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.

Firms including PNC, FHN and Texas Capital are hiring to build their public finance teams and increase their presence across the country.