Sandler O'Neill & Partners LP retained its year-to-date lead among underwriters for U.S. bank and thrift common equity offerings, initial public offerings and thrift mutual conversions in the third quarter by deal value, according to SNL Financial's league table rankings.
Sandler took part in 26 common equity deals through the first three quarters of 2017, with $965.5 million in deal credit. During the third quarter, the company earned credit on four common equity offerings, including serving as book manager in New Jersey-based Bank of Princeton's $55.2 million follow-on offering completed in August.
Keefe Bruyette & Woods Inc. held the No. 2 spot by deal value in the common equity and IPO league table rankings in the third quarter. It had $739.9 million in deal credit from 22 common equity offerings. During the third quarter, the Stifel Financial Corp. subsidiary earned credit on six common equity offerings, including serving as book manager in Dallas-based Triumph Bancorp Inc.'s $69.6 million follow-on offering that closed in September.
Sandler and Keefe Bruyette & Woods both worked on five IPOs as of Sept. 30, including serving as book managers in Los Angeles-based RBB Bancorp's $86.3 million IPO completed in July.
In the bank and thrift debt offering space, Bank of America Merrill Lynch was the top underwriter by deal value and number of offerings, with $31.17 billion from 75 offerings. BofA Merrill Lynch's biggest third-quarter deal was Bank of America Corp.'s $2.50 billion senior debt offering completed in July. Citigroup Global Markets Inc., which held the top spot in the first half of the year, was down to rank No. 2 through the first three quarters, with deal credit of $26.86 billion from 56 debt offerings.
Wells Fargo Securities LLC, while not completing any preferred equity deals in the third quarter, retained its lead among underwriters by deal value in the preferred equity space.
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