Bermuda Public Companies Update, January 2021

This edition of the Bermuda Public Companies Update summarises significant transactions involving Bermuda companies on the New York Stock Exchange and Nasdaq in the second half of 2020.

Global market update

2020 was characterised by the Covid-19 pandemic and yet, despite its continuing impact, global capital markets surged to all-time highs in the second half of the year. Growth in the tech sector led the way to a record US$1.1 trillion of activity for the year, while the retail and consumer sectors suffered the biggest losses. Predictably, global debt markets were busy as well. During the first nine months of 2020, issuances passed a record US$8 trillion.

M&A activity came roaring back from the lows of March. There were US$496 billion in mega transactions (over US$5 billion) recorded in Q3 – double the value recorded in Q2 – according to Refinitiv. In fact, eight of the 10 biggest deals in terms of value were announced in the second half of the year, including S