George "Jay" Wheatley is the latest Citi banker to join Raymond James.

Cabrera Capital Markets is among the firms that has capitalized on the exits of UBS and Citi from municipal bond underwriting to add senior bankers.

Along with UBS' departure from the negotiated underwriting space, various firms have hired talent from both firms to increase their primary and secondary market presence. Many hope for some positive effects in both competition and secondary market liquidity as a result.

Three of the hires are group heads in public sector and structured finance businesses at the firm.

RBC ramped up business to land at second place and Jefferies rose to third while Raymond James entered the top 10, knocking Barclays to 11th. Citi, which exited the business, closed at sixth place.

The issuer is set to come to market with general revenue bonds the week of Jan. 21, according to its investor website.

The county plans to sell $2.5 billion of tax-exempt sewer revenue warrants to refund the debt issued to finance its 2013 exit from Chapter 9 bankruptcy.

After months of speculation, the firm confirmed it would "wind down" its municipal underwriting and market-making activities after a "broad-based review" of its muni business, according to a company memo.

A group of about 10 bankers reportedly is departing Citi for Jefferies.

While it's been a tough year across fixed-income generally, a Wall Street muni retrenchment marks an opportunity for regional and middle-market firms to gain more of a foothold, market participants said.

Rai joins Wells as senior strategist after he was let go by Citi in June.

"I got cut," he told The Bond Buyer. "I'm looking for a new job now."

Citigroup's cuts included veteran public finance banker Thomas Coomes, who had co-led the bank's Midwest region.

The Texas attorney general's office determined a Citigroup commercial firearms policy does not comply with a 2021 state law prohibiting state and local government contracts with companies that discriminate against the firearms industry.

The Texas Attorney General's Office will announce by Jan. 13 whether Citigroup can continue to underwrite municipal bonds in the state under a 2021 law that prohibits contracts with companies that "discriminate" against the firearm industry.

The Puerto Rico Oversight Board is seeking the return of fees connected with Puerto Rico bonds and swaps.

The Texas attorney general’s office is seeking more information on Citigroup’s gun policies as the bank stages a comeback in the state’s municipal bond market.

Citigroup won a municipal bond deal in Texas, marking a potential re-entry into the state despite a law targeting Wall Street banks for their gun policies.

A Texas state law targets Wall Street banks for wading into the debate over guns.