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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"Most states do not expect to be able to keep key roads and bridges to a state of good repair," said David Draine, principal officer, public sector, retirement systems for the Pew Charitable Trusts.
3h ago
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Once considered as a promising prospect for investors, "green" bonds have been plagued by defaults, a concern for those who study the underlying technologies.
4h ago
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A 2024 Illinois law loosened school bond restrictions, allowing districts to authorize some debt without an election. That caused a backlash in one district.
5h ago
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The top 10 underwriters for the first half of the year brought in more than $203 billion across nearly 2,000 issues.
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As always, economists had disparate interpretations of the consumer price index, with none expecting a July rate cut. And tariff questions remain unanswered.
July 15
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Prices for some bonds issued for Florida's express train have fallen sharply since Friday.
July 15
