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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 rates market has started to turn from the upper end of the trading range this week," Barclays strategists wrote, but with the war with Iran still driving the market, nothing is certain.
May 8
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Changes in federal funding are sharpening the focus on how the states will be responding to disaster relief, running social programs and budget planning.
May 8
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The defendants include many of the largest municipal bond underwriters.
May 8
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The deal comes as high-yield muni investors are hungry for paper.
May 8
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Nearly 21% of muni volume traded electronically in the first quarter, up from the previous quarter and surpassing the previous record set in the fourth quarter of 2023, according to a Coalition Greenwich report by Kevin McPartland and Neha Jain.
May 8
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New research from The Bond Buyer finds the federal policy environment once again threatens the tax-exempt status for municipal bonds.
May 8
