The top five bond financings totaled more than $6 billion.

The $2.5 billion Brightline West and $849 million Hawaii deals stood out among the rash of issuances last month alongside the ongoing tax exemption debate.

PFM, Ramirez & Co. and other advisory firms are adding to rosters of municipal finance experts as the tax exemption hangs in the balance.

The tax exemption has been in place for more than 110 years, but Republicans say its removal is vital for prolonging many parts of the Tax Cuts and Jobs Act.

The short-lived federal funding freeze from President Donald Trump and jeopardy of tax-exempt status are just the latest issues plaguing the muni bond industry.

The top five bond financings totaled more than $6 billion.

The top 10 saw some movements in 2024, with Greenberg Traurig and Chapman and Culter entering the top 10, while Gilmore & Bell and Bracewell were bumped to the top 15.

Sycamore Advisors adds two quantitative experts, PFM boosts its workforce consulting team and more talent shifts in December.

The top five bond financings came in above $7 billion.

The muni market saw a record $507.585 billion of debt issued in 2024, up 31.8% from $385.061 billion in 2023, according to LSEG data.