Capital offerings tapered off somewhat in the oil and gas industry in the final quarter of 2019, and the financial institution that had the highest total debt deal credit value for offerings over the year lost its top slot.
Bank of America Securities had led the pack in debt deal value for the first three quarters of the year. But even having participated in two debt offerings in the fourth quarter with a total deal value of $212.5 million — bringing the Bank of America Corp. company's total debt deal credit value up to $2.92 billion for the year — the firm fell to second place in the ranking of firms doing debt deals in the sector.
Bank of America Securities' total debt deal credit value was outstripped by RBC Capital Markets, which did five oil and gas sector debt deals during the fourth quarter of 2019. RBC rose to first from fourth place in terms of debt deal credit value, reaching nearly $2.93 billion for the year.
Wells Fargo Securities LLC dropped from second to third, despite having done eight deals during the three months ended Dec. 31, 2019, for a quarter debt deal credit value of $603.1 million.
J.P. Morgan Securities LLC pulled ahead of MUFG Securities Americas Inc., rising from fifth to fourth place after doing five deals during the fourth quarter. Among firms doing debt offerings in the oil and gas industry, J.P. Morgan had spent 2018 as the top-ranked financial institution by deal credit. For 2019, MUFG rounded out the year in fifth place, having participated in three debt offerings in the fourth quarter comprising $88.2 million.
The sector saw only one common equity offerings during the last quarter of 2019, with Barclays Capital Inc. participating in a deal with a total value of $169.3 million. Barclays had done its two other common equity deals of the year during the third quarter of 2019. The other firms that participated in common equity offerings during the year — Citigroup Global Markets Inc., Credit Suisse (USA) Inc., Goldman Sachs & Co. LLC and Wells Fargo — had each done an $87.4 million deal in the first quarter of 2019.
As had been the case during the third quarter of 2019, there were no recorded preferred equity offerings in the fourth quarter of 2019. As a result, Morgan Stanley and RBC Capital Markets retained their top spots with a full-year deal credit of $215 million each. Bank of America and Wells Fargo were still tied for third place, while UBS Investment Bank came in fifth.