Capital raises among banks and thrifts, YTD

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Related Documents Industry Document "Financial Institutions Offering Activity" presented on 10/16/2009

Related Articles 7/16/2009 JPMorgan's net income rises 36% YOY 7/14/2009 SNL Q2'09 League Tables: Capital markets offer a new hope 7/10/2009 WSJ: Disagreements over TARP warrant valuation lead JPMorgan to seek public auction 6/17/2009 JPMorgan repays TARP 6/9/2009 Big banks announce TARP repayments 6/3/2009 TARP repayment or not, banks tap markets while they're hot 6/1/2009 JPMorgan optimistic it can finally exit TARP 6/1/2009 Fed releases criteria for stress-tested banks hoping to exit TARP 5/15/2009 Data Dispatch: Stress test results spur capital offerings commotion 5/13/2009 Street Talk: Rising tide of capital floods the banking industry 5/7/2009 Stress test results released; banks need additional $74.6 billion 4/14/2009 SNL Q1'09 League Tables: Washington is the only game in town

Related Offerings 1/4/2008 $17M Common Equity 4/24/2008 Common Equity 4/24/2008 $0M Common Equity 4/24/2008 $0M Common Equity 5/2/2008 $11M Common Equity 7/9/2008 $3M Common Equity 7/15/2008 $21M Common Equity 7/30/2008 $1M Common Equity 9/2/2008 $100M Common Equity 10/27/2008 $3,555M Preferred Equity 11/4/2008 $122M Common Equity 11/10/2008 $1M Common Equity 12/11/2008 $22M Preferred Equity 12/23/2008 $24M Senior Debt 12/31/2008 $3M Preferred Equity 1/30/2009 $50M Subsidiary Trust Preferred 2/2/2009 $6M Senior Debt 2/4/2009 $15M Subsidiary Trust Preferred 2/27/2009 $12,500M Preferred Equity 2/27/2009 Common Equity 2/27/2009 $12,500M Preferred Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 Common Equity 2/27/2009 $20,000M Subsidiary Trust Preferred 2/27/2009 $12M Common Equity 2/27/2009 $63M Common Equity 2/27/2009 $12,500M Preferred Equity 2/27/2009 $7,059M Subsidiary Trust Preferred 2/27/2009 $23M Common Equity 3/3/2009 $19M Subordinated Debt 3/5/2009 $8M Preferred Equity 3/17/2009 $1M Common Equity 3/17/2009 $1M Common Equity 3/26/2009 $0M Senior Debt 3/31/2009 $2M Common Equity 4/7/2009 $27M Senior Debt 4/13/2009 $380M Common Equity 4/16/2009 $3,000M Senior Debt 4/21/2009 $14M Senior Debt 4/21/2009 $7M Senior Subordinated Debt 4/21/2009 $2M Common Equity 4/24/2009 $119M Common Equity 4/27/2009 $12M Senior Debt 4/27/2009 $31M Senior Debt 4/27/2009 $400M Senior Debt 4/27/2009 $2,843M Senior Debt 4/27/2009 $862M Common Equity 4/27/2009 $500M Senior Debt 4/27/2009 $400M Senior Debt 4/30/2009 $10M Common Equity 5/1/2009 $5M Senior Debt 5/1/2009 $10M Subordinated Debt 5/4/2009 $63M Common Equity 5/4/2009 $5M Subsidiary Trust Preferred 5/4/2009 $125M Common Equity 5/5/2009 $57M Common Equity 5/6/2009 $59M Preferred Equity 5/6/2009 $60M Common Equity 5/7/2009 $8,627M Common Equity 5/7/2009 Common Equity 5/7/2009 Common Equity 5/7/2009 Common Equity 5/7/2009 Common Equity 5/8/2009 $3,000M Senior Debt 5/8/2009 $13,462M Common Equity 5/11/2009 $1,725M Common Equity 5/11/2009 $34M Common Equity 5/11/2009 $2,755M Common Equity 5/11/2009 $1,000M Common Equity 5/11/2009 $228M Common Equity 5/11/2009 $31M Common Equity 5/11/2009 $1,388M Common Equity 5/11/2009 $5M Subordinated Debt 5/12/2009 $11M Senior Debt 5/12/2009 $200M Common Equity 5/13/2009 $30M Common Equity 5/13/2009 $30M Senior Debt 5/13/2009 $2,500M Senior Debt 5/14/2009 $624M Common Equity 5/14/2009 $9M Common Equity 5/14/2009 $2M Subordinated Debt 5/15/2009 $260M Common Equity 5/15/2009 $2,000M Senior Debt 5/18/2009 $2,300M Common Equity 5/18/2009 $500M Senior Debt 5/19/2009 $103M Common Equity 5/19/2009 $1,000M Senior Debt 5/19/2009 $141M Senior Debt 5/19/2009 $110M Senior Debt 5/20/2009 $33M Common Equity 5/20/2009 Common Equity 5/20/2009 $1,000M Common Equity 5/20/2009 Common Equity 5/20/2009 $1,840M Common Equity 5/20/2009 $287M Preferred Equity 5/20/2009 $3M Subsidiary Trust Preferred 5/21/2009 $75M Common Equity 5/27/2009 $8M Senior Debt 5/27/2009 Common Equity 5/27/2009 Common Equity 5/27/2009 Common Equity 5/27/2009 Common Equity 5/27/2009 Common Equity 5/27/2009 $6M Common Equity 5/27/2009 Common Equity 5/27/2009 $11M Common Equity 5/28/2009 $12M Senior Debt 5/28/2009 Common Equity 5/28/2009 Common Equity 6/1/2009 $66M Common Equity 6/1/2009 $1,614M Common Equity 6/1/2009 $126M Common Equity 6/1/2009 $115M Subordinated Debt 6/1/2009 $34M Subordinated Debt 6/1/2009 $80M Subordinated Debt 6/1/2009 $5,756M Common Equity 6/1/2009 $134M Common Equity 6/1/2009 $123M Common Equity 6/2/2009 $164M Common Equity 6/2/2009 $4,333M Common Equity 6/2/2009 $3,551M Common Equity 6/2/2009 $2,566M Common Equity 6/2/2009 $211M Common Equity 6/3/2009 $372M Common Equity 6/3/2009 $132M Common Equity 6/3/2009 Common Equity 6/3/2009 Common Equity 6/3/2009 Common Equity 6/3/2009 Common Equity 6/3/2009 Common Equity 6/4/2009 $400M Senior Debt 6/4/2009 $600M Senior Debt 6/8/2009 $73M Common Equity 6/8/2009 $132M Common Equity 6/8/2009 Common Equity 6/8/2009 Common Equity 6/8/2009 Common Equity 6/8/2009 Common Equity 6/8/2009 Common Equity 6/8/2009 Common Equity 6/10/2009 $1M Common Equity 6/10/2009 $115M Common Equity 6/10/2009 $17M Common Equity 6/11/2009 $575M Common Equity 6/11/2009 $250M Senior Debt 6/11/2009 $13M Senior Subordinated Debt 6/11/2009 $1,000M Senior Debt 6/12/2009 $6M Common Equity 6/12/2009 $9M Subordinated Debt 6/16/2009 $300M Senior Debt 6/16/2009 $300M Senior Debt 6/16/2009 $4M Preferred Equity 6/18/2009 Preferred Equity 6/18/2009 $85M Common Equity 6/18/2009 $13M Common Equity 6/22/2009 $75M Common Equity 6/29/2009 $53M Senior Debt 6/29/2009 $172M Common Equity 6/29/2009 $33M Common Equity 6/30/2009 $4M Common Equity 6/30/2009 $0M Common Equity 6/30/2009 $0M Common Equity 6/30/2009 $0M Preferred Equity 6/30/2009 $3M Common Equity 7/1/2009 $3M Senior Debt 7/1/2009 $11M Senior Debt 7/1/2009 Common Equity 7/2/2009 $8M Common Equity 7/2/2009 $0M Common Equity 7/2/2009 $3M Preferred Equity 7/2/2009 $2M Preferred Equity 7/2/2009 $0M Subordinated Debt 7/2/2009 Common Equity 7/2/2009 Common Equity 7/2/2009 Common Equity 7/2/2009 $0M Preferred Equity 7/2/2009 Common Equity 7/8/2009 $6M Subordinated Debt 7/10/2009 $300M Senior Debt 7/10/2009 $82M Common Equity 7/13/2009 $59M Common Equity 7/14/2009 $200M Senior Debt 7/14/2009 $0M Common Equity 7/15/2009 $27M Common Equity 7/17/2009 $5M Senior Debt 7/17/2009 Common Equity 7/17/2009 Common Equity 7/20/2009 $80M Common Equity 7/20/2009 $2,500M Senior Debt 7/21/2009 $575M Subsidiary Trust Preferred 7/22/2009 $1,000M Senior Debt 7/23/2009 $2,500M Senior Debt 7/23/2009 $250M Senior Debt 7/27/2009 $20M Common Equity 7/27/2009 $86M Common Equity 7/27/2009 $25M Common Equity 7/28/2009 $82M Senior Debt 7/28/2009 $5M Senior Debt 