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J.P. Morgan leads in telecom debt advisers; BofA Merrill Lynch moves up

J.P. Morgan Securities LLC retained its crown as the top adviser on debt offerings from the telecommunications sector by deal credit through the first nine months of the year, pulling in about $3.64 billion in aggregate credit from 12 offerings in the U.S., Canada and Bermuda, according to data compiled by S&P Global Market Intelligence.

Much of that work occurred during the first half of the year, when J.P. Morgan advised on offerings from American Tower Corp. and Verizon Communications Inc., among others. In the third quarter, the bank worked on senior note issuances by Crown Castle International Corp.

Deutsche Bank Securities Inc. also held steady in the ranking between the second and third quarters, with $2.85 billion in deal credit from 11 offerings as of Sept. 30. Nearly half of the total credit came from a $1.35 billion debt offering by Charter Communications Inc. unit CCO Holdings LLC.

Bank of America Merrill Lynch climbed one rank to No. 3, increasing its deal credit to $2.68 billion from 18 offerings as of Sept. 30. Bank of America advised on debt offerings by AT&T Inc., Verizon and Crown Castle during the third quarter.

Aside from debt, common equity was the only other type of capital offering that registered enough activity from the telecommunications sector to trigger an adviser ranking for the year-to-date. Eight advisers received $155.3 million each on an Equinix Inc.'s common equity offering: Bank Of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities, Morgan Stanley, MUFG Securities Americas Inc. and RBC Capital Markets LLC.

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