CRT Capital

CRT Capital appears on the underwriting syndicate of 2 special purpose acquisition company IPOs in our index, including ESTRE USA INC. and WillScot Holdings Corp (WSC). The full list, with the role credited on each cover page, is in the mandates table on this page.

We have not indexed a book-running credit for CRT Capital; every mandate on record is a co-manager or syndicate position. Bookrunner status is read from the prospectus cover, so a blank can also mean the cover did not separate the roles.

$850M of gross proceeds across every offering CRT Capital 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: $42.1M, being the units the underwriting agreements assigned to CRT Capital specifically, priced at the $10 standard SPAC unit.

WillScot Holdings Corp (WSC), which raised $500M in Sep 2015. CRT Capital was credited as a syndicate member on that offering.

2 of the SPACs CRT Capital underwrote closed a combination: ESTRE USA INC. and WillScot Holdings Corp. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

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

100%. Of the 2 vehicles CRT Capital underwrote that have already resolved, 2 closed a business combination and 0 liquidated. The market-wide figure is 59.5%, so CRT Capital 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.

Measured against the $10.00 the units were sold at, the only baseline every SPAC shares, the strongest of CRT Capital's closed deals currently is WillScot Holdings Corp (WSC) at $16 a share. Treat that as a snapshot, not a return: it ignores dividends, splits, warrant exercise and anything that happened in between, because historical price series are not part of our data. For a proper total-return comparison use your market-data provider with the post-merger tickers.

Boulevard (1 deal) and WillScot (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 I-Bankers Securities (2), BofA Securities (1), Citigroup (1) and Deutsche Bank (1). 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 Sep 15, 2015 and the most recent Sep 22, 2015. It has no live vehicles at present.

The average offering it has been named on raised $425M, against a range from $350M to $500M. 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.

Generalist (1) and Media & Entertainment (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.

Nasdaq (1). Listing venue is taken from the exchange record on the registrant's SEC profile.

None in our index. Either its vehicles closed a deal or they are still inside their combination window.

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 CRT Capital itself.