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Rankings 2022

Q1-Q3 underwriter rankings little changed amid lower issuance

By Jessica Lerner
October 11, 2022 3:57 PM

The top municipal underwriters accounted for $292.446 billion in 6,418 issues in the first three quarters of 2022, down from the $344.276 billion in 9,167 transactions during the same time last year.

BofA Securities remained in the top spot despite accounting for considerably fewer transactions and market share than in the first three quarters of 2021.

Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with the same underwriters remaining in the top 10.

bank-of-america-bloomberg-news
Bloomberg News

BofA keeps top spot

BofA Securities headlined the top municipal underwriters in the first three quarters once again, accounting for $37.350 billion in 234 issues, or a 12.8% market share. Like most overall year-over-year totals for the first half, these numbers are down from the $49.054 billion in 400 deals, or 14.3% market share, that BofA Securities accounted for during last year's first nine months.
JP Morgan
Scott Eells/Bloomberg

J.P. Morgan rises to second

J.P. Morgan Securities inched into second place after ranking fourth for the first three quarters of 2021, this year underwriting $33.248 billion or an 11.4% market share. The leap is due in part to a year-over-year increase from its $26.595 billion par amount and 7.7% market share last year.
Citi
Lubo Ivanko/Lubo Ivanko - stock.adobe.com

Citi falls in the rankings

Citi accounted for $21.958 billion and a 7.5% market share during 2022's first three quarters, falling to third place among the top municipal underwriters. The firm placed second in last year's first three quarters rankings, underwriting $34.365 billion with a market share of 10%.
Signage is displayed outside of a Royal Bank of Canada (RBC) branch.
Cole Burston/Bloomberg

RBC enters top 5

RBC Capital Markets entered the top five after ranking sixth for 2021's first three quarters underwriting totals. The firm accounted for $20.151 billion and a market share of 6.9%, an increase from $19.267 and 5.6% market share it totaled in the first nine months of last year.
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Victor J. Blue/Bloomberg

Morgan Stanley drops

Morgan Stanley sunk from third to fifth place year-over-year, accounting for $19.828 billion and a market share of 6.8%. The firm dropped because its par amount decreased from  $27.202 billion and a market share of 7.9%.
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Rest of the top 10

Wells Fargo jumped to sixth from eighth year-over-year, underwriting $14.261 billion or a 4.9% market share. Goldman Sachs fell out of the top five and into seventh place with par amounts of $13.749 billion and a 4.7% market share.

Jefferies was in eighth, accounting for $13.335 billion and a 4.6% market share. Stifel Nicolaus & Co. placed ninth with par amounts of $12.845 billion, or a 4.4% market share and Piper Sandler & Co. rounded out the list, underwriting $11.553 billion with a 4% market share.
Jessica Lerner
Senior Markets Reporter, The Bond Buyer
Rankings 2022
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