funding LLE Series 2022-B $3.9 billion Rate Reduction Bond Securitization. Within the utilities space, securitization is likely to gain in popularity as costs to address natural disasters rise. Also, as initiatives to transition to new sustainable energy sources progress, there is an effort to securitize fossil fuel plant retirement costs.
We truly appreciate the partnership with our clients and their continued support of diversity and inclusion in their capital markets activities.