Rankings

Refunding volume in the Midwest was down 57% in 2018, while new money deals rose just 1.8%, leaving the region down more than 28%.

While the municipal bond insurers suffered from the curtailment of issuance under newly effective U.S. tax laws, the insurance penetration rate ticked higher.

The top municipal FA's accounted for 20% less volume, as their par amount of deals handled dropped to $273.869 billion from $345.829 billion. The number of transactions fell by 1,199.

The top muni bond counsel firms accounted for $318.67 billion in 8,474 transactions in 2018, down from $407.47 billion in 10,519 deals the year before.

Municipal bond issuance totaled $320.25 billion in 2018, as New York issuers led the charge.

Municipal bond underwriters suffered from muted issuance under the new tax laws, as Bank of America Merrill Lynch remained on top of the year-end rankings.

Hiring, firings, corruption, the new tax law and a volatile political climate shaped The Bond Buyer's list of most-read articles of 2018.

The tax overhaul and rising rates started to bolster demand, partly offsetting the decline in issuance.

After three quarters, only Morgan Stanley and Jefferies have increased par amount underwritten from last year.

The region's volume numbers were supported by favorable market conditions that drove several large gas prepay deals.