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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 |
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The step is part of a larger effort to attract financial firms to St. Croix.
October 2
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September saw the weakest month of total returns since 2008, according to J.P. Morgan analysts.
October 2
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"I want us to be forward-thinking about how we regulate, " said Chilton, whose term as board chair began Oct. 1.
October 2
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The rating agency, which switched its outlook to stable from positive last year, went back to positive due to reduced risks in DFW's massive capital program.
October 2
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The drought-prone Texas city's $300 million utility system bond issue comes to market after rainfall and ongoing projects boosted water supplies.
October 2
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Washington, D.C.'s chief financial officer released a good news-bad news revenue forecast for the city while President Trump works on several controversial renovation projects.
October 2
