UBS Investment Bank was the top underwriter by deal value in terms of U.S. bank and thrift common equity offerings in the first quarter, followed by J.P. Morgan Securities LLC, according to SNL Financial's league table rankings.
Both underwriters worked on three common equity deals during the first quarter, but UBS took the top spot with $384.8 million in deal credit, while J.P. Morgan earned $374.7 million in deal credit. Both served as book managers in First Republic Bank's $233.9 million follow-on offering completed in March.
Keefe Bruyette & Woods Inc. — which for full year 2016 held the top spot by deal value among underwriters for common equity deals — was down to the No. 5 spot in the first three months of 2017. The Stifel Financial Corp. subsidiary worked on more common equity deals than any other underwriter at quarter-end, with $231.4 million in deal credit from nine common equity offerings. It received the most deal credit for MidWestOne Financial Group Inc.'s $85.6 million follow-on offering, completed in March.
In the bank and thrift debt space, Bank of America Merrill Lynch was the top underwriter by deal value and number of offerings, with deal credit of $9.31 billion from 24 offerings. BofA Merrill Lynch's biggest first-quarter deals were Bank of America Corp.'s $2.50 billion and $2.00 billion senior debt offerings both completed in January.
Sandler O'Neill & Partners LP and KBW were the only investment banks to earn league table deal credit in the initial public offerings and thrift mutual conversions space. Sandler served as selling agent in HV Bancorp Inc.'s $21.8 million mutual conversion IPO completed in January, and KBW served as selling agent in Community Savings Bancorp Inc.'s $4.4 million mutual conversion IPO also completed in January.
In the preferred equity space, BMO Capital Markets Corp. was the top underwriter by deal value at quarter-end, with deal credit of $370.3 million from the C$500 million preferred equity offering completed by its parent company, Bank of Montreal in March.
SNL Financial is an offering of S&P Global Market Intelligence.