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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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Democrats say the shift is part of a pattern by Republican state legislators to shift power into their own hands regardless of what is legitimate.
August 14
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The coming week will be a record week for AMT offerings, according to J.P. Morgan strategists. They caution against chasing spreads tighter.
August 14
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Chicago will make the second half of its advance pension payment this year, Mayor Brandon Johnson told the Chicago Investors Conference.
August 14
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Oregon's largest city plans to issue $585.6 million in revenue bond debt to finance upgrades its Bull Run water filtration facility.
August 14
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The report takes aim at public school budget balances and charter school funding, and suggests bond issuance to fund teacher compensation endowments.
August 14
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The Port of Seattle, operator of Seattle-Tacoma International Airport, joined the crowded airport bond airspace to get a refunding deal done.
August 14
