Goldman Sachs & Co. LLC has extended its lead over peers for underwriting common stock offerings within the financial technology and payments industry in 2019, according to S&P Global Market Intelligence's league table rankings.
The company completed two separate offerings in the third quarter of 2019, bringing its total deal credits after six separate offerings to $1.23 billion. This means Goldman Sachs has pulled even further ahead of Citigroup Global Markets Inc. as the investment bank's deal credits through the third quarter are now more than double the amount that Citigroup has done thus far in 2019. Citigroup kept its second-place position despite not taking part in any deals this quarter.
Wells Fargo Securities LLC worked on 28 debt offerings with a total deal credit value of $3.86 billion to keep it ahead of all the other advisers. J.P. Morgan Securities LLC and MUFG Securities Americas Inc. ranked second and third in terms of deal credit values but both companies completed more deals to date since the start of the year than Wells Fargo. J.P. Morgan Securities completed the highest number of deals at 32, worth $3.77 billion in value.
J.P. Morgan Securities and Barclays Capital Inc. both tied for the first rank after acting as book managers for the IPO deal of Oportun Financial Corp. Both companies had a deal value of $147.6 million.

Asset management, investment banks, brokers and capital markets
While it did not underwrite any common stock offerings in the third quarter for asset managers, investment banks and brokers, Morgan Stanley held its spot at the top of the industry's league table with its deal credit reaching $892.9 million.
J.P. Morgan was a distant second with a total deal credit value of $661.0 million, yet it managed to complete the most deals since the start of the year-to-date.
Goldman Sachs remained as No. 1 underwriter for preferred equity offerings within the industry. The company advised on one offering in 2019 that carried a deal credit of $500.0 million.
As of Sept. 30, Morgan Stanley had worked on 20 debt offerings in the space that had a total deal credit of $4.18 billion, making it the No. 1 underwriter for such offerings in the space. That put it just ahead of Goldman Sachs, which has so far worked on 53 debt offerings in the space this year that had a deal credit of $3.79 billion.
For common stock offerings, Morgan Stanley has led the way by working on three offerings that had a total deal credit of $892.9 million. That led both J.P. Morgan and Barclays Capital, which ranked in the No. 2 and 3 spots, respectively. J.P. Morgan has worked on a total of five offerings in the space thus far in 2019 that were valued at $661.0 million, while Barclays has worked on one offering valued at $479.6 million.

Specialty finance and mortgage REIT
J.P. Morgan Securities and Morgan Stanley ranked as the first and second underwriters, respectively, for common stock offerings in the specialty finance and mortgage REIT industries after the third quarter. Through Sept. 30, J.P. Morgan Securities has worked on 22 offerings that carried a deal credit valued at $1.11 billion while Morgan Stanley worked on 21 offerings that had deal credits of $1.03 billion.
For preferred stock offerings, Morgan Stanley led both in the number of offerings it worked on and the total deal value of the offerings at $610.9 million. UBS Investment Bank followed closely at second. The company worked on nine offerings and had a total deal value of $585.9 million.
For debt offerings, Citigroup Global Markets at $7.11 billion took the rank of No. 1 and worked on 116 debt offerings. J.P. Morgan Securities was second after having worked on 88 debt offerings with $6.93 billion in deal credit value. Deutsche Bank Securities Inc. was third in rank in terms of debt offering deal value at $4.29 billion.

