CastleOak Securities

CastleOak Securities appears on the underwriting syndicate of 4 special purpose acquisition company IPOs in our index, including KKR Acquisition Holdings I Corp., Ajax I, Atlantic Avenue Acquisition Corp and Pershing Square Tontine Holdings, Ltd.. The full list, with the role credited on each cover page, is in the mandates table on this page.

CastleOak Securities was credited as a book-running manager on 1 of its 4 SPAC mandates, 25% of them. The remainder are co-manager or syndicate positions, where the economics and the sponsor relationship sit elsewhere.

$6.4B of gross proceeds across every offering CastleOak 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: $86.3M, being the units the underwriting agreements assigned to CastleOak Securities specifically, priced at the $10 standard SPAC unit.

Pershing Square Tontine Holdings, Ltd., which raised $4.0B in Jul 2020. CastleOak Securities was credited as a co-manager on that offering.

None of the SPACs CastleOak Securities underwrote has yet reported a completed business combination in the filings we index. 0 remain live and 4 returned their trust.

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

0%. Of the 4 vehicles CastleOak Securities underwrote that have already resolved, 0 closed a business combination and 4 liquidated. The market-wide figure is 13.2%, so CastleOak Securities sits below 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 CastleOak 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.

Ajax Capital (1 deal), Atlantic Avenue (1 deal), KKR (1 deal) and Pershing Square (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 Loop Capital Markets (4), Siebert Williams Shank (4), Ramirez & Co. (3), Academy Securities (3) and Roberts & Ryan (3). 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 23, 2020 and the most recent Mar 18, 2021. It has no live vehicles at present.

2020, with 3 mandates worth $5.1B 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 $1.6B, against a range from $250.4M to $4.0B. 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.

Consumer (1) and Generalist (1). 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.

4. 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 CastleOak Securities itself.