7/28/2009 $14M Subordinated Debt 7/29/2009 $1,000M Subsidiary Trust Preferred 7/29/2009 Common Equity 7/30/2009 $0M Preferred Equity 7/31/2009 $40M Common Equity 7/31/2009 $30M Common Equity 7/31/2009 Preferred Equity 7/31/2009 $0M Common Equity 8/3/2009 $59M Common Equity 8/3/2009 $119M Common Equity 8/5/2009 $2,500M Senior Debt 8/10/2009 $87M Common Equity 8/10/2009 $66M Common Equity 8/10/2009 $935M Subsidiary Trust Preferred 8/10/2009 $75M Common Equity 8/11/2009 $258M Common Equity 8/13/2009 $7M Common Equity 8/13/2009 $3M Common Equity 8/13/2009 $3M Common Equity 8/14/2009 $1M Preferred Equity 8/17/2009 $1,000M Common Equity 8/17/2009 $4M Preferred Equity 8/20/2009 $57M Common Equity 8/20/2009 Common Equity 8/20/2009 Common Equity 8/20/2009 Common Equity 8/20/2009 Common Equity 8/25/2009 $50M Common Equity 8/26/2009 $80M Common Equity 8/26/2009 $0M Common Equity 8/27/2009 Common Equity 8/27/2009 Common Equity 8/27/2009 $13M Subordinated Debt 8/27/2009 $13M Common Equity 8/27/2009 $21M Common Equity 8/28/2009 $11M Subordinated Debt 9/3/2009 Subsidiary Trust Preferred 9/3/2009 Subsidiary Trust Preferred 9/4/2009 Common Equity 9/8/2009 $62M Common Equity 9/8/2009 $161M Common Equity 9/9/2009 $55M Common Equity 9/9/2009 $32M Common Equity 9/9/2009 $149M Common Equity 9/9/2009 $99M Common Equity 9/9/2009 $150M Senior Debt 9/9/2009 $5M Preferred Equity 9/11/2009 $112M Common Equity 9/14/2009 $201M Common Equity 9/14/2009 $350M Common Equity 9/14/2009 $49M Common Equity 9/14/2009 $600M Common Equity 9/14/2009 Common Equity 9/15/2009 $107M Common Equity 9/15/2009 $0M Common Equity 9/15/2009 $0M Preferred Equity 9/15/2009 $0M Subordinated Debt 9/16/2009 $500M Senior Debt 9/16/2009 $1,500M Senior Debt 9/17/2009 $450M Senior Debt 9/17/2009 $2,000M Senior Debt 9/17/2009 $460M Common Equity 9/17/2009 Common Equity 9/21/2009 $74M Common Equity 9/21/2009 $207M Common Equity 9/21/2009 $82M Common Equity 9/21/2009 $82M Common Equity 9/21/2009 $39M Preferred Equity 9/22/2009 $500M Senior Debt 9/22/2009 $48M Common Equity 9/23/2009 $222M Common Equity 9/23/2009 $460M Common Equity 9/24/2009 $11M Common Equity 9/28/2009 $44M Senior Debt 9/30/2009 $4M Senior Debt 9/30/2009 $3M Preferred Equity 9/30/2009 $0M Subordinated Debt 9/30/2009 $3M Senior Debt 9/30/2009 $0M Common Equity 9/30/2009 $0M Preferred Equity 10/1/2009 $0M Preferred Equity 10/1/2009 $14M Common Equity 10/1/2009 $0M Preferred Equity 10/5/2009 $1M Preferred Equity 10/8/2009 $3M Senior Debt 10/9/2009 $15M Common Equity 10/12/2009 $81M Common Equity 10/14/2009 $28M Common Equity 10/19/2009 $175M Common Equity 10/19/2009 $86M Common Equity 10/19/2009 $230M Common Equity 10/20/2009 $899M Common Equity 10/20/2009 $1,000M Subsidiary Trust Preferred 10/21/2009 $2M Senior Debt 10/21/2009 $350M Subsidiary Trust Preferred 10/26/2009 $188M Common Equity 10/26/2009 $59M Common Equity 10/26/2009 $142M Preferred Equity 10/26/2009 $57M Common Equity 10/26/2009 $12M Preferred Equity 10/26/2009 $10M Senior Debt 10/27/2009 $10M Senior Debt 10/27/2009 $30M Common Equity 10/28/2009 $12M Common Equity 10/30/2009 $4M Common Equity 11/3/2009 $64M Common Equity 11/3/2009 $5M Senior Debt 11/4/2009 $700M Senior Debt 11/5/2009 $1M Senior Debt 11/6/2009 $335M Preferred Equity 11/6/2009 $164M Common Equity 11/9/2009 $1,000M Subsidiary Trust Preferred 11/16/2009 $0M Preferred Equity

