Dec 21 Credit Suisse Group AG was the
top underwriter for U.S. initial public offerings this year for
the first time, bolstered by its role in helping large private
equity backed companies go public.
The Swiss bank generated $4.7 billion in IPO proceeds during
2012 from 41 issues, vaulting it in front of JP Morgan Chase &
Co with $4.6 billion, according to Thomson Reuters data.
Goldman Sachs Group Inc placed third with $4.5
billion, while the previously top-ranked Morgan Stanley
came in fourth.
Credit Suisse was ranked eighth last year in the U.S. IPO
league tables with $2.8 billion in proceeds.
"2012 was a challenging year for IPO issuances," said Joe
Reece, global head of Credit Suisse's equity capital markets
group. "This fact makes it even more critical to be acutely
focused on clients."
Large deals the bank helped underwrite include private
equity firm Carlyle Group's $671 million offering,
payment processor Vantiv Inc's $575 million offering
and industrial company Rexnord Corp's $426 million
It also made a number of changes internally which may have
contributed to its climb, Reece said.
In May, former syndicate head David Hermer was named head of
equity capital markets of the Americas. The group also
integrated its origination and syndicate units under one
Credit Suisse is trying to build up its equity capital
markets business at a time when other banks are doing the
Royal Bank of Scotland Group PLC said earlier this
year it would exit its equity capital markets business, while
Nomura Holdings Inc has also cut back in the division
in Europe, Reuters has previously reported.
"There are firms pulling in and not investing in ECM. We're
doing the opposite," Reece said. "We view the equity product as
core to our strategy."