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Capital markets issuance by US banks jumped in July

The overall total value of capital markets issuance from U.S. banks more than doubled month over month in July, despite sizable sequential decreases in common equity and preferred equity offerings.

Capital raised by U.S. banks increased during the month to $12.86 billion, a 111.5% increase from June and a 77.7% boost year over year, according to S&P Global Market Intelligence data. The rise was driven by senior debt, which jumped a staggering 332.7% from June to $11.35 billion.

Debt leads the way again

July marked the eighth straight month in which senior debt generated the highest total value, followed by subordinated debt offerings at $1.39 billion. Subordinated debt climbed year over year from $1.23 billion in July 2021, and cleared the $1 billion threshold for the second straight month.

Common equity and preferred equity each fell month over month. Common equity fell to $82.0 million from $818.9 million in June, while preferred equity declined to $30.0 million from $1.26 billion in June. The common equity total was the second-lowest monthly total in 2022 behind April's $32.8 million. The preferred equity total was the lowest monthly total in 2022.

The combined $12.86 billion in capital raised in July by U.S. banks was the third-largest monthly total in 2022 behind April and May, respectively.

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Largest issuers among US public banks

JPMorgan Chase & Co. raised the most capital of any U.S. public bank in July. The company raised $7.00 billion, with two separate $3.50 billion senior debt offerings on July 18 and July 19. Wells Fargo & Co. and Capital One Financial Corp. ranked second and third, respectively, in total capital raised. Wells Fargo completed a $3.00 billion offering on July 18, and Capital One completed a $1.35 billion offering on July 25.

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U.S. Bancorp was the only other public U.S. bank to top $1 billion in capital raises in July, completing a $1.30 billion subordinated debt offering on July 19.

Along with U.S. Bancorp, ENB Financial Corp. and White River Bancshares Co. were the only other public U.S. banks to complete subordinated debt offerings in July. ENB completed a $20.0 million offering on July 22, while White River completed a $15.0 million offering on July 13.

Alpine Banks of Colorado's $34.0 million common equity offering, completed July 18, was the largest common equity offering of the month among U.S. public banks.

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