The top municipal underwriters accounted for $265.047 billion in 5,383 issues in the first three quarters of 2023, down from $291.908 billion in 6,417 transactions over the same time period in 2022.
BofA Securities remained in the top spot despite accounting for less par and a smaller market share than in 2022.
Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with only Raymond James entering the Top 10, knocking Piper Sandler to 11th.
There are nearly 30 new-issues over $100 million on tap across the credit spectrum, led by the week's largest negotiated deal from Harris County, Texas, with $950 million of toll road first lien revenue and refunding bonds. The competitive calendar ticks up with several high-grade names.
The number of rural hospitals in the red jumped by 7% in 2023. A Senate Finance Committee discussed aid to help them stay afloat.
Possible solutions include managed lanes, EV mileage fees, and higher registration fees.
The median time for issuers in all municipal bond sectors to produce audited financials rose nearly 10.5% from 2011 to 2022, according to a new report.
Municipal analysts have been tracking the challenges faced by home insurers in California and other states plagued with extreme weather events as a harbinger of credit risk.
"In terms of credit quality, high-yield funds proved resilient" while investment-grade funds saw outflows of $673 million, noted J.P. Morgan's Peter DeGroot in a market note.