The bank and thrift sector has seen a flood of capital raises following the release of the results of the Supervisory Capital Assessment Program, the government's stress tests of the nation's largest banks.

After a dry spell in late 2008 and little action in the first three months of 2009, banks began announcing offerings at a feverish pace, and it seems investors are once again ready to put money to work in the sector. While some headwinds undoubtedly remain, the capital markets opened for a number of institutions late in the second quarter, and the sector saw a number of successful common equity offerings.

While some banks were looking to raise funds to cover estimated losses under the SCAP's "more adverse scenario," the Federal Reserve said June 1 that SCAP participants wishing to exit TARP must meet two conditions: first, demonstrate that they can access the public equity markets; and second, access the long-term debt markets without assistance from the FDIC's Temporary Liquidity Guarantee Program.

The announcement led some banks whose stress tests showed they did not need additional capital, such as JPMorgan Chase & Co., to announce new capital raises. JPMorgan Chairman and CEO Jamie Dimon expressed frustration at the new requirements during a June 1 conference call to discuss the company's plans to raise about $5 billion. Dimon complained at the time that, while he hoped to exit the program soon, regulators could impose additional requirements. "You've obviously seen they can do whatever they want," Dimon said during the call.

JPMorgan repaid the $25 billion preferred stock investment June 17, resulting in a 27-cent-per-share hit to second-quarter earnings. The bank will record a one-time, noncash negative adjustment of $1.1 billion, reflecting the accelerated amortization of issuance discount on the preferred shares.

Several other big banks announced TARP repayments alongside JPMorgan. Exiting the program presented additional hurdles, as news surfaced in early July that several bankers were quibbling with regulators over the value of warrants issued to the Treasury.

Regardless of whether companies are looking to exit TARP, several players have announced capital raises in order to take advantage of the recent surge in investor interest.

But whether it's a public offering or private capital being plowed into banks, SNL is tracking year-to-date capital-raising activity among banks and thrifts in 2009, with updates on a weekly basis.

Click here to access a template that shows how to download SNL capital offerings data into an Excel spreadsheet.