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Rankings

1H underwriter rankings see minor shakeups amid lower issuance totals

ByGabriel Rivera
July 19, 2022 10:14 AM

The top municipal underwriters accounted for $199.247 billion in 4,650 issues in the first half of 2022, down from the $222.640 billion in 6,201 transactions during last year’s first half.

BofA Securities remained in the top spot — underwriting $24.528 billion of deals — despite accounting for considerably fewer transactions and market share than the first half of 2021.

Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with Jefferies being the only newcomer to the top 10, replacing Robert W Baird & Co., which fell to 13th.

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Jin Lee/Bloomberg

BofA Securities stays on top

BofA Securities headlined the top municipal underwriters in the first half once again, accounting for $24.528 billion in 170 issues, or a 12.3% market share. Like overall year-over-year totals for the first half, these numbers are down from the $33.483 billion in 280 deals, or 15.0% market share, that BofA Securities accounted for during last year’s first half.
JP Morgan
Scott Eells/Bloomberg

J.P. Morgan Securities jumps into second

J.P. Morgan Securities inched into second place after ranking third for the first half of 2021, underwriting $21.709 billion or a 10.9% market share during this year’s first half. The leap is due in part to a year-over-year increase from its $18.527 billion par amount and 8.3% market share last year.
Morgan Stanley Misses Estimates as Trading Revenue Plunges
Bloomberg News

Morgan Stanley moves up to third

Morgan Stanley accounted for $14.531 billion and a 7.3% market share during 2022’s first half, lifting it to third place among the top municipal underwriters. The firm placed fourth in last year’s first half rankings but had higher par amount totals, underwriting $18.180 billion with a market share of 8.2%.
Signage is displayed outside of a Royal Bank of Canada (RBC) branch.
Cole Burston/Bloomberg

RBC leaps into top five

RBC Captial Markets hurdled into the top five after ranking sixth for 2021’s first half underwriting totals. The firm accounted for $13.969 billion and a market share of 7.0%, an increase from $12.972 and 5.8% market share it totaled in the first half of last year.
Citi
Lubo Ivanko/Lubo Ivanko - stock.adobe.com

Citi drops from second, but clings to top five ranking

Citi sunk from second to fifth place year-over-year, accounting for $13.022 billion and a market share of 6.5%. The firm dropped because its par amount decreased 40% from last year’s first half, when it underwrote $22.677 billion and had a market share of 10.2%.
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Rounding out the top 10

Wells Fargo jumped to sixth from eighth year-over-year, underwriting $11.414 billion or a 5.7% market share. Stifel Nicolaus remained in seventh with par amounts of $9.548 billion and a 4.8% market share.

Goldman Sachs fell out of the top five and into eighth year-over-year, accounting for $8.391 billion and a 4.2% market share. Piper Sandler placed ninth with par amounts of $8.112 billion, and top-10 newcomer Jefferies rounded out the list, underwriting $8.015 billion with a 4.0% market share.
Gabriel Rivera
Intern, The Bond Buyer
Rankings Primary bond market
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