The top bond counsel firms combined for a total of $341.96 billion in 9,065 transactions during the first three quarters of 2021, up from the $329.89 billion in 8,503 deals over the same period in 2020.
Only one firm remained in the same spot they were at this point last year, while the rest of the rankings saw big shifts from a year prior.
"While the shutdown will eventually be resolved, present circumstances may catalyze tactical investment opportunities as a way to capture even more compelling yield and income opportunities," said Jeff Lipton, municipal market intelligence analyst for The Bond Buyer.
Four cities were ordered to halt recent tax hikes pending an investigation of whether they complied with a state law that enforces a deadline for annual audits.
The rating agency cited narrowing reserves and the expectation that the city will experience declining revenues next year.
The Baa3 rated government will now have more trouble supporting the struggling Guam Memorial Hospital, Moody's Ratings said.
The board also said it plans to return more than $23 million in surplus operating reserves to the municipal bond industry.
Political dysfunction is far and away the leading economic and policy concern for muni market participants, according to a new Bond Buyer infrastructure survey.
