The top municipal underwriters accounted for $359.725 billion in 7,896 issues in 2022, down from $457.080 billion in 11,860 transactions in 2021.
BofA Securities remained in the top spot despite accounting for considerably fewer transactions and market share than in 2021.
Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with only Barclays entering the Top 10, knocking Piper Sandler to 11th.
Munis "continued their slide" last week as yields rose an average of 23 basis points across the curve as the Fed Chairman Jerome Powell signaled the Fed will take a "more cautious approach" on interest rate cuts next year, said Jason Wong, vice president of municipals at AmeriVet Securities.
S&P Global Ratings downgraded San Francisco's debt a notch to AA-plus from AAA citing weakened economic trends and deficit spending. Moody's Ratings lowered it's rating a notch to Aa1 in October.
The ratings agency cited strong and growing activity and favorable economic trends in the region.
The finally approved continuing resolution steers around the debate to raise the debt ceiling while funding repairs to the toll-supported Key Bridge in Baltimore, reimbursing DC for inauguration costs and transferring the RFK stadium site.
Moody's upgraded Minneapolis to Aaa. The outlook is stable, reflecting an expectation that a strong financial profile will help absorb cost pressures.
The Chicago Board of Education unanimously approved the firing of Chicago Public Schools CEO Pedro Martinez late Friday during a heated special meeting.
