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BofA Merrill Lynch leads among communications advisers in top debt category


According to Market Intelligence, December 2022


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BofA Merrill Lynch leads among communications advisers in top debt category

Bank of America Merrill Lynch held its position as the top adviser on debt offerings for the communications sector year-to-date as of Sept. 30, dominating in a category that continued to far outweigh other capital offerings issued in the sector, according to data from S&P Global Market Intelligence.

Bank of America recorded total debt deal credit of $12.38 billion from 40 debt offerings from communications companies year-to-date in as of Sept. 30. Deutsche Bank Securities Inc. came in at No. 2 with $8.23 billion in deal credit from 28 debt offerings, followed by RBC Capital Markets LLC with $5.97 billion from 27 offerings.

As of the close of the period, communications companies had issued 110 offerings year-to-date with an aggregate net value of $109.53 billion and an average size of $995.7 million. That included 38 debt offerings with a net value of $38.05 billion announced during the third quarter.

Activity by Crown Castle International Corp. drove the rest of the third-quarter activity, as that company issued the sole common equity and preferred equity offerings in the communications sector during the period. There were no communications IPOs in the quarter ended Sept. 30, though the sector saw two in the second quarter.

RBC Capital and Barclays Capital Inc., both of which worked on Crown Castle's $3.85 billion common equity offering in July, topped the common equity offering adviser ranking with $1.52 billion and $1.46 billion in deal credit year-to-date as of Sept. 30. Both were bolstered by activity earlier in the year as well as Crown Castle's third-quarter offering. The dearth of preferred equity activity year-to-date led to a five-way tie among advisers for that category, with Bank of America, Barclays, J.P. Morgan Securities LLC, Morgan Stanley and RBC Capital all receiving $330 million in deal credit for the year's sole communications preferred equity offering as of Sept. 30.

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