BofA Securities retained its crown as the No. 1 underwriter in the first half of the year.
The top 10 underwriters did not see any new entrants, but some shuffling among the firms.
| Rank | Underwriter | 1H 2025 par amount (USD millions) | Market share | Number of issues |
|---|---|---|---|---|
| 1 | BofA Securities | $43,727.92 | 15.77% | 293 |
| 2 | RBC Capital Markets | $28,089.74 | 10.13% | 262 |
| 3 | J.P. Morgan | $26,713.65 | 9.63% | 179 |
| 4 | Morgan Stanley | $18,947.74 | 6.83% | 120 |
| 5 | Wells Fargo | $18,129.56 | 6.54% | 127 |
| 6 | Jefferies | $17,575.95 | 6.34% | 133 |
| 7 | Barclays | $13,124.81 | 4.73% | 72 |
| 8 | Raymond James | $12,800.47 | 4.62% | 323 |
| 9 | Goldman Sachs | $12,496.61 | 4.51% | 54 |
| 10 | Stifel Nicolaus | $12,154.97 | 4.38% | 391 |
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Investors added $672.3 million to municipal bond mutual funds in the week ended Wednesday, following $590.4 million of inflows the prior week, according to LSEG Lipper data.
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The Civic Federation and the Federal Reserve Bank of Chicago co-hosted an event on Wednesday titled "Taxing Times, Smarter Strategies."
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"We are expecting a lot of interest in the offering next week," said Geoff Urbina, managing director, KeyBanc Capital Markets Public Finance.
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Differences between the Senate and House versions of the bill, which targeted cities and counties, could not be resolved.
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Stephen Miran will take unpaid leave from and might seek to return to President Trump's Council of Economic Advisers, he said, raising conflict of interest questions in his nomination hearing for a seat on the Federal Reserve Board.
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Ketner is Baird's second hire in the higher education and nonprofit sectors in the last 30 days.
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