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Rankings

Top 25 muni underwriters of 2018

By Aaron Weitzman
January 16, 2019 7:15 AM

Municipal bond underwriters suffered from muted issuance under the new tax laws, as Bank of America Merrill Lynch remained on top of the year-end rankings. For 2018, the par amount underwritten plunged 21% to $320.25 billion in 8,550 transactions from $408.421 billion in 10,582 deals, according to data from Thomson Reuters. The top four remained the same from 2017, but there were some shuffles in the other spots.

Only one firm was able to achieve a higher par amount in 2018 than in the previous year and all top firms made fewer deals in 2018.

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BAML stays on top

BAML was once again atop of the municipal underwriter rankings, as the firm accounted for $48.69 billion in 446 deals, down from the $63.09 billion in 550 transactions. Its market share slipped to 15.2% from 15.5%.

Citi stays seated at No. 2

Citi saw its market share nudge up to 12.9% from 11.4%, while its par amount underwritten dipped to $41.25 billion from $46.51 billion.

JPM steady in third

JPMorgan accounted for $32.03 billion last year, compared with $46.51 billion in 2017. The firm's market share hovered up to 10% from 9.7%.

Morgan Stanley remains in fourth

Morgan Stanley finished the year at No. 4 again, as it was responsible for $26.88 billion or 8.4% market share, compared with $32.36 billion and 7.9% market share.

RBC rises up to round out top five

RBC Capital Markets moved up one spot from where it finished in 2017, despite a slip in par amount. The firm amassed $20.84 billion or 6.5% market share this past year, compared to $25.60 billion or 6.3% market share.
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Goldman goes down

Goldman Sachs dropped to the sixth spot, after finishing fifth in 2017. The firm saw both its par amount and market share shrink to $15.26 billion or 4.8% market share from $25.90 billion or 6.3% market share.

Wells Fargo in neutral

Wells Fargo finished seventh for the second year in a row, even as it lost 1% of market share. Wells was bookrunner on a total of 246 deals totaling $14.89 billion, down from 288 transactions and $23.12 billion.

Raymond James jumps one step

Raymond James moved up one spot from its ninth place finish in 2017, as the firm totaled $12.65 billion or 4% market share, compared to $14.34 billion or 3.5% market share.

Piper pulls up

Piper Jaffray also improved by one spot. to No. 9. The firm finished the year with $12 billion and 3.8% market share, compared with $14.12 billion or 3.5% market share in 2017.

Jefferies is the biggest mover

Jefferies, fuled by bookrunning tobacco deals, improved two spots to round out the top 10. It was the only top ten firm to see increased par amount — to $11.58 billion from $10.48 billion. The firm also saw its market share rise to 3.6% from 2.6%.

Rounding out the list

To conclude the list of the top 25 muni underwriters: Stifel with $10.55 billion, Robert W. Baird $8.57 billion, Barclays $7.80 billion, Siebert Cisneros Shank $5.64 billion, Ramirez $4.61 billion, Loop $4.34 billion, DA Davidson $3.64 billion, Ziegler $2.71 billion, UBS $2.38 billion, PNC $2.33 billion, Janney $2.10 billion, KeyBanc $2.09 billion, George K. Baum Co., $2 billion, FTN Financial Capital Markets $1.61 and Messirow Financial $1.60 billion.
Aaron Weitzman
Markets Reporter , The Bond Buyer
Rankings Sell side Primary bond market Bank of America Merrill Lynch Citigroup J.P. Morgan Securities Morgan Stanley RBC Goldman Sachs Wells Fargo Raymond James Financial Jefferies
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