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.
Keefe Bruyette & Woods Inc. finished 2018 with the highest number of underwritten common equity offerings for depositories with 23 after landing two in the fourth quarter, according to S&P Global Market Intelligence's league table rankings.
For all of 2018, the Stifel Financial Corp. unit earned total deal credit of $967.9 million, and $83.7 million of that came from its fourth-quarter roles as a selling agent on San Francisco-based First Republic Bank's $170.9 million at-the-market offering and a book manager on Coral Gables, Fla.-based Mercantil Bank Holding Corp.'s $81.9 million follow-on offering, both of which were completed in December 2018.
Two other investment banks, J.P. Morgan Securities LLC and Raymond James & Associates Inc., earned deal credit from two equity offerings for depositories in the fourth quarter of 2018, but no investment bank earned more than $100 million in deal credit during the period.
For all of 2018, Scotia Capital Inc. was the top underwriter by deal credit in terms of U.S. bank and thrift common equity offerings. The investment bank's lone offering in the space was the US$1.33 billion deal for its parent, Bank of Nova Scotia, which completed in June.
Goldman Sachs Group Inc., which ranked fourth in 2017, took the second spot in total deal credit with $1.17 billion from five offerings.
Sandler O'Neill & Partners LP prevailed as the top underwriter in the IPO space in terms of deal credit, earning $543.6 million from two IPOs. Sandler O'Neill & Partners also took the top spot in thrift mutual conversions by deal credit with $498.3 million from one offering.
J.P. Morgan Securities led underwriters in the debt offering space in 2018, based on deal credit with $27.21 billion from 45 debt offerings. The firm earned deal credit of $5.55 billion from six debt offerings in the fourth quarter of 2018, three of which were for its parent, JPMorgan Chase & Co.
In terms of preferred equity offerings, Bank of America Merrill Lynch was the top underwriter by deal credit, with $5.03 billion from nine offerings, followed by J.P. Morgan Securities in the second spot.