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J.P. Morgan ends 2019 as top telecom debt adviser; BofA makes gains

J.P. Morgan Securities LLC ended 2019 as the top financial adviser on debt offerings from the U.S. and Canadian telecommunications sector, boosted by multibillion-dollar offerings from American Tower Corp. and Verizon Communications Inc. in the first half of the year.

J.P. Morgan worked on 16 telecom debt offerings from the region in 2019, for a total deal credit value of $4.04 billion, according to data compiled by S&P Global Market Intelligence. In addition to the first-half offerings by American Tower and Verizon, the bank advised on Crown Castle International Corp. senior note issuances totaling about $900 million in the third quarter of 2019 and a $1 billion issuance by Rogers Communications Inc. in the fourth quarter.

Deutsche Bank Securities Inc., which ranked as the top adviser on telecommunications debt offerings in 2018, dropped to second place in 2019, with $3.64 billion in deal credit from 16 offerings. Bank of America Securities climbed one place to No. 3, finishing 2019 with deal credit of $3.32 billion from 23 offerings.

In all, S&P Global Market Intelligence counted 96 debt offerings in the telecommunications sector in 2019, with an aggregate value of $45.11 billion and an average size of $469.9 million.

A single offering from Equinix Inc. led to an eight-way tie for telecommunications' common equity advisers: Bank of America Securities, Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities, Morgan Stanley, MUFG Securities Americas Inc. and RBC Capital Markets LLC all tied for the top sector adviser on common equity. Each adviser received deal credit of $155.3 million.

For preferred equity offerings, Bank of America Securities, J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities LLC each received $200 million in deal credit from a single offering by AT&T Inc., which drove a six-way tie.

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