Rankings

While the top three advisor firms stayed put, the next seven firms moved around, including three new firms making their way into the top 10.

As issuance increased, the top municipal bond underwriters saw their total par underwritten rise by 14.4% from the first half of 2020.

Only three spots in the top 10 remained the same from a year ago, as issuance grew and firm positions changed in 2021.

Bond insurers grew their business in Q1 2021 to $8.497 billion from $4.826 billion in Q1 2020 as more investors demand and issuers purchase insurance for their deals in the COVID-19 era.

Municipal bond issuers in the State of New York accounted for half of the top 10, while issuers from California held two of the top four spots.

While the top three remain the same, changes were plentiful in the rest of the top 10, including five new firms making their way there.

The top municipal bond underwriters of the first quarter of 2021 are well ahead of last year's record pace, as the country is starting to finally see the light at the end of the COVID-19 pandemic tunnel.

Acacia and Estrada grew substantially.

McCall Parkhurst & Horton and Norton Rose Fulbright moved up in 2020 to second and third.

The growth in issuance in 2020 spread out over the top 10 underwriters, with bulge-bracket firms sharing the wealth.