Top muni bond underwriters first half 2020

Municipal bond underwriters did not let COVID-19 stop them from writing more business during the first half of 2020 than they did in the first half of 2019.

Seven of the top 10 bookrunners wrote more business in the second quarter than they did in the first three months of the year. There are also three firms who moved up into the top 10 this year, that did not make it in the same time period of last year.

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Bank of America back on top
After finshing the first quarter in second place, Bank of America Securities was back on top with a total par amount of $25.80 billion and 13.7% market share so far in 2020.

The firm was also in first at this point last year with $25.35 billion and a 15.4% share of the market.
Citi close behind
Citi couldn't keep the lead it had after the first three months, falling right behind the leader with a total of $22.41 billion and 11.9% market share.

At this time last year, Citi was in third place with $17.32 billion or 10.5% market share.
JP Morgan moves up one spot
JP Morgan achieved a par amount $18.67 billion and a 9.9% market share thus far in 2020, as the firm kept its ranking from the first quarter but moved up one spot year-over-year.
RBC settles into fourth
RBC Capital Markets remained in the same place it was after one quarter but edged up a spot year-over-year. The firm has written $13.75 billion year to date, good for a 7.3% market share.
Morgan Stanley slides
Morgan Stanley has accounted for $11.23 billion and a 6% share of the market during the first six months of the year, as the firm stays put ranking wise from quarter-to-quarter. Year-over-year however, it has dropped three spots.
Rest of the best
Round out the top underwriters for the first half are: Piper Sandler & Co with $9.31 billion; Wells Fargo with $8.96 billion; Goldman Sachs with $8.56 billion; Barclays with $8.38 billion; And Jefferies with $7.81 billion.
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