1H top 10 underwriter rankings see shake up

July 7, 2021 1:06 PM

The top municipal underwriters accounted for $219.57 billion in 6,084 transactions in the first half of 2021 compared to $191.87 billion in 5,181 deals in the first half of 2020.

BofA Securities led with $32.99 billion of deals, while Goldman Sachs jumped into the top five and Morgan Stanley moved up one spot from where it was at this point last year.

Out of the top five, BofA Securities, Morgan Stanley and Goldman were the only firms to increase market share year-over-year while five of the top 10 firms gained market share year-over-year.

Stifel Nicolas & Co. and Robert. W. Baird both moved into the top 10, while Piper Sandler & Co. and Barclays fell to 11th and 13th, respectively.

Bloomberg News

BofA stays on top

After leading the league tables after the first quarter with $17.45 billion, BofA Securities had a par amount of $15.54 billion in the second quarter to bring its first half total to $32.99 billion and a market share of 15%. That compares to $25.69 billon and a 13.4% market share the firm accumlated in the first half of 2020.

Adobe Stock

Citi holds onto second

Citigroup Global Markets Inc. accounted for a total of $22.58 billion and a 10.3% market share in the first six months of 2021. This was down from its business in 2020 where it firm finished with a total of $23.47 billion and a market share of 12.2%.

Katherine Welles - stock.adobe.com

J.P. Morgan moves up from Q1 ranking

J.P. Morgan Securities held onto third in the first half of 2021, but moved up one spot from where it was at the end of the first quarter.

In the first half of 2021, the firm underwrote $18.78 billion or a 8.6% market share compared to $19.19 billion and 10% market share in the first half of 2020.

Morgan Stanley makes gains

Morgan Stanley fell one spot from its first quarter position, but it inched up one spot from where it was a year ago, being one of three top five firms to gain market share.

The firm accounted for $17.87 billion or a market share of 8.1%, compared to $11.15 billion and 5.8% market share in the first six months of 2020.

Rounding out the top 10

RBC Capital Markets fell to 6th from 4th year-over-year with a par amount of $12.59 billion and 5.7% market share. Stifel moved up four spots to 7th from last year with $11.34 billion and increased its market share to 5.2% from 3.9%.

Wells Fargo Securities dropped to 8th with $8.95 billion from $9.04 billion, Robert W. Baird moved into the top 10 with $8.19 billion from 13th place a year ago and Jefferies rounds out the top 10 with $8.15 billion — the same place they were at this point last year.