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Q3 2021 top 10 underwriter rankings see little change

By Jessica Lerner
October 12, 2021 2:34 PM

The top municipal underwriters accounted for $340.99 billion in 9,082 transactions in the first three quarters of 2021 compared to $330.71 billion in 8,577 deals in 2020 over the same time period.

BofA Securities led with $48.85 billion of deals, while Goldman Sachs jumped into the top five and Morgan Stanley moved up one spot from where it was at this point last year.

Out of the top five, BofA Securities, Morgan Stanley, Goldman Sachs, Stifel Nicolaus & Co. and Jefferies were the only firms to increase market share year-over-year.

Stifel Nicolas & Co. moved into the top 10, while Raymond James & Associates fell to 11th.

A Bank Of America Branch Ahead Of Earnings Figures
David Paul Morris/Bloomberg

BofA keeps its top spot

BofA Securities keeps its lead, underwriting $48.85 billion or a 14.3% market share during the first three quarters. That compares to $41.72 billion and a 12.6% market share the firm accumulated in 2020.
A sign for the bank Citi
Adobe Stock

Citi's market share falls, but holds onto second

Citigroup Global Markets Inc. remained second, accounting for a total of $33.91 billion and a 9.9% market share during the first nine months of 2021. This is down from 2020 when the firm underwrote $37.43 billion and a 11.3% market share.
Morgan Stanley Headquarters Ahead Of Earnings Figures
Jeenah Moon/Bloomberg

Morgan Stanley moves up one

Morgan Stanley moved up one spot from 2020. The firm finished with a total of $27.08 billion and a 7.9% market share during the first three quarters of 2021, an increase of the $25.02 billion and market share of 7.6% from the year prior.
JP Morgan
Scott Eells/Bloomberg

J.P. Morgan falls to fourth

J.P. Morgan Securities fell to fourth, accounting for $25.47 billion or a market share of 7.5%, compared to $34.34 billion and a 10.4% market share in the first nine months of 2020.
Goldman Sachs
John Taggart/Bloomberg

Goldman Sachs makes big moves

Goldman Sachs saw the second-biggest jump in the top 10, moving up three spots year-over-year. The firm accounted for $19.52 billion or a market share of 5.7%, compared to $14.14 billion and a 4.3% market share in the first three quarters of 2020.
Rest of Q3 underwriters

Rounding out the top 10

RBC Capital Markets dropped to 6th from 5th year-over-year with a par amount of $18.79 billion and a 5.5% market share. Stifel Nicolaus rose from 11th to 7th with $17.85 billion and increased its market share to 5.2% from 3.9%.

Wells Fargo dropped to 8th with $15.85 million, Jefferies remained 9th with $14.77 billion and Piper Sandler slipped to 10th with $13.52 billion.
Jessica Lerner
Senior Markets Reporter, The Bond Buyer
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