Munis

The top 10 saw some changes, with Gilmore & Bell and Squire Patton Boggs entering the top 10, while Troutman Pepper Locke and Ballard Spahr were bumped.

Dan Aschenbach and Namsoo Lee created Municipal Financial Solutions Associates to help utilities manage the changing economic and regulatory landscape.

The "Golden Age of Public Finance," as it was called by industry pundits, is likely to face significant changes under the Trump administration.

Compensation played a role in the departures, sources said.

April's volume was $41.178 billion in 660 issues, down 8.4% from $44.945 billion in 707 issues in the same period in 2024, according to LSEG data. This is still above the 10-year average of $35.436 billion.

Attracting more private investment to the affordable housing sector is becoming more urgent with the reintroduction of a bill in the Senate that could spur the use of private activity bonds.

Fiscal 2026 general fund revenue for the city, which is considering a November bond election, is expected to be flat amid economic uncertainty fueled by tariffs.

The law Indiana Gov. Mike Braun signed earlier this month will make it harder for local governments and school districts to issue bonds.

MSRB's goal is to address the public comments it received and to file a new rate card with the SEC before the end of the year, a spokesperson said.

The $500 million deal was delayed after the tariff announcement rocked the markets. It has priced, but offering documents include new trade war disclosures.