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Barclays leads from start to finish in '18 insurance common equity league table

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Barclays leads from start to finish in '18 insurance common equity league table

Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league table Data Dispatch articles are now based on the new industry classification and are not comparable with 2017 and prior league table Data Dispatch articles.

Barclays Capital Inc. built a sizable lead early in the year and held onto the top spot of S&P Global Market Intelligence's 2018 insurance underwriter and broker common equity league table.

The investment bank finished the year with $1.34 billion in deal credit from three offerings, all from the first half. Wells Fargo Securities LLC finished second with $1.03 billion from three offerings, while SunTrust Robinson Humphrey Inc. finished third with $769.1 million in deal credit from two offerings.

The fourth quarter saw just one underwritten common equity offering — National General Holdings Corp.'s $138.0 million follow-on offering that closed in November. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. served as book managers on the deal.

The role helped lift J.P. Morgan Securities to the fourth spot with $577.8 million in deal credit from five offerings for all of 2018. Citigroup Global Markets Inc. and Evercore Inc. shared the fifth position with $572.0 million in deal credit from one offering.

Wells Fargo topped the preferred equity league table with $935.0 million in deal credit from nine offerings. In the fourth quarter, it acted as a book manager on Hartford Financial Services Group Inc.'s $345.0 million preferred equity offering, which closed in October, and Enstar Group Ltd.'s $110.0 million preferred equity offering, which closed in November.

Morgan Stanley also served as a book manager for the offerings and finished with $810.0 million in deal credit from eight offerings. Bank of America Merrill Lynch was third with $776.7 million in deal credit from seven offerings.

Bank of America led the 2018 debt offerings league table with $5.97 billion in deal credit from 38 offerings. J.P. Morgan Securities recorded $5.07 billion in deal credit from 28 offerings, while Goldman Sachs Group was third with $3.56 billion in deal credit from 23 offerings.

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