Rankings

Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with Jefferies being the only newcomer to the top 10, replacing Robert W Baird & Co., which fell to 13th.

The two active municipal bond insurers wrapped $8.176 billion in the first quarter of 2022, a 3.25% decrease from the $8.442 billion of deals done in the first three months of 2021.

The two active municipal bond insurers wrapped $38.7 billion in 2021, an 8.7% increase from the $35.6 billion of deals done in 2020 and the highest level since 2009.

Only one firm remained in the same spot they were at in 2020, while the rest of the rankings saw big shifts from a year prior.

BofA Securities led with $62.01 billion of deals. Out of the top five, only Morgan Stanley increased its market share year-over-year.

Bond insurance grew to 8.4% of total market par covered in the first half of 2021.

The bond counsel rankings saw plenty of moves, except at the top spot where Orrick took a commanding lead.

The Dormitory Authority of the State of New York overtook California for the most issuance, while New York issuers made up half of the top 10.

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.

The top municipal bond counsel firms easily surpassed 2019's pace of par amount. Year-to-date, the top-ranked firms have totaled $326.46 billion compared with last year's number of $265.99 billion.

The two active municipal bond insurers wrapped $25.22 billion in the first three quarters of 2020, a 62% surge from the $15.57 billion of deals done in the first nine months of 2019.