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Rankings

2021 top underwriter rankings see few changes

By Jessica Lerner
January 14, 2022 2:08 PM
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The top municipal underwriters accounted for $456.44 billion in 11,808 transactions for 2021 compared to $451.24 billion in 11,849 deals in 2020.

BofA Securities led with $62.01 billion of deals. Out of the top five, only BofA Securities and Morgan Stanley increased market share year-over-year.

Stifel Nicolas & Co. moved into the top 10, while Raymond James & Associates fell to 11th.

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David Paul Morris/Bloomberg

BofA remains No. 1

BofA Securities keeps its lead, underwriting $62.01 billion or a 13.6% market share during 2021. That is up from $60.96 billion and a 13.5% market share the firm accumulated in 2020.
Citi
Lubo Ivanko/Lubo Ivanko - stock.adobe.com

Citi's par amount falls but stays in second

Citigroup Global Markets Inc. remained in the second spot, accounting for a total of $44.74 billion and a 9.8% market share in 2021. This is down from 2020 when the firm underwrote $47.05 and a 10.4% market share.
JPM
Steve Heap/steheap - stock.adobe.com

J.P. Morgan Securities holds onto third

J.P. Morgan Securities stayed third, accounting for $35.45 billion or a market share of 7.8%, compared to $44 billion and a 9.8% market share 2020.
Morgan Stanley Misses Estimates as Trading Revenue Plunges
Bloomberg News

Morgan Stanley increases market share

Morgan Stanley was again in fourth. The firm finished with a total of $33.86 billion and a 7.4% market share during 2021, versus the $34.74 billion and market share of 7.7% from the year prior.
Signage is displayed outside of a Royal Bank of Canada (RBC) branch.
Cole Burston/Bloomberg

RBC remains fifth

RCB Capital Markets remained in the fifth spot. The firm accounted for $27.43 billion or a 6% market share, compared to $28.77 billion and a 6.4% market share in 2020.
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Rounding out the top 10

Goldman Sachs rose to 6th from 8th year-over-year with a par amount of $26.91 billion and a 5.9% market share. Stifel Nicolaus rose from 11th to 7th with $23.68 billion and increased its market share to 5.2% from 4%.

Wells Fargo dropped to 8th with $22.14 billion, Jefferies remained 9th with $19.54 billion and Piper Sandler slipped to 10th with $18.26 billion.
Jessica Lerner
Senior Markets Reporter, The Bond Buyer
Rankings Primary bond market Bond volume
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