Goldman Sachs remains top asset management, i-bank debt underwriter in H1'22

After a light shuffle in the pecking order, investment banking stalwarts maintained their positions as top underwriters in the financial services space.

Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities Inc. and Citigroup Global Markets Inc. were among the major underwriters for debt offerings in all sectors, according to an S&P Global Market Intelligence analysis of year-to-date capital offerings in the financial services industry.

Asset management and investment banks, brokers and capital markets

With $15.05 billion in deal credit from 112 deals, Goldman Sachs was the top underwriter of debt offerings in the asset management, investment banks, brokers and capital markets sector. The firm maintained its lead from the end of the first quarter.

Goldman worked as book manager on Northern Trust Corp.'s $1 billion senior notes offering, completed May 5.

Morgan Stanley worked on 23 deals so far in 2022 with $5.24 billion in deal credit. The investment bank worked as book manager on State Street Corp.'s $500 million senior debt offering, and as book manager on Charles Schwab Corp.'s $500 million debt offering.

Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Citigroup Global Markets and Deutsche Bank Securities Inc., among other underwriters, worked on TPG Inc.'s $1.0 billion IPO in the first quarter of 2022.

Specialty finance and mortgage real estate investment trust

Citigroup Global Markets topped the list of underwriters on debt offerings in the specialty finance and mortgage REIT realm. The company worked on 93 deals for $5.03 billion in deal credit.

During the second quarter, the company worked on Caterpillar Financial Services Corp.'s $1.25 billion senior debt offering, which was completed in May, as book manager.

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Citigroup was closely followed by J.P. Morgan Securities LLC with $4.86 billion in deal credit during the first half of 2022. The company worked on 72 deals during this period, including Capital One Financial Corp.'s $1 billion senior debt offering.

J.P. Morgan Securities was also one of the major underwriters in the sector's common stock offerings, working on four deals during the first half of 2022 for $163.10 million in deal credit.

Wells Fargo Securities LLC topped the list of common equity underwriters in the sector with $169.3 million in deal credit from five offerings.

Fintech and payments

For financial technology and payment companies, Morgan Stanley was one of the top choices to underwrite debt offerings. The investment bank worked on 15 offerings during the first six months for deal credit of $2.94 billion.

BofA followed closely with 19 deals for $2.89 billion in deal credit.

In the fintech and payments sector, no common stock offerings were made during the second quarter. EF Hutton Partners LLC and Joseph Gunnar & Co. LLC were the only companies to underwrite AppTech Payments Corp.'s $15 million follow-on common stock offering in the first quarter, which closed Jan. 4.