Bank of America Merrill Lynch led among media debt advisers with $4.36 billion in total deal credit from 22 offerings in the first quarter, narrowly beating J.P. Morgan Securities LLC, which tallied $4.29 billion in deal credit from 23 offerings, according to data from S&P Global Market Intelligence.
Goldman Sachs & Co rounded off the top three media debt advisers with $3.39 billion in aggregate deal credit from 17 offerings.
All three of the top-ranked advisers worked on large debt offerings from Microsoft Corp. and Apple Inc. In all, S&P Global Market Intelligence recorded 32 media debt offerings with a net value of $35.94 billion in the first quarter.
Meanwhile, Snap Inc.'s $3.91 billion IPO, the first in the sector in more than a year, earned Allen & Co. LLC, Barclays Capital Inc., Credit Suisse (USA) Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley each a deal credit of $558.6 million.
J.P. Morgan Securities topped the media common equity advisers rankings with a deal credit of $726.6 million from two offerings. Barclays Capital Inc. and Credit Suisse (USA) Inc. tied for second place among common equity offering advisers with each securing deal credits of $718.7 million. The media sector saw eight total common equity offerings in the first quarter with a net value of about $6.69 billion.