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The Oreninc Index exploded for the week ending December 19, 2013. The number of deals -- 60 -- was the most announced for a single week in 2013. Total dollars announced shot up to $213m; brokered dollars announced rose to $97.6m on seven deals, a five-week high. An optimistic aspect of this week is the multiple announcements over ten million dollars, as opposed to one deal carrying the entire week. Expect a slightly slower Christmas week as we move into the New Year.
The Oreninc Index fell for the week ending December 12, 2013. The five-week moving average fell more than it has in 13 weeks. Total dollars announced fell to $70.6m, a two-week low. Brokered dollars announced rose to $37.5m on two deals and, for the first time in seven weeks, no bought deals were announced. The Index appears to be cooling down as we head closer to the holidays and the new year.
The Oreninc Index rose for the week ending December 5, 2013. This week was mostly highlighted by the number of deals, 57, the most YTD. Total dollars announced rose to $176.6m after a slump last week. While brokered dollars announced rose to $26.6m on ten deals, it was still lower than the rate we had grown accustomed to during November; bought deals followed suit with just one deal for $5m, a seven-week low. While this week is marginally comforting after an expected down last week of November, there is some reason for pause before the previously held optimism continues.
The Oreninc Index fell for the week ending November 28, 2013. The five-week moving average was also down significantly. Total dollars fell to $44.5m for the week; $13.5m of that brokered on three deals. While a stark fall, the reduced activity was expected due to the Thanksgiving holiday in the United States. Expect for activity to pick up before the end-of-year doldrums.
The Oreninc Index dropped slightly for the week ending November 21, 2013. While this week was lower than last, the financing Index remained strong, with the five-week moving average moving to its highest level since January 3rd of this year. A total of $125m was announced for the week, $82.22m of that brokered. Even though a less active Index next week should be expected due to the US Thanksgiving holiday, it appears that the mercury is rising on the financing market as we move closer to the colder months.
The Oreninc Index five-week moving average rose to a 10-week high for the week ending November 14, 2013. This week’s performance leans heavily on broker involvement, with $163.6m announced on 13 deals, which is impressive if only for the sheer amount of deals announced -- the most in 51 weeks. Total dollars announced rose $215.2m on 30 deals; while less than last week, it is the third week of the last four that has had over $200m announced. While expectations should still be tempered, this amount of brokered deals mixed with a couple of high-dollar announcement weeks provides, at least, some momentary hope.
The Oreninc Index rebounded to its highest level in 13 weeks for the week ending November 7, 2013. Total dollars announced jumped to $260.7m, $181.1m of that brokered on six deals. Total deals also jumped up to 44, an 11-week high. These numbers eclipse even the performance of two weeks ago, which was previously one of the better-performing weeks since last winter. It is encouraging to have two out of three good weeks; still, there will need to be a couple more like this before we can even get close to where we were last year.
The Oreninc Index came back down to reality for the week ending October 31, 2013. This week’s decline is in large part due to limited broker activity, which was down to $31.7m on two deals. Total amount announced was still robust at $92m, with average deal size at $4.4m. Since we are a couple of weeks into the most active fundraising portion of the year, we remained concerned that the Index cannot stay consistent and show growth as we creep towards winter.
The Oreninc Index jumped to its highest level since August for the week ending October 24, 2013. This week's jump is due to broker involvement with $191.6m announced on eight bought deals, the most money announced through bought deals since February of 2012. While the amount of money announced in brokered deals shows some life in a market that hasn’t had much, expect continued volatility until some consistency points towards light at the end of the tunnel.
The Oreninc Index fell to a YTD low for the week ending October 17, 2013. This was mostly due to dollars announced being a YTD low of $20.4m and brokered deals announced being a 40-week low of $2.5m off of one deal. While most of this week’s numbers are discouraging, the five-week moving average and average deal size are only at three- and five-week lows, respectively. After a month of relative consistency, this week’s performance is jarring, if not surprising.
