Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league table data dispatch articles are now based on the new industry classification and are not comparable with 2017 and prior league table data dispatch articles.
Deutsche Bank Securities Inc. ranked as the top financial adviser on debt offerings for the telecommunications industry in the first nine months of the year, with about $4.35 billion in aggregate deal credit from six offerings, according to data compiled by S&P Global Market Intelligence.
The investment bank served as an underwriter on a $2.62 billion offering from AT&T Inc. in the third quarter and a $730 million offering by Verizon Communications Inc. in the second quarter. Earlier in the year, Deutsche Bank's advisory work included two debt offerings by T-Mobile US Inc. with an aggregate value of $2.5 billion and a $1.5 billion offering from Sprint Corp.
Debt remained the most popular offering type by far for the telecommunications sector in the year-to-date as of Sept. 30. Telecom companies issued 88 debt offerings during the measured period, with an aggregate deal value of $42.11 billion and an average size of $478.5 million, according to S&P Global Market Intelligence data.
J.P. Morgan Securities LLC came in second in the telecommunications industry debt adviser ranking with about $2.82 billion in deal credit from 10 offerings, the largest and most recent being a $3.75 billion offering from AT&T that closed in August.
Morgan Stanley was No. 3 in the ranking with $2.71 billion in deal credit from seven offerings, including the $3.75 billion AT&T offering as well as a separate $750 million AT&T offering that closed in July.
Citigroup Global Markets Inc. and J.P. Morgan Securities tied as the top common equity advisers to telecom companies during the period, with $421.3 million in deal credit each from acting as book managers on Crown Castle International Corp.'s $842.7 million offering that closed in February.
Common equity was the telecommunications sector's second most popular offering type for the year as of Sept. 30. S&P Global Market Intelligence counted 20 common equity offerings from the sector with an aggregate deal value of $1.10 billion and an average size of $54.9 million during the first nine months of the year.
Citigroup and J.P. Morgan were followed in the ranking of telco common equity offering advisers by another two-way tie, this time of B. Riley FBR Inc. and Craig-Hallum Capital Group LLC. The latter firms each scored $20.7 million in deal credit each from work as book managers on a Fusion Connect Inc. offering that closed in January.