In record issuance year, top underwriters' shares diversify
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.