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Spreads on underwriting municipal bonds dipped to below $4 per $1,000 on issues in the first half of 2022 due to heavy competition and a shrinking volume of deals — the lowest figures reported in two decades.
August 15 -
Environmental facilities and public facilities saw the largest contraction in issuance.
August 15 -
The top two bond insurers — Assured Guaranty and Build America Mutual — accounted for $17.132 billion of deals in the first two quarters.
July 21 -
Estrada Hinojosa & Co., Stifel Nicolaus & Co. and CSG Advisors Incorporated moved into the top 10.
July 19 -
Most top 10 issuers for 1H are from New York and California, with four from New York and two from California.
July 19 -
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.
July 19 -
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.
April 20 -
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.
February 2 -
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.
January 26 -
BofA Securities led with $62.01 billion of deals. Out of the top five, only Morgan Stanley increased its market share year-over-year.
January 14