Lauren Sobel, a municipal bond analyst at Bank of America, died in a rock climbing accident in Gardiner, New York.

The top 10 saw three firms that were not in it last year and only one firm remained in the same position compared to the previous year's first six months.

Underwriters of municipal bonds did the majority of business during the first two months of the year, before COVID-19 swept the country with sickness and severe spreading. The top underwriters accounted for $87.84 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019.

The top muni underwriters accounted for $406.51 billion in 10,582 transactions in 2019 compared to $320.35 billion in 8,549 deals in 2018. There was only one change in the top five year-over-year but spots six through 10 saw three changes. Barclays and Stifel both had big improvements in the rankings, while Raymond James dropped the most.

Bank of America Chief Executive Officer Brian Moynihan said the U.S. has no need for negative interest rates because its economy is strong, unlike other regions that have employed the tricky strategy.

The bond insurer may be seeking a more receptive audience for its claim that underwriters provided incomplete and misleading information about the bonds it insured.

Municipal underwriters saw increased business, as demand for muni bonds jumped through the roof. Top muni underwriters accounted for $267.51 billion in 7,310 deals, up from $239.33 billion in 6,406 transactions in the first nine months of 2018.

New MSRB Chair Edward Sisk will start in his new role on Oct. 1.

Director, Bank of America Merrill Lynch

Bank of America’s customers spent $1.9 trillion this year through Aug. 12, an increase of 5.9% from a year earlier — a sign that the economy, driven by the consumer, remains strong, Brian Moynihan said.