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Relatively few oil and gas debt, common stock deals completed in Q3

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

The third quarter saw relatively few debt offerings in the oil and gas space compared to the rest of the year, but two new deals for one bank helped move it into second place for the highest total debt offerings ranked by deal credit through the first nine months of 2018.

J.P. Morgan Securities LLC held on to its 2018 lead in debt offering value in the oil and gas industry, despite a slower quarter compared to previous periods. From July through September, J.P. Morgan added $181.4 million to the 2018 value of its debt offerings in the oil and gas sector, bringing its year-to-date tally up to $3.29 billion. J.P. Morgan participated in two debt deals during the third quarter, compared with 14 in the first quarter and nine in the second quarter.

Bank of America Corp. and Deutsche Bank Securities Inc. swapped rankings in the third quarter after Bank of America participated in two deals during the quarter. The bank raised its 2018 debt offering value to $3.04 billion. Deutsche Bank was not a part of any debt offerings in the oil and gas industry during the third quarter.

Bank of America had completed 16 debt offerings by the end of the first quarter and added another eight during the second quarter. Deutsche Bank took part in ten deals in the first quarter and 12 in the second.

In terms of debt offering value, the other two companies rounding out the top five — MUFG Securities Americas Inc. and TD Securities (USA) LLC — also saw relatively little activity. MUFG Securities did two deals in the period, while TD Securities participated on one deal, according to S&P Global Market Intelligence data.

During the quarter, Credit Suisse (USA) Inc. and UBS Investment Bank each participated in one common equity offering. On preferred offerings, Morgan Stanley doubled its activity from two to four deals in the third quarter.

Bank of America, RBC Capital Markets, Wells Fargo Securities LLC and JP Morgan each participated in one preferred equity deal with a value of $89 million during the quarter, while Stifel and UBS each participated in a single $23 million deal.

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