Notable deals include a $600 million refunding deal by the New York City Municipal Water Authority and almost $400 million from Rochester, Minnesota.

Firms like Siebert Williams Shank and Huntington have begun stacking their benches with municipal finance talent amid tax exemption uncertainty.

A review of the biggest issues in various public finance sectors in 2024.

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. 

The top 10 advisors accounted for $249.421 billion of par or 59.3% of the total issuance with municipal advisors.

New York boasts four of the top 10 issuers, followed by California with two and one a piece for Florida, Massachusetts, Washington and New Jersey.

Lawsuits surrounding everything from unethical sponsorships to the sale of refunding bonds swept across markets last year, creating a municipal battleground.

Pressing issues like the shifts in banking teams at various firms following Citi's exit from the business to major ratings changes make the ranking.

President-elect Donald Trump's return to the White House promises sweeping tax changes that could impact the aspects of the tax-exempt bond market.

Pressing issues include market reactions to a second Trump administration, increased oversight from the Securities and Exchange Commission and more.

The top five bond financings came in above $5 billion.