In the first quarter of 2023, the top municipal underwriters had $74.039 billion in 1,383 issues,, down from $97.270 billion in 2,301 transactions in 2022.
BofA Securities maintained its position as the leader despite fewer transactions than in Q1 2022.
The differences from year to year were minor shuffling among the top municipal underwriters, with only Jefferies breaking into the Top 10, demoting Barclays to 15th.
There are nearly 30 new-issues over $100 million on tap across the credit spectrum, led by the week's largest negotiated deal from Harris County, Texas, with $950 million of toll road first lien revenue and refunding bonds. The competitive calendar ticks up with several high-grade names.
The number of rural hospitals in the red jumped by 7% in 2023. A Senate Finance Committee discussed aid to help them stay afloat.
Possible solutions include managed lanes, EV mileage fees, and higher registration fees.
The median time for issuers in all municipal bond sectors to produce audited financials rose nearly 10.5% from 2011 to 2022, according to a new report.
Municipal analysts have been tracking the challenges faced by home insurers in California and other states plagued with extreme weather events as a harbinger of credit risk.
"In terms of credit quality, high-yield funds proved resilient" while investment-grade funds saw outflows of $673 million, noted J.P. Morgan's Peter DeGroot in a market note.
