Goldman Sachs & Co. dominated as the top senior underwriter of both long-term and short-term municipal bonds during the first quarter of 1994, according to Securities Data Co.
The firm worked as senior manager on $8.2 billion of long-term debt during the period, capturing a 12.5% market share.
In the short-term sector, Goldman underwrote $1.69 billion of new debt issuance, for which it earned a 25.4% market share.
Mimicking Goldman's performance at both ends of the municipal issuance spectrum, Orrick, Herrington, & Sutcliffe was the leading bond counsel for both long-term and short-term issuance. The firm worked on 64 bond issues totaling $3.81 billion for a 7.7% market share.
Goldman's closest competitor, Merrill Lynch & Co., earned a 10.8% market share as lead underwriter of $5.38 billion of long-term municipal bonds.
Merrill was the top underwriter of competitive offerings in the first quarter. The firm underwrote $2.6 billion of debt, for a 17.6% market share.
Rounding out the top three long-term municipal bond underwriters was Lehman Brothers. To gain its 7.7% market share, Lehman underwrote $3.8 billion of tax-exempt debt.
Lehman also was the premier manager of insured bond offerings during the quarter.
Among long-term issuance, Goldman also led the pack in the negotiated, refunding, and revenue bond categories.
Helping it attain its first place standing, Goldman was the senior manager on two of the five largest deals of the quarter an approximately $778 million San Antonio, Tex., refunding deal in February and a $714 million New York State Environmental Facilities Corp. offering in March.
Goldman did not work as lead underwriter on the largest issue of the quarter, a $1.07 billion New York City general obligation bond offering last month. The deal cemented the city's position as the largest issuer for the period.
No minority- or women-owned firms were not among the top 10. None were among the top 25 firms either.
Public Resources Advisory Group was the first place financial adviser in the first quarter. The firm worked on $3 billion of offerings for a 6% market share.
Public Financial Management ranked second with a 5.6% market share on $2.77 billion of bonds. O'Brien Partners Inc. ranked third with a 3% market share on more than $1.5 billion of debt.
A number of minority- and women-owned firms earned spots among the top 10 and top 25 financial advisers: P.G. Corbin & Co. Inc. ranked fifth; Estrada Hinojosa & Co. Inc. ranked 11th; W.R. Lazard & Co. ranked 12th; and Pryor, McClendon, Counts & Co. ranked 18th.
In the short-term arena, Goldman was one of the lead underwriters on the largest note deal of the quarter, $3.2 billion of California revenue anticipation warrants on Feb. 15.
The California deal easily outpaced all other note issuance during the quarter. It dwarfed the second largest deal, a $312 million offering by the Indiana Bond Bank.
Bank of America ranked second among short-term underwriters. The bank served as senior manager on four deals totaling $552.7 million, for a 8.3% market share.
Smith Barney Shearson was the third-ranked note underwriter. The firm took the lead on 10 deals totaling $401 million, for which it garnered a 6.1% market share.
As leading short-term bond counsel, Orrick Herrington amassed a 49.1% market share for its work on 14 issues totaling $3.26 billion including the California note offering.
Evensen Dodge Inc. was the leading financial adviser for short-term debt. The firm captured a 49.7% market share for its work on $3.29 billion of bonds.
Despite its commanding lead in the rankings, Evensen Dodge did not work on any of the five largest note deals of the quarter.
Among other market sectors, CS First Boston was the top manager of taxable offerings, with $470 million. A.G. Edwards & Sons gained the high berth for bank-qualified bond issues, underwriting $123 million of debt.
The ranking are based on securities that mature in 13 months or more. Note rankings are for issues maturing in 12 months or less. Private placements, remarketings, and taxable debt issued by private nonprofit organizations are excluded. Ranking for refundings do not include those combined with new money offerings.
In instances where there were co-senior managers, co-bond counsel, or co-financial advisers, each firm received credit for the entire debt offering.
