Bank of America Merrill Lynch & Co. retained its position as the top senior book-running underwriter through the third quarter, though its volume dropped from the same nine months last year, according to data from Thomson Reuters.
The firm underwrote $28.98 billion in total volume in 263 issues, accounting for the biggest share of the $215.07 billion and 7,267 issues senior-managed industry-wide for the year through Sept. 30. B of A Merrill, which held a market share of 13.5%, underwrote $35.75 billion in 295 deals over the same period last year, when it's market share was 15%.
Citi and JPMorgan Securities Inc. reversed their rankings from a year earlier, capturing the second and third place senior underwriter positions, respectively, the data shows.
With a volume of $24.40 billion among 266 issues, Citi moved up one notch to second place and captured an 11.4% market share. Last year the firm ranked third and underwrote $26.74 billion in 286 issues for a market share of 11.2% in the nine months.
Industry-wide, senior managed volume fell 9.8% from $238.50 billion in 8,279 deals though the third quarter last year.
JPMorgan moved down one notch to third place with $23.68 billion among 235 issues and an 11% market share. That is down almost 22% from the $29.01 billion in 257 issues that the firm senior-managed in the same period in 2013, when it garnered a 12.2% market share.
Morgan Stanley retained its fourth place ranking, senior-managing $18.30 billion among 203 issues, versus $15.43 billion among 167 issues through Sept. 30 last year.
The firm's market share jumped to 8.5% in the nine month period ending Sept. 30 versus the same time last year.
Fifth and sixth place senior managers Wells Fargo & Co. and RBC Capital Markets also reversed rankings from the same period last year.
Wells Fargo moved up to fifth place with $13.62 billion in 151 deals and a market share of 6.3%, after ending the third quarter of 2013 with $12.89 billion of senior-managed volume among 162 issues and a 5.4% market share.
RBC fell one notch to sixth place with $12.79 billion in 403 deals down from $13.75 billion in 467 issues last year. Though its volume decreased, the firm increased its market share to 6% from 5.8% at the end of the third quarter 2013.
Piper Jaffray & Co. fell to the 11th position after ranking ninth last year, with 382 issues totaling $7.43 billion and a market share of 3.5%. Last year, by comparison, the firm senior managed $8.76 billion in 485 deals and held a market share of 3.7%.
