Municipal underwriters handled $171.714 billion in 3,501 issues in the first half of 2023. The total par amount and issues continued to decline, down from $201.119 billion in 4,688 deals in 2022.
BofA Securities remained at the top of the list, with $22.948 billion, accounting for 13.4% of the market, but the rest of the top 10 saw some shuffling. Barclays was the only new entrant into the top 10 after narrowly missing out last year, while Piper Sandler & Co. was ousted.
"In terms of credit quality, high-yield funds proved resilient" while investment-grade funds saw outflows of $673 million, noted J.P. Morgan's Peter DeGroot in a market note.
Muni exchange-traded funds are "dominated" by retail and are "momentum driven," said David Litvack, a tax-exempt strategist and chief investment officer at BofA.
Texas Capital hired Steve Genyk, a former public finance head at UBS Financial Services, as a managing director to lead its new public finance business.
The bond parties opposed to the plan of adjustment have already argued the Puerto Rico Oversight Board's electricity projections are too pessimistic, Judge Swain said.
The measure "sets the table for a likely big tax bill next Congress," said Charles Samuels of Mintz Levin.
"This bipartisan FAA reauthorization bill is the product of endless hours of negotiation and debate and will transform several aspects of flying in the years to come," said Aviation Subcommittee Ranking Member Rep. Steve Cohen, D-Tenn.
