With its book manager role on Bank of Nova Scotia's US$1.33 billion follow-on common stock offering completed in June, Scotia Capital Inc. prevailed as the top underwriter by deal value for U.S. bank and thrift common equity offerings through the first two quarters of 2018, according to S&P Market Intelligence's league table rankings.
Sandler O'Neill & Partners LP and Keefe Bruyette & Woods Inc. both worked on 11 common equity deals, more than any other underwriter in the first half of 2018. Based on deal value, Sandler ranked No. 2, with $987.7 million in deal credit, while KBW ranked No. 3 with $610.0 million in deal credit. Sandler and KBW both worked on Flagstar Bancorp Inc.'s $276.0 million follow-on offering completed in June, as well as on Triumph Bancorp Inc.'s $202.7 million follow-on offering completed in April.
During the second quarter, Stephens Inc. earned deal credit of $267.7 million from five common equity offerings, including its role as a book manager on Triumph Bancorp's offering. The underwriter also served as a book manager in two initial public offerings — Origin Bancorp Inc.'s $142.2 million IPO completed in May, and Spirit of Texas Bancshares Inc.'s $48.3 million IPO completed in May.
Sandler retained its year-to-date lead among underwriters in terms of IPOs and mutual thrift conversions, with its work on Columbia Financial Inc. (MHC)'s $498.3 million mutual conversion IPO completed in April.
In bank and thrift debt and preferred offerings, Bank of America Corp. remained as the top underwriter by deal value through the first two quarters of 2018, with $18.48 billion and $3.80 billion in deal credit, respectively. The underwriter's largest debt transaction, via its division Merrill Lynch Pierce Fenner & Smith Inc., was BofA's $2.25 billion senior debt offering completed in May. In the preferred offering space, Merrill Lynch Pierce Fenner & Smith Inc. served as a book manager in First Republic Bank's $300 million offering completed in June.