Rankings

NYC TFA tops the list.

As the underwriter landscape changes, so does the competitive market.

The top five bond financings came in above $8 billion.

Pent-up demand, dwindling federal aid and lower interest rates led to a 32% increase in municipal issuance in the first half of 2024.

The top five bond financings came in above $1 billion.

The newcomers, Greenberg Traurig, Bryant Rabbino and Ballard Spahr, knocked Bracewell, Nixon Peabody and Gilmore & Bell, out of the top 10.

Municipal bond insurance grew 24.4% in the first half, compared to the same period last year.

The top 5 competitive underwriters remained in the same ranking positions as 1H 2023, while there was some shuffling with the remaining in the Top 10.

Kaufman Hall & Associates, Caine Mitter & Associates, KNN Public Finance entered the Top 10, while CSG Advisors, Estrada Hinojosa and Columbia Capital Management were bumped.

Half of the top 10 issuers are from New York, California issuers hold two spots on the list.

Raymond James was the sole new entrant in the Top 10, knocking out Citi — which formally exited the muni market by the end of Q1 2024.

The top five bond financings have an average dollar volume of more than $1.9 billion.

The top five bond financings have an average dollar volume of more than $1.2 billion.

Source: LSEG

BofA Securities led the underwriting of healthcare issuance in 2023, with $3.3549 billion in total.

Healthcare issuance in 2023 was lower than usual, as many issuers were still using COVID-related federal aid. The largest issuances came from the Massachusetts Development Finance Agency.

Orrick, Herrington & Sutcliffe take the top spot with a 10.29% market share.

RBC Capital Markets took the top spot for total education issuance, underwriting more than $10 billion in 2023.

Two California issuers take first and third spots on the list. The Regents of the University of California top the list with $2.875 billion in six deals while Los Angeles Unified School District lands at third with $1.189 billion in two deals.

Overall education issuance, including higher ed, K-12 and student loan debt, in 2023 totaled $94.9619 billion, or 3.6% more than 2022's totals.