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Federal tax reform spurs utility capital offerings in Q2'18

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.

PPL Corp. had the biggest capital offering of the utility sector during the second quarter of 2018, pricing a $1.7 billion offering in May to address an equity need stemming from the effects of federal tax reform.

J.P. Morgan Securities LLC, Barclays Capital Inc. and Citigroup Global Markets Inc. were the book managers for PPL's offering. Simpson Thacher & Bartlett LLP served as legal counsel.

PPL was not the only utility to issue a large equity offering during the second quarter to address tax reform. Others include Entergy Corp.'s $1.2 billion offering in June, part of a two-year effort to bolster its balance sheet and prepare the company for its $15 billion capital plan over the next five years.

Barclays was the top utilities debt dealmaker as of the end of the second quarter of 2018, with 30 offerings worth $3.32 billion. Barclays also ranked first in common equity, with five offerings worth $2.16 billion in deal credit. RBC Capital Markets LLC ranked first in preferred equity issuances, with two offerings worth $632.8 million in deal credit as of the end of second-quarter 2018.

Wells Fargo Securities LLC placed second in utility debt offerings as of the end of the second quarter of 2018, doing 30 such deals worth $2.66 billion. Morgan Stanley had the second-most common equity offerings, facilitating three with $1.32 billion in deal credit. The firm tied with Barclays for second in preferred equity offerings, with both behind two offerings with $632.1 million in deal credit.

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