Truist Securities, the corporate and investment banking division of Truist Financial Corporation, wins Euromoney’s inaugural award for best super-regional investment bank in the US. The award reflects the key role it plays in the domestic financial system, providing critical funding and extending capital-raising services to large corporates and small and medium-sized enterprises.
Formed in 2019, through the merger of BB&T and SunTrust Bank, the North Carolina-based bank is now present in 15 US states and Washington DC.
This award is testament to its investment banking strength across the US and the region’s capital markets, under the stewardship of Truist Securities chairman and chief executive John Gregg.
The bank has played a key role in hundreds of equity and debt capital market offerings, including several billion-dollar-plus transactions.
It completed 56 equity capital market deals in the 12 months to the end of March 2022, worth a total of $3.17 billion, according to Dealogic. And in DCM, it helped corporate and financial institutions print 635 bonds, worth a combined total of $51.4 billion.
Truist was a joint bookrunner on a pair of initial public offerings on the New York Stock Exchange that took place within a week of each other in April 2021. Software vendor UiPath made its debut on the NYSE, raising $1.54 billion, five days after Agilon had secured $1.23 billion from investors, valuing the healthcare platform at nearly $11 billion.
Other notable deals in ECM include: a $1.15 billion convertible bond for Norwegian Cruise Line Holdings subsidiary NCL Corporation in November 2021; a $1.15 billion follow-on equity offering for cloud-based software platform Qualtrics International the same month; and a $1 billion follow-on for Digital Realty Trust in September.
The bank has played a key role in hundreds of equity and debt capital market offerings, including several billion-dollar-plus transactions.
In DCM, the standout deal was a blockbuster $30 billion sale of senior unsecured notes by Magallanes. The triple-tranche sale by the wholly owned subsidiary of AT&T was finalized in March 2022, with net proceeds set aside to fund the merger, a month later, of Discovery and AT&T’s WarnerMedia business.
Truist was also a bookrunner on a $7 billion loan sale to fund the leveraged buyout of medical supply company Medline Industries in September 2021.
And in March 2022, the bank helped the Nashville-based for-profit operator of healthcare facilities, HCA Inc, raise $6 billion in senior unsecured notes, with proceeds earmarked for general use and debt refinancing.
