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.
Keefe Bruyette & Woods Inc. earned deal credit from eight common equity transactions for banks and thrifts during the third quarter and upped its 2018 total to 20, according to S&P Global Market Intelligence's league table rankings through Sept. 30.
Four of KBW's third-quarter common equity deals were initial public offerings, including Everett, Wash.-based Coastal Financial Corp.'s $47.5 million IPO and Oklahoma City-based Bank7 Corp.'s $64.6 million IPO. The investment bank has landed seven IPOs in the depository space through the third quarter. Stephens Inc. landed three bank and thrift IPOs in the third quarter, and through Sept. 30, ranks in the No. 2 spot by total IPO deal value with $165.1 million.
Sandler O'Neill & Partners LP did not work on a completed depository IPO in the third quarter but still leads the deal value league table rankings with $543.6 million in deal credit.
For all bank and thrift common equity deals through Sept. 30, Scotia Capital Inc. ranked first with $1.33 billion in deal credit, despite not having served as underwriter in a common equity transaction in the third quarter. Goldman Sachs & Co. LLC held the second spot with $1.17 billion in deal credit from five offerings for depositories through the first three quarters of 2018. The Goldman Sachs Group Inc. unit earned credit on two common equity offerings during the third quarter by serving as book manager in Honolulu-based First Hawaiian Inc.'s $558 million and Houston-based Cadence Bancorp.'s $355 million follow-on offerings.
For bank and thrift debt and preferred offerings, Bank of America Corp. ranked first in both league tables by deal value through Sept. 30. BofA earned $26.00 billion in deal credit for debt offerings and $4.98 billion in deal credit for preferred offerings.
In terms of thrift mutual conversions, Sandler took the top spot by deal credit through Sept. 30, with one offering and $498.3 million in deal credit.