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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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A possible increase in Democratic representation and property tax referendums have implications for state and local governance.
1h ago
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Muni investors' fears for the economy and war were overpowered by their fear of missing out, said Peter Delahunt, head of the municipal bond department at StoneX.
September 30
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The center provides research, training and outreach on state and local governments' public money decisions.
September 30
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Leases backing many of the bonds are scheduled to expire before the debt is fully repaid, Moody's warned.
September 30
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The muni market will also receive $28 billion of principal and interest set to be paid to investors Thursday, according to CreditSights.
September 30
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The SEC would have a hard time "proving even one, let alone all, of the requirements necessary for 'control person liability,'" one the JPAs said.
September 30
