DEVELOPMENT: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 BA Merrill Lynch $1,529.6
2 JPMorgan 554.4
3 Citi 410.3
4 Morgan Stanley 189.3
5 Thornton Farish 188.5
6 Robert W. Baird 132.1
7 Barclays 116.5
8 PNC Financial Svcs 93.7
9 Fifth Third Secs 93.5
10 Stifel Nicolaus 90.2
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $579.0
2 Acacia Financial 195.9
3 A.C. Advisory 58.2
4 FirstSouthwest 55.8
5 Speer Financial 45.1
6 Harrell Advisors 45.0
7 Ehlers & Associates 42.8
8 First Kentucky Secs 40.4
9 Dunlap & Associates 39.9
10 Moody Reid 29.6
EDUCATION: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 BA Merrill Lynch $4,540.1
2 Citi 3,875.5
3 RBC Capital Mkts 3,809.9
4 JPMorgan 3,796.0
5 Stifel Nicolaus 2,792.0
6 Piper Jaffray 2,607.0
7 Wells Fargo 2,384.1
8 Raymond James | MK 2,360.1
9 Morgan Stanley 2,325.2
10 Robert W. Baird 2,100.8
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $5,160.0
2 FirstSouthwest 3,364.3
3 RBC Capital Mkts 1,768.6
4 Acacia Financial 971.9
5 Stauder Barch 950.3
6 Lamont Financial 903.6
7 Public Resources Adv 882.0
8 BOSC 855.2
9 Southwest Securities 804.9
10 KNN Public Finance 763.2
ELECTRIC POWER: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 Morgan Stanley $1,699.4
2 JPMorgan 1,317.6
3 Citi 1,057.8
4 Barclays 1,031.9
5 Goldman Sachs 729.7
6 BA Merrill Lynch 720.1
7 Wells Fargo 276.3
8 BMO Capital Mkts 140.4
9 Piper Jaffray 99.8
10 US Bancorp 75.0
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $4,241.1
2 Govt Dev Bank for PR 650.0
3 Estrada Hinojosa 588.2
4 Ramirez 546.1
5 Seattle-Northwest 420.5
6 Castleton Partners 212.4
7 BLX Group 72.7
8 Specialized Public Fin 65.7
9 Public Resources Adv 37.5
10 Raymond James | MK 36.8
ENVIRONMENTAL: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 Morgan Stanley $460.6
2 BA Merrill Lynch 314.5
3 Goldman Sachs 100.0
4 Stifel Nicolaus 79.0
5 Wells Fargo 73.3
6 JPMorgan 60.1
7 Edward D. Jones 48.7
8 Westhoff Cone 32.4
9 Robert W. Baird 13.6
10 Jefferies 11.2
Rank Financial Advisors "Par Amount (US$ mil) "
1 PRISM Muni Advs $79.0
2 RBC Capital Mkts 50.0
3 FirstSouthwest 28.7
4 Environmental Capital 11.2
5 Phoenix Advisors 5.3
6 Stifel Nicolaus 2.7
7 Public Financial Mgmt 2.5
GENERAL PURPOSE: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 JPMorgan $7,784.3
2 Citi 6,245.9
3 BA Merrill Lynch 6,139.5
4 Goldman Sachs 4,706.2
5 Barclays 4,426.5
6 Wells Fargo 4,097.8
7 Morgan Stanley 2,855.9
8 Robert W. Baird 1,607.0
9 Raymond James | MK 1,569.2
10 Jefferies 1,395.2
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $10,026.7
2 Public Resources Adv 8,842.6
3 FirstSouthwest 4,259.7
4 Govt Dev Bank for PR 4,144.1
5 A.C. Advisory 2,797.8
6 Acacia Financial 1,858.0
7 Robert W. Baird 1,678.0
8 Raymond James | MK 1,454.5
9 Lamont Financial 1,026.5
10 Davenport 1,024.3
HEALTH CARE: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 Morgan Stanley $2,908.2
2 BA Merrill Lynch 2,482.2
3 JPMorgan 1,949.0
4 Citi 1,887.1
