BofA Securities was the top underwriter by par amount in the first quarter of 2026, outpacing the No. 2 underwriter, J.P. Morgan, by more than $4 billion. The firm ranked first for both negotiated and competitive underwriting.
The top underwriters rankings saw some shuffling, with Stifel Nicolaus and Ramirez entering the top 10, knocking Barclays and Siebert Williams Shank to 11th and 12th, respectively.
Baird, which ranked 14th, underwrote the most deals in the first quarter of 2026 — 185 deals — closely followed by Stifel Nicolaus, with 183 transactions.
For negotiating underwriting, Stifel Nicolaus participated in the most deals, while Baird underwrote the most deals for competitive sales.
BofA Securities had the largest market share in Q1, followed by J.P. Morgan and Morgan Stanley.
BofA Securities has remained the top underwriter for many years, gaining a foothold as the top firm as Citi fell in the rankings.
Quinn Aitchison contributed to this article.
