Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league table data dispatch articles are now based on the new industry classification and are not comparable with 2017 and prior league table data dispatch articles.
In a year notable for equity issuances in the U.S. utility sector, Barclays Capital Inc. finished 2018 as the top underwriter for common equity and preferred equity offerings, ranked by deal credit.
Barclays Capital served as book manager for seven common equity offerings with a total deal credit of about $2.60 billion. The investment bank was among the underwriters for large equity offerings by Dominion Energy Inc., Entergy Corp., PPL Corp., Sempra Energy, CenterPoint Energy Inc. and Duke Energy Corp.
In the fourth quarter of 2018, Barclays served as one of several book managers for Consolidated Edison Inc.'s offering of $1.05 billion of its common shares. Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as joint book-running managers for the common share offering and as representatives of the underwriters.
J.P. Morgan claimed the second spot in the 2018 rankings, underwriting eight common equity offerings with a total deal credit of about $1.91 billion.
Barclays and Morgan Stanley led preferred equity offerings for 2018 with each firm underwriting five offerings at a total deal credit of $943.2 million. The firms served as joint book-running managers in CenterPoint's late September 2018 concurrent public offerings of nearly $1.90 billion of common shares and $977.5 million of preferred shares.
Goldman Sachs & Co. LLC, Citigroup, Wells Fargo Securities LLC, Credit Suisse (USA) Inc., Deutsche Bank Securities Inc. and J.P. Morgan also served as underwriters for the offerings.
In the fourth-quarter of 2018, NiSource Inc. sold $500 million of depositary shares. The company plans to use net proceeds to fund capital expenditures and for general corporate purposes.
Wells Fargo, Merrill Lynch Pierce Fenner & Smith Inc., Goldman Sachs, Morgan Stanley and Barclays acted as joint book-running managers.
J.P. Morgan was the top utilities debt dealmaker for 2018 with 50 offerings and a total deal credit of about $4.78 billion. Wells Fargo followed with 51 offerings and a total deal credit of about $4.74 billion.
American Electric Power Co. Inc. in late November 2018 sold $1 billion of senior notes for general corporate purposes including repayment of short-term debt. The company sold $400 million of its 3.65% senior notes, series I, due Dec. 1, 2021, and $600 million of its 4.30% senior notes, series J, due Dec. 1, 2028.
J.P. Morgan, Barclays, Morgan Stanley, Citigroup and Mizuho Securities USA LLC served as joint book-running managers. KeyBanc Capital Markets Inc. and MUFG Securities Americas Inc. were co-managers.