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MUFG Securities jumps Wells Fargo as 2019 top debt underwriter for utilities

MUFG Securities Americas Inc. overtook Wells Fargo Securities LLC as 2019's lead debt underwriter for the North American utilities sector in an S&P Global Market Intelligence ranking by deal credit.

MUFG Securities Americas served as a book manager for 61 debt offerings with a total deal credit of about $5.33 billion through the fourth quarter of 2019.

The company was also among several underwriters for Southern Co. subsidiary Georgia Power Co.'s September 2019 offering of senior debt.

Wells Fargo, the lead underwriter through the third quarter of 2019, dropped to the second spot, serving as a book manager for 48 offerings with a total deal credit of about $5.08 billion.

J.P. Morgan Securities LLC followed in third, underwriting 55 debt offerings at a total deal credit of about $4.89 billion.

Citigroup Global Markets Inc. edged out Wells Fargo to lead common equity offerings through the final quarter of 2019, underwriting six offerings at a total deal credit of about $2.10 billion. Wells Fargo served as book manager for nine common equity offerings at a total deal credit of just under $2.10 billion.

Barclays Capital Inc. claimed the third spot with six common equity offerings at a total deal credit of about $1.55 billion.

Citigroup, Barclays and Wells Fargo were among the crop of book managers for DTE Energy Co.'s fourth-quarter 2019 issuance of equity units and common shares, with net proceeds to fund its acquisition of a gathering system and gathering pipeline in the Haynesville Shale of Louisiana.

Morgan Stanley held onto its spot as the lead underwriter in 2019 for preferred equity offerings, with five offerings at a total deal credit of $729.6 million. Behind Morgan Stanley, Wells Fargo was an underwriter for three preferred equity offerings at a total deal credit of $534.6 million.

Morgan Stanley unit Morgan Stanley & Co. LLC and Wells Fargo served as two of several book runners on Dominion Energy Inc.'s June 2019 upsized offering of 14 million 2019 series A equity units. The company increased the offering from 12.5 million corporate units.

Bank of America Securities underwrote three preferred equity offerings at a total deal credit of $493.3 million through the fourth quarter.

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Goldman Sachs Group Inc.

Royal Bank of Canada