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Rankings

In record issuance year, top underwriters' shares diversify

By Lynne Funk
January 6, 2021 11:07 AM

The top municipal bond underwriters of 2020 ran the books on a record amount of issuance as COVID-19 ravaged the country and altered the way business was conducted, moving people and systems remotely in a matter of days.

The top municipal underwriters accounted for $451.182 billion in 11,852 transactions in 2020 compared to $406.740 billion in 10,603 deals in 2019.

BofA Securities led with $61.004 billion in deals while JPMorgan moved up one spot to third and Morgan Stanley fell to fourth. Of the top five, only JPMorgan increased its market share, by 1%, from 2019, as 2020's business got done across a competitive field.

Piper Sandler & Co. and Jefferies moved into the top 10, while Stifel, Nicolaus & Co. Inc. and Barclays fell out of the top 10, to 11th and 12th, respectively.

BOA EARNS
Bloomberg News

BofA keeps top title, but market share falls

BofA Securities led with a total of $61.004 billion in 439 transactions, 13.5% market share, though down 2 percentage points from 15.5%, with $63.075 billion in 463 transactions in 2019,.

BofA also led in the fourth quarter of 2020 with $19.282 billion, or 16% of all transactions, with more than $9 billion more than the second highest, Morgan Stanley with $9.717 billion.
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CITIGROUP EARNS
Bloomberg News

Citi holds second spot

Citi stayed in second place with $47.396 billion in 406 transactions compared with $44.258 billion in 427 deals the year before. The firm saw its market share fall to 10.5% from 10.9% in 2019.
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Bloomberg News

JPMorgan gains market share in 2020

JPMorgan saw its ranking rise as it garnered $44.004 billion in 398 transactions with 9.8% market share from $36.2 billion and 8.9% in 2019. JPMorgan was the only underwriter in the top five to increase its share from 2019.
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Bloomberg News

Morgan Stanley drops a spot

Morgan Stanley fell to the four spot with $34.735 billion in 353 transactions, or 7.7% market share. The firm accounted for $42.20 billion, or 10.4%, market share in 2019 and $26.87 billion and 8.4% market share in 2018.
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RBC holds onto fifth

RBC Capital Markets stayed steady rounding out the top five. The firm finished with $28.772 billion in 659 transactions, up from $26.05 billion in 2019 but steady at 6.4% market share year-over-year.
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Rounding out the top 10

Wells Fargo Securities with $26.608 billion (5.9% market share) moved up to 6th from 7th, Piper Sandler & Co.’s market share rose to 4.4% with $19.818 billion pushing its rank to 7th from 12th in 2019, Goldman, Sachs & Co. fell to 8th with $18.311 billion, or 1.2% less market share than 2019. Jefferies rose four spots to 9th from 13th in 2019 with $19.280 billion, or 4.1% market share. Raymond James finished the top 10 list with $18.192 billion.

Stifel, Nicolaus fell to 11th from 8th with $18.137 billion and Barclays Capital fell three spots to 12th from 9th with $17.243 billion.
Lynne Funk
Executive Editor, The Bond Buyer
Rankings Primary bond market
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