BofA Securities

BofA Securities appears on the underwriting syndicate of 49 special purpose acquisition company IPOs in our index, including Sound Point Acquisition Corp I, Ltd, Chenghe Acquisition I Co., Heartland Media Acquisition Corp. and Jackson Acquisition Co. The full list, with the role credited on each cover page, is in the mandates table on this page.

BofA Securities was credited as a book-running manager on 37 of its 49 SPAC mandates, 76% of them. The remainder are co-manager or syndicate positions, where the economics and the sponsor relationship sit elsewhere.

$16.3B of gross proceeds across every offering BofA Securities was named on. That is the conventional league-table measure, which credits the full deal to each syndicate member. The narrower figure is its own allocation: $5.1B, being the units the underwriting agreements assigned to BofA Securities specifically, priced at the $10 standard SPAC unit.

Foley Trasimene Acquisition II, which raised $1.5B in Aug 2020. BofA Securities was credited as a book-running manager on that offering.

7 of the SPACs BofA Securities underwrote closed a combination: Chenghe Acquisition I Co., Project Energy Reimagined Acquisition Corp., Summit Healthcare Acquisition Corp., RMG Acquisition Corp. II, Foley Trasimene Acquisition II and Replay Acquisition LLC. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

BofA Securities has no live SPAC mandates in our index; every vehicle it underwrote has either closed a deal or wound up.

14.3%. Of the 49 vehicles BofA Securities underwrote that have already resolved, 7 closed a business combination and 42 liquidated. The market-wide figure is 13.2%, so BofA Securities sits above it. SPACs still searching are excluded, because an unfinished clock is not a result. The rate measures the vehicles, not the bank: a syndicate has no control over whether a sponsor finds a target.

We hold a current quote for none of BofA Securities's closed deals, so no comparison is possible here. Post-merger price history is not part of our dataset, and we would rather say so than imply a ranking the data does not support. What this page does show is the outcome of every vehicle and the trust economics disclosed at the time.

Churchill Capital (3 deals), Kismet (3 deals), Fortress (2 deals), Austerlitz (2 deals) and DHB (1 deal). Sponsor franchises are resolved from the sponsor entity named in each prospectus, so repeat issuers group together even though every vehicle is a separate legal entity.

Most often Credit Suisse (11), Goldman Sachs (10), Citigroup (8), J.P. Morgan (8) and Academy Securities (4). Syndicate composition is read from the prospectus cover and the underwriting section, so these are co-appearances on the same offering, not a commercial relationship we have any other visibility into.

Its first SPAC IPO in our index priced Jul 19, 2017 and the most recent Mar 3, 2022. It has no live vehicles at present.

2021, with 36 mandates worth $12.0B of gross proceeds. The chart on this page shows the full year-by-year run, which for most houses traces the 2020-21 boom and the retreat that followed.

The average offering it has been named on raised $331.8M, against a range from $26.3M to $1.5B. Deal size is a reasonable proxy for where a house sits in the market: the bulge bracket concentrates on larger trusts, the SPAC specialists on smaller ones.

Technology (15), Generalist (9), Financial Services (8), Energy Transition (8) and Healthcare (6). Mandates are read from charter language in the prospectus and are often deliberately broad. Many SPACs reserve the right to pursue any industry, in which case no sector is tagged at all.

OTC (2). Listing venue is taken from the exchange record on the registrant's SEC profile.

42. A liquidation means the vehicle reached its combination deadline without closing a deal and returned the trust to public shareholders. That is the mechanism working as designed, not a default. Holders who did not redeem got their pro-rata share of the trust back.

Every figure is read from filings the registrants made with the SEC. Syndicate membership and role come from the prospectus cover and the underwriting section of each IPO prospectus (Form 424B4); outcomes come from the filing record: a current report announcing completion, or a delisting notice ending a liquidation. Nothing here is sourced from press coverage or from BofA Securities itself.