BofA Securities retains lead as top utility debt underwriter through H1'22

BofA Securities Inc. retained its spot as the top debt underwriter for the North American utility sector through the first half of 2022, according to an S&P Global Market Intelligence ranking by deal credit.

BofA Securities served as a book manager for 32 debt offerings with a total deal credit of about $3.36 billion through the second quarter of the year, the analysis shows.

MUFG Securities Americas Inc. moved up to the second spot, serving as a book manager for 27 debt offerings with a total deal credit of about $2.34 billion.

Mizuho Securities USA LLC ranked third, working on 30 offerings at a total deal credit of about $2.30 billion as of the end of the second quarter.

In May, Southern Co. subsidiary Georgia Power Co. issued $1.50 billion of senior notes in two tranches comprising $700 million of series 2022A 4.70% notes due May 15, 2032, and $800 million of series 2022B 5.125% notes due May 15, 2052.

BofA Securities, Mizuho Securities and MUFG Securities served as book managers on the offerings. The firms were joined by PNC Capital Markets LLC, Scotia Capital (USA) Inc., Siebert Williams Shank & Co. LLC and Truist Securities Inc. as underwriters. Several investment banks and brokers also served as co-managers for the fixed-income offerings.

J.P. Morgan Securities LLC held onto its ranking as the top book manager for common equity offerings among U.S. and Canadian utilities in 2022 as of June 30, the analysis shows. J.P. Morgan served as an underwriter for three common equity offerings with a total deal credit of about $339.9 million.

BofA Securities, RBC Capital Markets LLC and Wells Fargo Securities LLC each served as book managers on two offerings through the first six months of 2022.

All four firms served as joint bookrunning managers on ALLETE Inc.'s $201.6 million follow-on common stock offering completed March 31. The underwriters also exercised an overallotment option on April 5 to purchase up to an additional 480,000 shares of common stock at $63 per share, raising the offering to about $231.8 million.

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