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Energy debt offerings fall in Q1'16

Debtofferings in the energy sector have yetto rebound from the second half of 2015, with a considerable drop indeal activity in the first quarter of 2016.

Debtraises for the power, coal, gas utility and midstream sectors totaled $12.64 billionin the first quarter of 2016, with 41 deals at an average size of $308.2 million.In the fourth quarter of 2015, the energy sector raised $16.92 billion through 103deals at an average size of $164.2 million. During the first quarter of 2015, selectpower, coal, gas utility and midstream companies racked up $32.43 billion through87 deals at an average size of $372.8 million.

Selectpower companies continued their run of debt raises in the first quarter, with 38deals at an average size of $288.7 million, raising $10.97 billion. In the finalquarter of 2015, power companies raised $13.25 billion through 93 deals at an averagesize of $142.5 million.

The midstreamsector comprised the three remaining debt offerings in the first quarter, raising$1.66 billion at an average deal size of $554.7 million. In the fourth quarter of2015, midstream companies raised $2.60 billion in debt through five deals at anaverage size of $520.0 million.

Gas utilitiesand the coal sector did not have any debt offerings in the first quarter.

was the topenergy debt dealmaker in the quarter, with seven offerings and a total deal creditof $1.08 billion. J.P. Morgan SecuritiesLLC ranked second with seven offerings and a total deal credit of $1.04billion.

Commonequity offerings in the first quarter fell to $2.77 billion, with 13 deals at anaverage size of $212.9 million. The energy sector raised $4.11 billion in the fourthquarter of 2015 through 21 deals at an average size of $195.5 million. A year ago,select power, coal, gas utility and midstream companies raised $9.70 billion through38 deals at an average size of $255.4 million.

Midstreamcompanies again led the energy sector, raising $1.70 billion through eight dealsat an average size of $212.4 million. This, however, was down from the fourth quarter,when midstream companies raised $3.75 billion through 14 deals at an average sizeof $267.8 million.

Powercompanies followed, raising $1.05 billion through three deals at an average sizeof $348.4 million. This was up from the fourth quarter, when select power companiesraised $302.3 million through four deals at an average size of $75.6 million.

One commonequity offering in the coal sector raised $2.0 million in the first quarter, andone gas utility deal raised $20.8 million. While there were no common equity offeringsin the coal sector in the fourth quarter of 2015, gas utilities raised $54.9 millionthrough three deals at an average size of $18.3 million.

topped thelist of common equity dealmakers in the first quarter, with two offerings and atotal deal credit of $627.0 million. BarclaysCapital Inc. followed, with two offerings and a total deal credit of$554.8 million.

Midstreamwas the only sector active in the preferred equity market in the first quarter,with companies raising $3.80 billion through four deals at an average size of $948.8million. In the fourth quarter, the sector raised $2.21 billion through four dealsat an average size of $552.8 million.

The power,coal and gas utility sectors were not active in the preferred equity market in thefirst quarter of 2016 or the fourth quarter of 2015.

In thefirst quarter of 2015, power and midstream companies raised $1.82 billion in preferredequity through six deals at an average size of $303.3 million.

Therewere no initial public offerings launched in the energy sector in the first quarter,continuing the trend from the second half of last year. In the first quarter of2015, two IPOs raised $1.77 billion at an average size of $883.6 million.

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