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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This will be Charvel's second stint as the city's CFO.
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Cities are responding to a state directive to remove symbols on crosswalks and other so-called distractions or risk losing state and federal funding.
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The bonds are rated A-plus by three ratings agencies and are expected to have serial maturities from 2026 to 2055.
October 20
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"The story remains the same: solid demand is more than enough to take down the sizable new issue supply," said Daryl Clements, a portfolio manager at AllianceBernstein.
October 20
