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.

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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.
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