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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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Munis are in a holding pattern, NewSquare Capital's Kim Olsan said, and they're likely to remain so until the next FOMC meeting.
August 12
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The outlook revision to negative from stable for the system's revenue bond ratings was spurred by expense-increasing moves in the fiscal 2027 budget.
August 12
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Revenue from the 0.4% tax would be earmarked for debt service and operating funding for a jail to replace the county's troubled detention facility.
August 12
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A new bill would increase the capacity of state and local housing finance agencies to issue tax-free municipal housing bonds by exempting them from the PAB cap.
August 12
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Electronic trading brings science to the art of municipal bond investing, one portfolio manager says.
August 12
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Moody's Ratings and Fitch Ratings both lifted their rating outlooks to positive on the San Francisco Unified School District.
August 12
