J.P. Morgan holds on to top spot of insurance debt offerings league table in Q3

J.P. Morgan Securities LLC remained atop the S&P Global Market Intelligence's insurance debt offerings league table through the first nine months of 2023, finishing the period with $5.89 billion in deal credit from 41 offerings.

The investment bank served as a book manager for Marsh & McLennan Cos. Inc.'s $600 million senior debt offering and Corebridge Financial Inc.'s $500 million private placement of senior debt in September. J.P. Morgan also acted as a book manager in UnitedHealth Group Inc.'s four senior debt offerings in March.

BofA Securities Inc. held on to the second spot with $4.09 billion in deal credit from 33 offerings. The company also participated as a book manager for Marsh & McLennan and Corebridge's senior debt offerings in September as well as a separate $1 billion senior debt offering from Marsh & McLennan that month.

Goldman Sachs & Co. LLC and Morgan Stanley maintained their positions in third and fourth places, respectively. Goldman Sachs ended the period with $3.34 billion in deal credit from 24 offerings, while Morgan Stanley had $3.32 billion in deal credit from 23 offerings.

Citigroup Global Markets Inc. moved up to fifth, from sixth place in 2022, with $3.0 billion in deal credit from 23 offerings.

Barclays leads common equity offering rankings

Barclays Capital Inc. led the common equity offerings league table, ending the first nine months of 2023 with $761.1 million in deal credit from five offerings. The investment bank was a book manager for Everest Group Ltd.'s $1.49 billion follow-on offering and RenaissanceRe Holdings Ltd.'s $1.39 billion follow-on offering in May.

Citigroup Global Markets and Goldman Sachs remained in second place, joined by Wells Fargo Securities LLC, which was not ranked in the common equity offerings league table in 2022. Those three companies each had $650.8 million in deal credit from two offerings, having participated as book managers for the follow-on offerings of Everest Re and RenaissanceRe.

J.P. Morgan, which was in the No. 1 spot for full year 2022, fell to sixth with $334.1 million in deal credit from two offerings. The investment bank was a global coordinator for Corebridge's $1.06 billion follow-on offering in June.

Barclays takes No. 1 spot on IPO league table

Barclays Capital emerged as the top IPO underwriter in the first nine months of 2023. The investment bank ended the period with $95.7 million in deal credit from two offerings: Skyward Specialty Insurance Group Inc.'s $154.4 million IPO in January and Fidelis Insurance Holdings Ltd.'s $210 million IPO in June.

J.P. Morgan and Jefferies LLC followed in second place with $70.0 million in deal credit each from one offering. The two participated as book managers in Fidelis Insurance's IPO.

Citizens Financial Group Inc., Piper Sandler & Co., Raymond James & Associates Inc., Stifel Financial Corp. and Truist Securities Inc. landed in fourth place, each with $25.7 million in deal credit from one offering, Skyward Specialty's IPO.

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4 deal underwriters share top spot on preferred equity league table

BofA Securities, J.P. Morgan, Morgan Stanley and Wells Fargo led the preferred equity rankings for the first nine months of 2023, finishing the period with $198.6 million in deal credit each from two offerings. The four participated in Jackson Financial Inc.'s $550 million depositary share offering in March and The Allstate Corp.'s $600 million preferred share offering in May.

Loop Capital Markets LLC took fifth place with $120.0 million in deal credit from one offering. The company acted as a book manager for Allstate's preferred share offering in May.

Citigroup Global Markets, Goldman Sachs and U.S. Bancorp Investments Inc. shared sixth with $78.6 million in deal credit from one offering, Jackson Financial's depositary share offering in March.