Want unlimited access to top ideas and insights?
PFM remained the top underwriter during the first half of the year, advising nearly $50 billion.
The top 10 advisors saw only one new entrant, NW Financial, which jumped to ninth place from 30th in 1H 2024. With this move, Acacia Financial Group was knocked out of the top 10.
| Rank | Municipal advisor | 1H 2025 par amount (USD millions) | Market share | Number of issues |
|---|---|---|---|---|
| 1 | PFM Financial Advisors | $49,373.99 | 20.78% | 428 |
| 2 | Public Resources Advisory Group | $24,539.56 | 10.33% | 94 |
| 3 | HilltopSecurities | $19,162.91 | 8.07% | 256 |
| 4 | Frasca | $10,588.58 | 4.46% | 31 |
| 5 | Kaufman Hall | $10,157.90 | 4.28% | 58 |
| 6 | KNN Public Finance | $5,620.78 | 2.37% | 43 |
| 7 | Caine Mitter | $5,335.01 | 2.25% | 76 |
| 8 | Piper Sandler | $5,096.54 | 2.15% | 102 |
| 9 | NW Financial | $4,844.26 | 2.04% | 27 |
| 10 | Municipal Capital Markets Group | $4,810.50 | 2.02% | 10 |
-
The New York City Transitional Finance Authority leads the new-issue calendar with $2 billion of future tax-secured subordinate refunding bonds.
December 12
-
The Trump administration officially rolled out an Executive Order laying out federal policy on Artificial Intelligence which cements fears from states worried about the loss of broadband funding tied to the Bipartisan Infrastructure Law.
December 12
-
Puerto Rico Gov. Jenniffer González Colón filed suit to end the island's contract with LUMA Energy for electrical transmission and distribution.
December 12
-
A review Moody's launched in September ended with rating downgrades and negative outlooks for the city's outstanding general obligation and revenue bonds.
December 12
-
The well-regarded pediatric hospital system is not alone in facing downgrades amid the myriad challenges healthcare has experienced in recent years.
December 12
-
Kansas City Federal Reserve President Jeffrey Schmid and Chicago Fed President Austan Goolsbee said in statements Friday that their dissents from this week's interest rate decision were spurred by inflation concerns and a lack of sufficient economic data.
December 12
