JP Morgan and Citigroup are poised to reinforce their positions at the top of the global equity capital markets league tables as the joint bookrunners for insurer American International Group’s $7.5bn (€4.9bn) combined offering of common stock and convertible equity units and subordinated debt.

In the US tables, Citigroup held the top spot as of Thursday with 32 deals worth a total value of $16.3bn, while JP Morgan is seventh with 26 deals worth $6.6bn.

AIG also said in a statement that it would grant Citigroup and JP Morgan “an option to purchase additional common stock and equity units in order to cover over-allotments.”

A spokesman for AIG declined to break down the amount of the $7.5bn issue that would be common stock and how much would be convertible securities, saying he could not elaborate on the terms in AIG’s statement.

AIG announced the offer after reporting a $7.81bn net loss in the first quarter because of $9.11bn in writedowns on credit default swaps it had sold to customers.

Credit default swaps are contracts that hedge against the default of a company’s bonds.