Top muni underwriters through three quarters of 2020

Municipal bond underwriters are on pace to easily surpass last year's total, despite the COVID-19 pandemic. Top bookrunners have accounted for a total of $328.60 billion through the first three quarters of the year, up from the $267.91 billion in the first nine months of 2019.

The top five saw small changes compared to a year ago, while spots six through 10 saw more of a mix.

LONDON- Bank of America Securities, previously Merrill Lynch, an American multinational investment bank and financial services company HQ in the City of London
Bank of America Securities still on top
Bank of America Securities secured its spot as the top muni underwriter for the second quarter in a row and the same place they were in at this point last year.

Year-to-date, BofAs has totaled $41.74 billion or a 12.7% market share. They keep the first place ranking despite having a higher par amount at this point last year with $43.38 billion or 16.2% share of the market.

For the third quarter alone, BofAS was first with $16.05 billion.
London, United Kingdom - February 03, 2019: Citi EMEA headquarters building at Canary Wharf. Citibank (Citigroup Inc.) is American investment bank founded 1988.
London, United Kingdom - February 03, 2019: Citi EMEA headquarters building at Canary Wharf. Citibank (Citigroup Inc.) is American investment bank founded 1988.
Citi closes the gap
Citibank is close behind with a 2020 total so far of $37.73 billion or 11.5% market share, way up from the $26.89 billion and 10% share of the market the firm accounted for at this point in 2019.

For the third quarter alone, Citi ranked third with $13.91 billion.

The JPMorgan Chase & Co. headquarters on Park Avenue in New York City on July 16, 2017.
JPM uses big third quarter to move up one spot
JPMorgan found itself in third place, one place better than a year ago at this point.

The firm has accounted for a total of $34.04 billion and 10.4% market share so far this year, compared to $22.55 and 8.4% share of the market through the first three quarters of 2019.

For the third quarter alone, JPM was in second with $14.85 billion.
New York, NY, USA - July 16, 2017: The world headquarters of Morgan Stanley in New York City. Morgan Stanley is an American global financial services firm.
Morgan Stanley slips
Morgan Stanley dipped to fourth with $25.02 billion and 7.6% share of the market year-to-date, compared to $26.76 billion or 10% market share at this point in 2019.

In the third quarter, the firm was fourth with $13.87 billion.
Toronto, Canada - May 16, 2020: RBC sign  in Toronto’s financial district Toronto, Ontario. RBC (Royal Bank of Canada) is a Canadian multinational financial services company.
RBC remains in fifth
RBC Capital Markets was still in the fifth spot, despite having a higher par amount so far in 2020 than they had at this time last year.

Year-to-date, RBC totaled $21.06 billion and 6.4% market share, that compares with $17.08 billion and the same 6.4% share of the market.

For the third quarter soley, RBC sixth with $7.14 biliion.
Rest of the best
Round out the top underwriters are: Wells Fargo with $17.91 billion; Piper Sandler & Co with $14.438 billion; Goldman Sachs with $14.437 billion; Jefferies with $13.44 billion; And Raymond James with $13.27 billion.
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