Morgan Stanley remains top bank common equity underwriter in H1

Morgan Stanley retained its position as the top underwriter for common equity offerings in the U.S. bank and thrift industry at the end of the first half of the year, totaling $377.1 million in deal credit from two transactions.

Common equity offerings

Morgan Stanley worked on a follow-on offering by Bank of Montreal for $130.7 million in deal credit and an offering by New York-based Signature Bank for $246.4 million in deal credit, according to S&P Global Market Intelligence data.

Stifel Financial Corp. unit Keefe Bruyette & Woods Inc. ranked second with $348.6 million in deal credit from four offerings, and Raymond James & Associates Inc. jumped to the No. 3 spot from fifth position at the end of the first quarter due in part to its work on a follow-on offering by Rosemont, Ill.-based Wintrust Financial Corp. that pushed its deal credit total to $329.0 million.

Goldman Sachs & Co. LLC and RBC Capital Markets LLC landed in the fourth and fifth spots, respectively. They worked on two deals each for $296.4 million and $279.0 million in deal credits, respectively.

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IPOs

In IPO ranking, Keefe Bruyette & Woods remained at the top after underwriting a $52.9 million offering.

Piper Sandler & Co. ranked second for its work on two deals totaling $43.4 million in deal credit. One deal was Mineola, N.Y.-based Hanover Bancorp Inc.'s IPO, which was completed in the second quarter.

Debt offerings

BofA Securities Inc. led debt offerings in the bank and thrift space after working on 76 deals for a combined $28.70 billion in deal credit. BofA underwrote its parent company Bank of America Corp.'s $4 billion fixed-income offering during the period.

Preferred equity offerings

BofA Securities was also the top preferred equity underwriter through the first half, with $4.70 billion in deal credit from four transactions.

Three of those deals were by Bank of America, and the fourth was a depositary share offering by PNC Financial Services Group Inc.

Thrift mutual conversions

Janney Montgomery Scott LLC topped the thrift mutual conversion ranking after underwriting one offering for $133.2 million in deal credit.