In the first quarter of 2023, the top municipal underwriters had $74.039 billion in 1,383 issues,, down from $97.270 billion in 2,301 transactions in 2022.
BofA Securities maintained its position as the leader despite fewer transactions than in Q1 2022.
The differences from year to year were minor shuffling among the top municipal underwriters, with only Jefferies breaking into the Top 10, demoting Barclays to 15th.
While Friday's muni session was muted, the damage of a volatile UST market, paired with low new-issue supply and year-end positioning, has weighed on the asset class in December.
A decline in debt service coverage drove S&P's four-notch downgrade for Salinas, California, sewer revenue debt, which it placed on CreditWatch negative.
The new Congress will have a full plate including deciding the fate of the Tax Cuts and Jobs Act and Internal Revenue Service funding in a legislature that's already showing cracks of disagreement.
Kotek has spent the past month working on a very busy agenda involving housing, fires, transportation and construction labor agreements.
High-yield funds saw outflows of $413.6 million compared to the previous week's outflows of $71 million.
Six Texas cities sued the state comptroller over a rule that altered where sales taxes would be collected on certain online purchases.
