J.P. Morgan Securities LLC led the way in underwriting both common and preferred equity offerings in 2019 for the U.S. bank and thrift industry, according to S&P Global Market Intelligence's latest league table.
The New York-based institution grabbed the No. 1 spot of the top underwriter for common equity offerings in the sector based on deal value, with credits worth $976.3 million. The company was the sole facilitator of the $649.1 million follow-on offering of First Hawaiian Inc., which accounted for most of the investment bank's common equity credits during the year.
Piper Sandler & Co., the combined entity of Piper Jaffray and Sandler O'Neill, came second on the list, having worked on 13 common equity offerings that carried a combined credit of $749.1 million. The third spot went to Keefe Bruyette & Woods Inc., which ended 2019 with 10 offerings and a total deal credit of $411.7 million for common equity offerings in the bank and thrift industry.
However, KBW topped the IPO list with eight deals worth $352.0 million in the year. Piper Sandler came in at No. 2 after underwriting four IPOs in the space valued at $205.1 million.
J.P. Morgan, Bank of America Securities and Morgan Stanley led the way for preferred stock offerings in the industry at year-end. J.P. Morgan ended 2019 by working on four offerings in the fourth quarter that had a combined deal credit of $1.10 billion, bringing its total for the year up to $5.50 billion.
Bank of America surged ahead of its peers in underwriting the bank and thrift industry's debt offerings in 2019. The institution ended the year having worked on 128 of those offerings valued at $28.46 billion in total. By comparison, J.P. Morgan at No. 2 had worked on 89 offerings valued at $19.67 billion, and Citigroup Global Markets Inc. at No. 3 had its offering total reach $19.12 billion from 58 offerings.