Rankings

The top five bond financings have an average dollar volume of more than $917 million.

The top two municipal bond insurers wrapped $31.845 billion in 2023, up 10.4% from the $28.847 billion of deals in 2022, according to Refinitiv data.

Caine Mitter & Associates and RBC Capital Markets moved into the top 10, while Piper Sandler & Co. and Kaufman Hall & Associates were bumped to the top 15.

Half of the top 10 issuers were new entrants: the California Community Choice Finance Authority, Main Street Natural Gas, the state of Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois.

RBC ramped up business to land at second place and Jefferies rose to third while Raymond James entered the top 10, knocking Barclays to 11th. Citi, which exited the business, closed at sixth place.

After months of speculation, the firm confirmed it would "wind down" its municipal underwriting and market-making activities after a "broad-based review" of its muni business, according to a company memo.

The top five bond financings have an average dollar volume of more than $1 billion.

The top five bond financings have an average dollar volume of more than $1 billion.

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

The top two municipal bond insurers wrapped $22.814 billion in the first three quarters of 2023, a slight dip of 0.5% from the $22.929 billion of deals done over the same period in 2022, according to Refinitiv data.

The top two municipal bond insurers wrapped $15.571 billion in the first half of 2023, a 12% decrease from the $17.689 billion of deals done in the first half of 2022, according to Refinitiv data. Insurance was up in Q2.

Only the top bond counsel retained its slot, while four firms were knocked out of the top 10.

BofA Securities remained at the top of the list, with $22.948 billion, accounting for 13.4% of the market, but the rest of the top 10 saw some shuffling.

Municipal Capital Markets Group, Columbia Capital Management and Caine Mitter and Associates moved into the top 10, while Baker Tilly Municipal Advisors, Stifel Nicolaus & Co. and Swap Financial Group were ousted.

Most top 10 issuers for 1H are from New York and California, with three from New York and three from California.

The top two municipal bond insurers wrapped $28.224 billion in 2022, a 30.1% decrease from the $37.486 billion of deals done in 2021, according to Refinitiv data.

The top bond counsel firms combined for a total of $359.123 billion in 7,878 transactions during 2022, down from the $456.136 billion in 11,819 deals in 2021.

Municipal financial advisors saw $304.569 billion of business in 5,935 transactions in 2022, down from the $377.886 billion in 8,611 deals in 2021.

The top municipal underwriters accounted for $359.725 billion in 7,896 issues in 2022, down from $457.080 billion in 11,860 transactions in 2021.

Most top 10 issuers are from New York and California, with four from New York and two from the Golden State.