Bond Buyer Staff

The newcomers, Greenberg Traurig, Bryant Rabbino and Ballard Spahr, knocked Bracewell, Nixon Peabody and Gilmore & Bell, out of the top 10.

The top 5 competitive underwriters remained in the same ranking positions as 1H 2023, while there was some shuffling with the remaining in the Top 10.

Kaufman Hall & Associates, Caine Mitter & Associates, KNN Public Finance entered the Top 10, while CSG Advisors, Estrada Hinojosa and Columbia Capital Management were bumped.

Half of the top 10 issuers are from New York, California issuers hold two spots on the list.

Raymond James was the sole new entrant in the Top 10, knocking out Citi — which formally exited the muni market by the end of Q1 2024.

The top five bond financings have an average dollar volume of more than $1.9 billion.

The top five bond financings have an average dollar volume of more than $1.2 billion.

Source: LSEG

BofA Securities led the underwriting of healthcare issuance in 2023, with $3.3549 billion in total.

Healthcare issuance in 2023 was lower than usual, as many issuers were still using COVID-related federal aid. The largest issuances came from the Massachusetts Development Finance Agency.

Orrick, Herrington & Sutcliffe take the top spot with a 10.29% market share.

RBC Capital Markets took the top spot for total education issuance, underwriting more than $10 billion in 2023.

Two California issuers take first and third spots on the list. The Regents of the University of California top the list with $2.875 billion in six deals while Los Angeles Unified School District lands at third with $1.189 billion in two deals.

Overall education issuance, including higher ed, K-12 and student loan debt, in 2023 totaled $94.9619 billion, or 3.6% more than 2022's totals.

Orrick Herrington took the top spot with nearly 50% of the market.

Goldman Sachs took the top spot in underwriting public power debt, coming in at nearly $6 billion in 2023.

The California Community Choice Financing Authority was the leader in the public power sector, issuing nearly $5 billion or 28% market share in 2023. It was also one of the top 10 overall issuers of 2023.

The top 10 bond counsels saw some shuffling and welcomed two new entrants, Locke Lord and Ballard Spahr.

DASNY, Washington, Massachusetts, Jefferson County, Alabama, and the New Jersey Education Facilities Authority entered the top 10, with the last three issuers coming to market after not issuing any debt in the first quarter of 2023.

Kaufman Hall & Associates, Piper Sandler and Montague DeRose & Associates moved into the top 10, while CSG Advisors, Estrada Hinojosa and RBC Capital Markets were bumped.