Goldman retains top spot in asset management, i-bank debt league table in 2022

With $23.05 billion in deal credit across 178 offerings, Goldman Sachs & Co. LLC led the way for underwriting debt offerings for the asset management and investment banks, brokers and capital markets sector, topping the list for the third year in a row, according to S&P Global Market Intelligence data. The New York-based unit kept its lead through three consecutive quarters of 2022.

Asset management and investment banks, brokers and capital markets

Goldman Sachs worked on 29 deals in the fourth quarter of 2022. The firm served as book manager for Northern Trust Corp.'s $1.0 billion junior subordinated debt offering, completed Oct. 26, 2022. Citigroup Global Markets Inc. also served as a book manager on that deal. It was the top debt underwriter for the sector in 2022's fourth quarter, with $2.87 billion in deal credit across 46 assignments.

Citi worked on a total of 169 debt offerings in 2022, with $9.06 billion in cumulative deal value. Its fourth-quarter deals included The Bank of New York Mellon Corp.'s $1.5 billion senior debt offering, on which Citi served as a book manager.

Morgan Stanley & Co. LLC underwrote 43 deals for combined deal credit of $9.77 billion to take second place on the list in 2022.

MUFG Securities Americas Inc. and Loop Capital Markets LLC occupied the fourth and fifth positions, respectively, among the top debt underwriters in the sector.

Unfavorable market conditions led to a lull in IPO activity in 2022. BMO Capital Markets Corp. underwrote TPG Inc.'s $1.1 billion IPO in January 2022, the sole offering in the sector during the year, and it was also the top underwriter in the common equity space in 2022.

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Financial technology and payments

In terms of deal credit, BofA Securities Inc. emerged as the top debt underwriter in the financial technology and payment space with deal credit of $4.15 billion across 55 offerings.

Citi and J.P. Morgan Securities LLC each worked on 102 deals, but Citi occupied the No. 2 position in the debt underwriter list with $3.91 billion in cumulative deal value. J.P. Morgan Securities pulled in $2.54 billion in aggregate deal credit.

Citi, Goldman Sachs and Mizuho Securities USA LLC were book managers on American Express Co.'s $1.5 billion senior debt offering, completed Oct. 31, 2022.

Morgan Stanley, which ranked second through the first three quarters of 2022, moved down one position during the fourth quarter to finish in third for the entire year with $3.25 billion in aggregate deal credit from 94 deals.

Specialty finance and mortgage REIT

In the specialty finance and mortgage real estate investment trust space, J.P. Morgan Securities LLC was the top debt underwriter with $6.60 billion in cumulative deal value from 41 offerings.

BofA Securities came in a close second with $6.59 billion in deal credit across 49 debt offerings.

Morgan Stanley worked on 121 debt underwriting assignments in 2022, which was the highest in the group, bringing in $3.79 billion in deal credit.