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Rankings

Q1 muni league tables: Top underwriters

By Aaron Weitzman
April 4, 2019 7:00 AM

The top 15 municipal underwriters are on a faster pace so far this year, as they brought $75.44 billion in 1,800 deals to market, compared with to $61.85 billion in 1,677 transactions in the first quarter last year.

BofA remained in the top spot, as Citi, RBC and JPMorgan all moved up.

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BofA steady at the top

BofA again found itself in first place, as the firm underwrote $13.89 billion over 102 transactions, for an 18.4% market share in the first quarter of 2019. That compares with $11.8 billion in 95 deals and a 19.2% market share during the same time last year.

The biggest deals BofA ran the books on in the first quarter included: District of Columbia's $938 million on Feb. 13; The Commonwealth of Massachusetts' $918 million on Jan. 8; and The Indianapolis Local Public Improvement Bond Bank's $611 million transaction on March 21.

Citi moves up one spot to second

Citi increased its business from this time last year, as the firm accumulated $9.58 billion or 12.7% market share, up from $6.06 billion and 9.8% market share.

Among the biggest deals Citi was lead manager on were: California's $2.29 billion sale on March 6; Illinois Sales Tax Securitization Corp.'s $605 million on Jan. 16; Oregon's $526 million on Feb. 13.

RBC jumps into the top three

RBC Capital Markets rose two spots to third with $6.17 billion in 136 deals or 8.2% market share, up from fifth with $4.82 billion or 7.8% market share in first quarter of 2018. RBC's biggest deal was Tennergy Corp., Tennessee's $541 million on Feb. 8.

JPM leaps up three spots to fourth

JPMorgan jumped three slots in the ranking after completing $5.63 billion and 7.5% market share in the first three months of 2019, compared with $3.21 billion and 5.2% market share.

The firm's biggest deal was the Airport Commission of the City and County of San Francisco's $1.76 billion transaction on Jan. 11.

Morgan Stanley slips to fifth

Morgan Stanley slid three spots to fifth place with a total of $5.12 billion and 6.8% market share, down from the $6.81 billion or 11% market share in the same time last year.

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Wells rises to sixth

Wells Fargo moved up two spots from where it was at this point last year, with $4.36 billion or 5.8% market share in the first quarter of 2019. That is more than the $2.44 billion or 3.9% market share a year ago.

Goldman falls three spots

Goldman Sachs sank to seventh with $4.33 billion and 5.8% market share, from fourth a year earlier, when the firm accounted for $4.90 billion and 7.9% market share.

Barclays makes strides

Barclays accumulated $3.82 billion and 5.1% market share, more than a fourfold increase from the $893 million and 1.4% market share the firm handled in the first quarter of 2018.

Stifel stays steady

Stifel remained in ninth place, even as it increased its deal volume to $2.99 billion or 4% market share, from $2.16 billion and 3.5% of the market.

Baird bumps up two spots

Robert W Baird and Co., rounds out the top 10 with $2.35 billion and 3.1% market share for the first three months, up from $1.79 billion or 2.9% market share a year ago.
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Siebert Cisneros Shank and UBS move way up

Rounding out the list are: Piper Jaffray with $2.11 billion; Raymond James with $1.91 billion; Siebert Cisneros Shank & Co. LLC leaps up to 13th from 20th with $1.44 billion; UBS Financial Services vaulted up to 14th from 19th with $1.35 billion; and Jefferies fell from 11th last year with $1.05 billion.
Aaron Weitzman
Markets Reporter , The Bond Buyer
Rankings Primary bond market Sell side Bank of America Citigroup J.P. Morgan Securities Morgan Stanley Wells Fargo Goldman Sachs Barclays Stifel Financial Raymond James Financial UBS Jefferies
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