Low volume and intense competition have limited U.S. Bank’s ability to underwrite new deals since it launched a municipal securities group last September, but bank executives have adopted a long view and continue to bulk up the team with industry veterans.

With issuance down nearly 40% from last year, U.S. Bank hasn’t run the books on a new-money issue this year and has only been co-manager on one $12 million deal, according to Thomson Reuters.

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