Credit Suisse Merger Arbitrage Liquid Index ETN

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  • Dec. 23, 2015, 3:41 AM
    • While the number of announced deals declined globally this year by 2.1% to 39,687, deal volume rose 40.8% to a record $4.6T, according to preliminary data from Thomson Reuters.
    • Notables: AB Inbev's $106B acquisition of SABMiller, Shell's $70B purchase of BG Group, Pfizer-Allergan's $160B tax inversion, and the $120B merger of Dow Chemical and DuPont.
    • What will happen in 2016? According to investment bankers, most of the obvious mega deals have already been explored, but the number of transactions could increase as newly merged companies sell non-core assets and smaller companies consider tie-ups to stay competitive.
    | Dec. 23, 2015, 3:41 AM | 1 Comment
  • Dec. 4, 2015, 2:26 AM
    • The blowout year for mergers and acquisitions just keeps getting bigger. According to Dealogic, global M&A volume just soared to $4.304T, pushing 2015 to date ahead of 2007's total, when the previous record of $4.296T of mergers was struck.
    • U.S. targeted M&A volume hit a record high in September and currently stands above $2T for the first time ever.
    • What's driving the dealmaking? Cheap debt, increased boardroom confidence, pressure to become more efficient in a slow-growth economy and a desire to keep up with consolidating rivals.
    | Dec. 4, 2015, 2:26 AM
  • Nov. 2, 2015, 4:17 AM
    • Although a string of megadeals were unveiled last month, dealmakers have just completed the weakest October for almost 20 years in terms of quantity.
    • According to Thomson Reuters data, $514B worth of deals were disclosed (the fifth-biggest month in M&A history dollar value), but the total number of October's deals was just 2,177, nearly 40% lower than the average.
    • The severe drop in number of deals is an alarm bell for investment banks, whose business models rely on smaller deals rather that the headline-grabbing multibillion-dollar mergers.
    • Still, with close to $4T worth of deals already announced this year, 2015 is on track to beat the all-time record of 2007, when the credit bubble helped generate $4.3T worth of transactions.
    • Previously: M&A deal activity stays on the highway (Aug. 11 2015)
    | Nov. 2, 2015, 4:17 AM
  • Aug. 11, 2015, 5:03 AM
    • Global mergers and acquisitions are on pace this year to hit the highest level on record, thanks to record buying sprees from companies on the hunt for growth.
    • According to data provider Dealogic, takeover-deals would reach $4.58T this year if the current pace of activity continues, comfortably above the $4.29T notched in 2007.
    • The latest to add to the tally is Berkshire Hathaway's $37.2B acquisition of Precision Castparts.
    | Aug. 11, 2015, 5:03 AM | 1 Comment
  • Sep. 17, 2014, 1:20 PM
    • The Stock Split Index Fund (NYSE:TOFR) began trading yesterday, marking a break from United States Commodity Funds' historical focus on commodity ETFs.
    • TOFR seeks to capture the price appreciation that can follow stock splits, using the 2 for 1 Index.
    • Other alternative
    • Other ETFs invested in company changes: CSD, NFO, RYJ, KNOW, MNA, CSMA, MRGR, ALTL, CSMB
    | Sep. 17, 2014, 1:20 PM | 1 Comment
CSMA Description
The return on the ETNs is based on the performance of the Credit Suisse Merger Arbitrage Liquid Index (Net) (the "CS Merger Arbitrage Liquid Index" or the "Index"). CS Merger Arbitrage Liquid Index is reported on Bloomberg under the ticker CSLABMN and attempts to employ a merger arbitrage strategy by using a quantitative methodology to track a dynamic basket of securities held as long or short positions and cash weighted in accordance with the index rules to reflect publicly announced merger transactions that meet certain qualifying conditions.
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