SPAC Underwriter League Table

Q3 2019 Snapshot

Cantor Fitzgerald narrowly edged out Credit Suisse for the top spot in Q3 2019, crossing the $2bn threshold on the year in League Table credit in the process. Cantor looks poised to hold on to the #1 spot for the second year in a row, with two more deals in its pipeline as of the end of Q3.

Deutsche Bank was busy in Q3, on the cover of three deals including acting as left lead on the year's second biggest SPAC IPO so far, Conyers Park II. Meanwhile, BTIG had its biggest quarter yet, acting as book-runner on two deals of its own.

Rank Underwriter Bookrunner
Volume ($MM)
Bookrunner
Count
% Share Volume
Sold ($MM)
Deal
Count
1 Cantor Fitzgerald & Co. 637.5 3 19.06% 539.8 3
2 Credit Suisse Securities (USA) LLC 627.8 4 18.77% 505.5 4
3 Deutsche Bank Securities Inc. 417.3 3 12.47% 387.5 3
4 BTIG, LLC 345.0 2 10.31% 275.0 2
5 Goldman, Sachs & Co. 329.7 2 9.86% 350.0 2
6 B. Riley FBR, Inc. 253.0 1 7.56% 220.0 1
7 Citigroup Global Markets Inc. 196.4 2 5.87% 165.0 2
8 Morgan Stanley & Co. LLC 172.5 1 5.16% 150.0 1
9 EarlyBirdCapital, Inc. 172.5 1 5.16% 100.0 1
10 J.P. Morgan Securities LLC 91.7 1 2.74% 75.0 1
11 Maxim Group LLC 57.5 1 1.72% 50.0 1
12 Chardan Capital Markets, LLC 44.4 1 1.33% 40.0 1
13 I-Bankers Securities, Inc. 0.0 0 0.00% 39.0 4
14 Ladenburg Thalmann & Co. Inc. 0.0 0 0.00% 38.0 1
15 Northland Securities, Inc. 0.0 0 0.00% 15.3 1
16 Tudor, Pickering, Holt & Co. Securities, Inc. 0.0 0 0.00% 15.0 1
17 RBC Capital Markets, LLC 0.0 0 0.00% 15.0 1
18 Northland Capital Markets 0.0 0 0.00% 10.0 1

Credit for Bookrunner Volume ($MM) is based on the total amount of the offering sold, including over-allotment. Full credit is awarded to the sole book-running manager or split equally among joint book-running managers.