J.P. Morgan Securities leads H1 insurance debt offerings league table

J.P. Morgan Securities LLC enjoys a slim lead at the top of the S&P Global Market Intelligence insurance debt offerings league table at the end of the first half, finishing the period with $7.18 billion in deal credit.

The investment bank was a book manager on a number of debt issuances by UnitedHealth Group Inc., helping to preserve its lead.

Another book manager for UnitedHealth's issuances in May, BofA Securities Inc., came a close second in the rankings with $6.58 billion. J.P. Morgan Securities and BofA Securities both worked on 36 transactions in the first half of the year to set the pace in terms of deal volume. Morgan Stanley came in third, having worked on 27 issuances.

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For the second quarter, Citigroup Global Markets Inc. led the field in terms of value and volume with $3.18 billion in deal credit from 25 offerings. Aside from serving as a book manager on UnitedHealth's offerings, Citigroup Global Markets worked on three issuances by New York Life Insurance Co. during the period. J.P. Morgan Securities and BofA Securities worked on one New York Life offering during the quarter.

First common equity issuance in 2022

ThinkEquity served as the book manager of the first common stock offering by a U.S. insurance company in 2022. That issuance, a $4.3 million follow-on offering by FG Financial Group Inc. closed in June.

All quiet in preferred equity

There were no changes in the preferred equity league table for the second quarter, as there were no offerings in the period.