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.
Deutsche Bank Securities Inc. ranked as the top financial adviser on debt offerings from the U.S. telecommunications sector in 2018, with about $4.35 billion in aggregate deal credit from six offerings, according to data compiled by S&P Global Market Intelligence.
The investment bank served as an underwriter on large debt offerings from each of the top four U.S. wireless carriers in 2018, including a $2.62 billion offering from AT&T Inc. in the third quarter, a $730 million offering by Verizon Communications Inc. in the second quarter, a $1.5 billion offering from Sprint Corp. in the first quarter, and two debt offerings with an aggregate value of $2.5 billion from T-Mobile US Inc. in the first quarter.
J.P. Morgan Securities LLC ranked second among telecommunications debt offering advisers by deal credit, with about $2.89 billion from 11 offerings, the largest of which was a $3.75 billion offering from AT&T that closed in the third quarter. No. 3-ranked Morgan Stanley, which also advised on the $3.75 billion AT&T offering, ended the year with $2.78 billion in aggregate deal credit from eight offerings.
In all, debt was the most popular offering type by far for the telecommunications sector in 2018. Telecom companies issued 132 debt offerings during the year, with an aggregate deal value of $58.0 billion and an average size of $439.4 million, according to S&P Global Market Intelligence data.
Aside from debt, common equity was the only other type of capital offering that registered enough activity from the telecommunications sector to trigger an adviser ranking for 2018. S&P Global Market Intelligence counted 28 common equity offerings with an aggregate deal value of $1.20 billion and an average size of $42.7 million during the year.
Citigroup Global Markets Inc. and J.P. Morgan Securities tied as the telecom sector's No. 1 common equity offering advisers by deal credit for the year, earning $421.3 million each for their work as book managers on Crown Castle International Corp.'s $842.7 million offering that closed in February 2018.