5 Goldman Sachs 1,548.9
6 RBC Capital Mkts 862.6
7 Ziegler Capital Mkts 751.9
8 Wells Fargo 730.6
9 Piper Jaffray 453.1
10 Raymond James | MK 422.9
Rank Financial Advisors "Par Amount (US$ mil) "
1 Ponder $3,069.0
2 Kaufman Hall 1,917.2
3 Melio 1,387.5
4 Public Financial Mgmt 960.8
5 Hammond Hanlon 759.0
6 Raymond James | MK 293.8
7 Lamont Financial 250.0
8 George K. Baum 204.5
9 Fairmount Capital Advs 179.4
10 Acacia Financial 169.3
HOUSING: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 Citi $1,120.0
2 JPMorgan 909.8
3 BA Merrill Lynch 737.7
4 Morgan Stanley 441.6
5 RBC Capital Mkts 327.6
6 Wells Fargo 87.0
7 Loop Capital Mkts 52.1
8 Jefferies 49.0
9 Merchant Capital 45.3
10 Westhoff Cone 41.7
Rank Financial Advisors "Par Amount (US$ mil) "
1 Lamont Financial Svcs $608.8
2 CSG Advisors 408.9
3 Caine Mitter 225.8
4 FirstSouthwest 203.5
5 Piper Jaffray 112.1
6 Raymond James | MK 75.0
7 Sperry Capital 41.7
8 Public Resources Adv 16.0
9 Ehlers & Associates 11.6
10 Springsted 9.2
PUBLIC FACILITIES: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 Goldman Sachs $1,139.8
2 Morgan Stanley 689.3
3 Siebert Brandford 466.5
4 Jefferies 427.7
5 BA Merrill Lynch 393.2
6 Stifel Nicolaus 364.3
7 JPMorgan 284.5
8 Raymond James | MK 259.0
9 Loop Capital Mkts 245.5
10 Citi 238.4
Rank Financial Advisors "Par Amount (US$ mil) "
1 KNN Public Finance $1,539.8
2 Public Financial Mgmt 905.1
3 Govt Dev Bank for PR 582.4
4 Acacia Financial 465.2
5 Swap Financial 177.9
6 BD Advisors 160.4
7 Public Resources Adv 150.2
8 Peralta Garcia 142.9
9 Seattle-Northwest 140.0
10 FirstSouthwest 86.2
TRANSPORTATION: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 BA Merrill Lynch $5,468.9
2 Citi 5,015.1
3 JPMorgan 3,281.9
4 Morgan Stanley 1,996.6
5 Barclays 1,732.0
6 Wells Fargo 1,487.9
7 Goldman Sachs 693.7
8 Loop Capital Mkts 547.9
9 Ramirez 410.6
10 Siebert Brandford 372.6
Rank Financial Advisors "Par Amount (US$ mil) "
1 Lamont Financial $4,048.8
2 Public Financial Mgmt 2,862.3
3 Public Resources Adv 2,734.6
4 FirstSouthwest 1,446.1
5 Acacia Financial 1,117.5
6 Seattle-Northwest 997.9
7 Montague DeRose 711.9
8 Macquarie Capital 663.8
9 Estrada Hinojosa 503.3
10 Jefferies 466.8
UTILITIES: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 BA Merrill Lynch $3,668.0
2 Citi 2,253.9
3 Wells Fargo 2,137.0
4 Goldman Sachs 1,953.7
5 Morgan Stanley 1,820.3
6 JPMorgan 1,541.6
7 Jefferies 1,293.0
8 RBC Capital Mkts 1,257.7
9 Siebert Brandford 847.9
10 Barclays 827.0
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $3,066.8
2 FirstSouthwest 2,307.1
3 Govt Dev Bank for PR 2,095.7
4 Public Resources Adv 1,442.8
5 Lamont Financial 977.6
6 Acacia Financial 938.8
7 Montague DeRose 894.9
8 Drexel Hamilton 839.7
9 Seattle-Northwest 756.9
10 Robert W. Baird 678.2
TAXABLES: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 JPMorgan $3,474.3
2 Barclays 940.9
3 Citi 901.2
4 Morgan Stanley 863.5
5 Goldman Sachs 800.6
6 Wells Fargo 616.4
