Top muni bond underwriters of Q1 2020

Municipal bond underwriters did the majority of business during the first two months of the year, before COVID-19 swept the country with sickness and severe spreading. The top underwriters accounted for $87.84 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019.

Citi sits at the top
Citi took over the top spot, moving up from place from where they at at this point last year. The firm accounted for $13.09 billion in 93 transactions and a market share of 14.9%.
Bank of America dethroned
Bank of America Securities slipped from its top-spot as it was one of three firms in the top ten to not exceed par amounts from the same time the previous year.

BofAS wrote $11.35 billion or a 12.9% market share, compared to $13.89 billion and 18.3% share of the market.
JPM moves up
JP Morgan achieved a par amount $8.56 billion and a 9.8% market share, both were improvments from $5.77 billion and 7.6% share of the market.
RBC slides one spot
RBC Capital Markets was one spot lower than where they were a year ago, despite having a higher par amount this year.

The firm was responsible for $6.31 billion over 127 transactions — the most of all firms in the top ten — and a 7.2% market share. Those numbers are compared to $6.17 billion and 8.1% share of the market.

Morgan Stanley stays put
Morgan Stanley remained in the same spot at number five as they were at this point last year. The firm accounted for $6.09 billion and 6.9%, compared to $5.33 billion and 7%.
Rest of the best
Round out the top underwriters for the quarter are: Jefferies with $5.40 billion; Barclays with $4.79 billion; Wells Fargo with $3.82 billion; Goldman Sachs with $3.42 billion; And Piper Sandler with $3.39 billion.