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.
Supply has "declined materially, allowing dealers to take a breather, with their inventories dropping significantly, while retail investors do not seem to be spooked by rate volatility, lower taxes and possible threats to the tax-exempts, and continued putting money into tax-exempts at a brisk pace," said Mikhail Foux, managing director and head municipal research and strategy at Barclays.
Pewaukee, Wisconsin, is the target of lawsuits from a private industry group over a transportation utility fee that was struck down earlier this year.
George Joseph McLiney, Jr. founded municipal bond underwriting firm McLiney and Company. He was devoted to his family and small issuer clients.
The tools come with risks, like legal challenges to "polluter pay" funds or potential corporate departures with cap-and-invest programs.
Longtime firm members Elaine Brennan and Charles Stavitsky hope to maintain continuity after their promotions.
The prepaid electricity bond deal issued by the California Community Choice Financing Authority for the Clean Power Allliance was record-setting in size.
