Specialty finance and mortgage REIT
Citigroup Global Markets Inc. secured the top spot for debt underwriter rankings in the specialty finance and mortgage real estate investment trust sector, having worked on 138 offerings in 2019 for total deal credit of $8.51 billion.
The bank, which ranked fourth in 2018, edged out J.P. Morgan Securities LLC, which worked on 107 offerings in 2019 for total deal credit of $7.38 billion. The former No. 1 underwriter for debt offerings in the space, Bank of America Securities, came in at No. 3 with its deal credit totaling $6.03 billion by year-end.
Meanwhile, Morgan Stanley and J.P. Morgan ranked first and second, respectively, for both common and preferred stock offerings in the space during 2019.
In the common equity realm, the two companies worked on 24 deals each with Morgan Stanley's $1.27 billion of deal credit beating out J.P. Morgan's $1.19 billion. Credit Suisse (USA) Inc. ranked third in that category with total deal credit of $1.00 billion from 19 offerings.
Morgan Stanley led the preferred stock offering category in both the number of offerings it worked on and the deal credit from the offerings, which reached $861.6 million by the end of 2019. J.P. Morgan followed closely behind at second, having underwritten nine offerings for deal credit of $769.9 million.
Financial technology and payments
Barclays Capital Inc. and J.P. Morgan led the way for underwriting initial public offerings in the financial technology and payments space in 2019.
After ending 2018 at No. 11, Barclays ended the year tied for the top spot with J.P. Morgan. The banks underwrote two IPOs each in 2019 for deal credit of $151.2 million each. Bank of America dropped out of the top spot in 2019, having underwritten one IPO in the financial technology and payments space for deal credit of $124.2 million.
Goldman Sachs & Co. LLC remained at the top for underwriting common stock offerings in 2019 with deal credit of $1.92 billion from eight offerings. Citigroup Global Markets Inc. had the second-highest deal credit value at $576.0 million.
Meanwhile, J.P. Morgan worked on 42 debt offerings in 2019 with deal credit of $5.30 billion to keep it ahead of the pack. Wells Fargo Securities LLC, with deal credit of $4.46 billion, and Bank of America, with $4.43 billion, followed in second and third place, respectively.
Asset management, investment banks, brokers and capital markets
J.P. Morgan and Goldman Sachs led their peers in underwriting common stock offerings from the asset management, investment banking and brokerage industries in 2019.
With deal credit of $451.3 million, J.P. Morgan Securities was ahead of Goldman Sachs on the latest S&P Global Market Intelligence league table rankings. Goldman ended 2019 having underwritten $434.6 million in common stock offerings in the space. Morgan Stanley and Piper Sandler & Co. were at a distant third, with each company working on one deal in 2019.
Goldman Sachs was the top underwriter for preferred equity offerings within the industry in 2019. The company worked on two offerings in 2019, bringing its deal credit to $1.10 billion.
For debt offerings, Morgan Stanley led the way by working on 26 offerings for deal credit of $4.54 billion. Goldman Sachs, the No. 1 underwriter for debt offerings in the space in 2018, came in behind Morgan Stanley with deal credit of $4.36 billion across 57 offerings.