PFM was the top underwriter for Q1-Q3, advising nearly $70 billion in par.
Municipal Capital Markets Group and CSG Advisors were new entrants to the top 10, kicking Caine Mitter and Estrada Hinojosa into the top 15.
In the third quarter, PFM and HilltopSecurities advised the most deals, 172 each.
Masterson Advisors, which ranked No. 14 in Q3, was second, with 63 deals, followed by Samco Capital Markets, ranked No. 10 in the quarter, with 61 deals.
The top three financial advisors have remained the same over the past several quarters: PFM in first, PRAG in second and HilltopSecurities in third.
Since 2024, PFM has advised on $145.963 billion, followed by PRAG with $61.023 billion and HilltopSecurities with $37.882 billion.
