Rankings

Municipal bond counsels accumulated $87.02 billion, up from the $75.14 billion in the first three months of 2019. The top spot remained the same but the rest of the top 10 saw a plethora of changes.

The two active municipal bond insurers insured $4.83 billion in the first quarter of 2020, an uptick from the $3.62 billion of wrapped deals done in the first three months of 2019. The year-over-year increase in the sector is noteworthy given that the primary market was shuttered for weeks in March due to the coronroavirus pandemic.

Financial advisors in the municipal bond market accumulated $74.48 billion, up from the $65.03 billion in the first three months of 2019. The top four places remained the same but the rest of the top 10 all saw big changes.

Despite a muted month of March due to the COVID-19 pandemic which included two weeks of no negotiated deals, muni bond issuers still sold more long-term debt than they did during the first three months of 2019. Issuers accounted for a total of $84.87 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019. The top 10 features five newcomers from a year ago, including the top spot.

Underwriters of municipal bonds did the majority of business during the first two months of the year, before COVID-19 swept the country with sickness and severe spreading. The top underwriters accounted for $87.84 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019.

Refundings and taxable deals were also up substantially, driving the region to $75 billion of municipal bond volume, up 32.6% from 2018.

The top municipal bond counsel saw $265.58 billion of business in the first three quarters of 2019, up from $237.49 billion a year earlier. Orrick Herrington & Sutcliffe LLP once again found itself on top with Hawkins Delafield and Wood gaining some ground.

The two active municipal bond insurers insured $5 billion more in 2019 than they did in 2018 thanks to a surge of issuance in the fourth quarter. Assured Guaranty and Build America Mutual combined for $23.92 billion of insured volume spanning 1,724 transactions and 5.67% penetration rate in 2019. That is up from $18.92 billion in 1,249 deals and 5.58% insured rate in 2018.

The top three spots in the rankings did not change year-over-year but there were plenty of place changes in the rest of the top 10

The top municipal issuers easily surpassed their issuance totals from 2018 year, with $400.51 billion in 10,582 transactions in 2019 compared to $320.35 billion in 8,549 deals the year before. California regained control of the throne after coming in third in 2018.