7 BA Merrill Lynch 458.4
8 Mesirow Financial Inc 436.1
9 RBC Capital Mkts 430.9
10 KeyBanc Capital Mkts 425.0
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $1,596.0
2 FirstSouthwest 1179.1
3 Govt Dev Bank for PR 1002.6
4 A.C. Advisory 694.3
5 Public Resources Adv 531.1
6 Acacia Financial 337.1
7 Siebert Brandford 300.0
8 Robert W. Baird 283.8
9 Estrada Hinojosa 260.5
10 KNN Public Finance 258.9
MINIMUM TAX: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 BA Merrill Lynch $1,627.5
2 Morgan Stanley 707.8
3 Barclays 483.8
4 Citi 472.5
5 JPMorgan 331.7
6 Goldman Sachs 241.4
7 BMO Capital Mkts 132.8
8 Wells Fargo 125.2
9 Siebert Brandford 95.9
10 RBC Capital Mkts 87.7
Rank Financial Advisors "Par Amount (US$ mil) "
1 Macquarie Capital $663.8
2 FirstSouthwest 551.0
3 Jefferies 399.6
4 Public Financial Mgmt 304.6
5 Seattle-Northwest 189.3
6 Ramirez 168.3
7 TKG & Associates 143.3
8 Estrada Hinojosa 121.1
9 Omni Consulting 108.5
10 Lamont Financial 94.0
VARIABLE-RATES: First Half 2012
Rank Senior Managers "Variable Rate Amount "
1 Citi $1,101.6
2 BA Merrill Lynch 826.5
3 JPMorgan 560.6
4 US Bancorp 543.4
5 Morgan Stanley 477.9
6 Wells Fargo 311.0
7 Barclays 265.0
8 Goldman Sachs 200.0
9 Thornton Farish 188.5
10 PNC Financial Svcs 129.0
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $474.0
2* A.C. Advisory 380.0
2* Public Resources Adv 380.0
4 Lamont Financial 307.3
5 FirstSouthwest 266.0
6 Ponder 254.7
7 BD Advisors 169.4
8 Fieldman Rolapp 157.4
9 Robert W. Baird 125.0
10 Acacia Financial 121.2
LINKED-RATES: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 Morgan Stanley $849.3
2 JPMorgan 663.8
3 Citi 611.7
4 RBC Capital Mkts 266.2
5 Barclays 238.9
6 BA Merrill Lynch 182.0
7 Wells Fargo 167.0
8 Loop Capital Mkts 125.0
9 Deutsche Bank 92.0
10 Goldman Sachs 70.0
Rank Financial Advisors "Par Amount (US$ mil) "
1 Lamont Financial Svcs $507.4
2 Hammond Hanlon 266.0
3 FirstSouthwest 225.0
4 Ponder 202.9
5 Raymond James | MK 200.0
6 Montague DeRose 198.1
7 Swap Financial 108.9
8* Acacia Financial 104.3
8* A.C. Advisory 104.3
10 Kaufman Hall 77.2
BANK-QUALIFIED: First Half 2012
Rank Senior Managers "Par Amount (US$ mil) "
1 RBC Capital Mkts $1,060.5
2 Robert W. Baird 1,043.2
3 Raymond James | MK 942.0
4 Roosevelt & Cross 882.8
5 Piper Jaffray 732.1
6 Stifel Nicolaus 589.9
7 D.A. Davidson 556.6
8 Janney Montgomery 484.4
9 BOSC 467.9
10 UMB Bank 417.5
Rank Financial Advisors "Par Amount (US$ mil) "
1 Public Financial Mgmt $831.9
2 FirstSouthwest 726.8
3 Ehlers & Associates 541.7
4 Piper Jaffray 395.7
5 Bernard P. Donegan 349.2
6 Fiscal Advisors & Mktg 321.6
7 Southwest Securities 241.0
8 Speer Financial 235.7
9 Rathmann & Associates 214.0
10 Stephens 204.8


Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners or co-advisors, the par amount of the issue is divided equally among the firms.
Source: Thomson Reuters (using data available as of July 14, 2012)

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