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KBW overtakes Sandler in latest banking IPO league table

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KBW overtakes Sandler in latest banking IPO league table

A rush of bank initial public offerings in the third quarter has pushed Keefe Bruyette & Woods Inc. to the top of the latest S&P Global Market Intelligence league table rankings.

The Stifel Financial Corp.-owned unit has worked on five bank IPOs valued at $246.4 million through the first three quarters of 2019. That puts KBW ahead of rival Sandler O'Neill & Partners LP, which has helped underwrite three bank IPOs valued at $193.6 million over the same time.

The IPOs that KBW has worked on include those of Richmond Mutual BanCorp. Inc., CrossFirst Bankshares Inc. and First Seacoast Bancorp (MHC).

Raymond James & Associates Inc. trailed both KBW and Sandler, having worked on two bank IPOs in 2019 that were valued in total at $68.4 million.

In common equity underwriting, Sandler closed in on J.P. Morgan Securities LLC's lead by deal value in the U.S. bank and thrift industry.

Sandler worked on two offerings that carried a cumulative deal credit of $422.1 million during the third quarter. With those credits, Sandler is now within roughly $25 million of J.P. Morgan's league table-leading $649.1 million in deal credits year-to-date. J.P. Morgan did not work on any common stock offerings in the banking industry during the three-month period ending Sept. 30.

KBW has so far worked on six different common equity offerings in 2019 that carried a deal credit of $271.1 million, putting it behind Sandler. The fourth spot belonged to Raymond James, which has underwritten six offerings that had a total deal credit of $125.0 million.

As for preferred equity offerings in the space, J.P. Morgan overtook Bank of America Merrill Lynch as the top underwriter based on deal credit. J.P. Morgan worked on two offerings with deal credits worth $2.31 billion in the third quarter. Citigroup Global Markets Inc. notched the second-highest deal credit of $1.50 billion for preferred stock offerings in the space during the third quarter. Bank of America Merrill Lynch, which is No. 2 year-to-date, was third for the quarter with $1.31 billion in credit from a single offering.

Bank of America Merrill Lynch and J.P. Morgan held their leads in the top spots in the debt offering category, based on deal credit. J.P. Morgan led the list for third-quarter deal credit of $6.27 billion, while Bank of America Merrill Lynch recorded total deal credit worth $5.71 billion during the three-month stretch.

Goldman Sachs & Co. LLC nearly doubled its number of banking debt offering assignments for 2019 during the third quarter. The company has now underwritten a total of 20 offerings in the space that carried an aggregate deal credit of $5.09 billion. Wells Fargo Securities LLC was knocked out of the No. 3 spot by Citigroup, which raised its year-to-date deal credit to $11.28 billion.

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