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Rankings

In record issuance year, top underwriters' shares diversify

ByLynne Funk
January 6, 2021 11:07 AM

The top municipal bond underwriters of 2020 ran the books on a record amount of issuance as COVID-19 ravaged the country and altered the way business was conducted, moving people and systems remotely in a matter of days.

The top municipal underwriters accounted for $451.182 billion in 11,852 transactions in 2020 compared to $406.740 billion in 10,603 deals in 2019.

BofA Securities led with $61.004 billion in deals while JPMorgan moved up one spot to third and Morgan Stanley fell to fourth. Of the top five, only JPMorgan increased its market share, by 1%, from 2019, as 2020's business got done across a competitive field.

Piper Sandler & Co. and Jefferies moved into the top 10, while Stifel, Nicolaus & Co. Inc. and Barclays fell out of the top 10, to 11th and 12th, respectively.

BOA EARNS
Bloomberg News

BofA keeps top title, but market share falls

BofA Securities led with a total of $61.004 billion in 439 transactions, 13.5% market share, though down 2 percentage points from 15.5%, with $63.075 billion in 463 transactions in 2019,.

BofA also led in the fourth quarter of 2020 with $19.282 billion, or 16% of all transactions, with more than $9 billion more than the second highest, Morgan Stanley with $9.717 billion.
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CITIGROUP EARNS
Bloomberg News

Citi holds second spot

Citi stayed in second place with $47.396 billion in 406 transactions compared with $44.258 billion in 427 deals the year before. The firm saw its market share fall to 10.5% from 10.9% in 2019.
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Bloomberg News

JPMorgan gains market share in 2020

JPMorgan saw its ranking rise as it garnered $44.004 billion in 398 transactions with 9.8% market share from $36.2 billion and 8.9% in 2019. JPMorgan was the only underwriter in the top five to increase its share from 2019.
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Bloomberg News

Morgan Stanley drops a spot

Morgan Stanley fell to the four spot with $34.735 billion in 353 transactions, or 7.7% market share. The firm accounted for $42.20 billion, or 10.4%, market share in 2019 and $26.87 billion and 8.4% market share in 2018.
RBC Drops As Profit Misses Estimates For Fourth Straight Perio
Bloomberg News

RBC holds onto fifth

RBC Capital Markets stayed steady rounding out the top five. The firm finished with $28.772 billion in 659 transactions, up from $26.05 billion in 2019 but steady at 6.4% market share year-over-year.
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Rounding out the top 10

Wells Fargo Securities with $26.608 billion (5.9% market share) moved up to 6th from 7th, Piper Sandler & Co.’s market share rose to 4.4% with $19.818 billion pushing its rank to 7th from 12th in 2019, Goldman, Sachs & Co. fell to 8th with $18.311 billion, or 1.2% less market share than 2019. Jefferies rose four spots to 9th from 13th in 2019 with $19.280 billion, or 4.1% market share. Raymond James finished the top 10 list with $18.192 billion.

Stifel, Nicolaus fell to 11th from 8th with $18.137 billion and Barclays Capital fell three spots to 12th from 9th with $17.243 billion.
Lynne Funk
Executive Editor, The Bond Buyer
Rankings Primary bond market
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