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.
"A sharply lower new-issuance calendar, peak yields, large redemption money and mutual funds inflows are all positive performance factors for the market," BofA strategists said.
The former Goldman Sachs and Wells Fargo banker will seek to expand the firm's structured finance products.
The Central Ohio Transit Authority's half-cent sales tax increase will back up to $500 million of revenue bonds.
Voters approved at least 168 local school bond measures for $42.8 billion, according to preliminary tallies, but dozens of bond requests will fall short.
Nashville, Tennessee, voters approved a $2 billion bond measure, while Lancaster County, South Carolina, and Cary, North Carolina, opposed the bond referendums.
Despite the post-election selloff, inflows continued this week as LSEG Lipper reported investors added $1.263 billion to municipal bond mutual funds for the week ending Wednesday, compared to $658.5 million of inflows the prior week. High-yield inflows returned.
