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Donald Trump

Trump’s first 100 days: Record-breaking U.S. M&A

There’s no question that during the first 100 days of Donald Trump’s presidency, deal makers have proven nothing but opportunistic and resilient.

Since the days of Franklin D. Roosevelt, the first 100 days of a presidency have been scrutinized for indications of how the administration will act. These are widely seen as the formative days of the following four (or eight) years of the presidential administration.

So the Thomson Reuters Deals Intelligence team decided to take a look at capital markets activity not only during the Trump presidency, but also during his immediate predecessors’ first 100 days. Their findings are fascinating: 

  • Since the election of Donald Trump, the DJIA is up 12%, the largest gain for any U.S. president since Ronald Reagan
  • $55 billion in capital has been raised in the United States during Trump’s first 100 days, trailing George W. Bush (in real dollar terms)
  • 63 Healthcare companies have tapped the U.S. equity markets, a record for a modern president’s first 100 days
  • Follow-On offerings during Trump’s first 100 days lead all modern presidents by value (though trailing Bill Clinton by number)
  • 13 M&A deals over $5bn have been announced during Trump’s 100 days; 12 for Barack Obama; 21 for George W Bush
  • Worldwide cross-border M&A is the highest recorded in these presidents’ first 100 days, with U.S. inbound and outbound M&A hitting a record
  • Energy M&A appears to flourish with Republican presidents: $62bn (Trump), $37bn (GW Bush), $3.7bn (Obama), $1.7bn (Clinton)
  • US Investment Grade and High Yield bond markets have seen record issuance during the Trump presidency’s first 100 days
  • Market volatility is relatively low, particularly in comparison to Barack Obama’s first 100 days

Matt Toole, director of Deals Intelligence at Thomson Reuters adds:

“Over the past year, corporate executives, traders and deal makers have faced an unprecedented stream of headlines, shifting macro trends and historical national elections. With some key elections behind us, an ‘uncertain clarity’ seems to have taken hold with rising markets and pro-business policies being floated from taxes to regulation: notably, healthcare, energy, industrials and financial companies are striking at rivals, raising capital and re-financing balance sheets.

Whether this activity is part of an offensive or defensive strategy, there’s no question that during the first 100 days of Donald Trump’s presidency, deal makers have proven nothing but opportunistic and resilient.”

Nearly 3,100 U.S. M&A deals announced during Trump’s first 100 days

Chart of M&A Deals announced during Trump's first 100 days from Thomson Reuters Deals Intelligence
Source: Thomson Reuters Deals Intelligence

U.S. Deal Making has been on the rise (1/20 – 4/20), Nominal

U.S. deal making on the rise - Trump 100 Days
Source: Thomson Reuters Deals Intelligence

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