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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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Over the past five years, January has seen a relatively stable market tone, said Jeff Timlin, managing partner and head of municipal bond investing at Sage Advisory.
January 29
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Campbellsville University "shares many of the characteristics of schools that are struggling" in higher education, said Lisa Washburn of Municipal Market Analytics.
January 29
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Market Intelligence analyst Jeff Lipton uses the Federal Reserve's latest Flow of Funds data to show how households still dominate municipal bond ownership even as ETFs surge and banks and insurance companies trim exposure, reshaping muni demand heading into 2026.
January 29
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The move comes after Janney shuttered its public finance business in December.
January 29
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The governor, in the final year of his term, asked lawmakers to approve reforms that would fix the Virgin Islands Water and Power Authority's balance sheet.
January 29
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The Bond Buyer has launched a new AI-powered research experience designed to give subscribers an easy way to access our latest news and research while also offering a deep, comprehensive dive into our archives.
January 29
