The top bond counsel firms combined for a total of $359.123 billion in 7,878 transactions during 2022, down from the $456.136 billion in 11,819 deals in 2021.
Only four firms remained in the same spot as in the prior last year: Orrick Herrington & Sutcliffe, Kutak Rock, Norton Rose Fulbright and Chapman and Cutler. Bryant Rabbino and Squrire Patton Boggs entered the top 10, while Stradling Yocca Carlson & Rauth and Gilmore & Bell were bumped further down in the top 20.
Inflation is front and center this week, with the consumer price index report released on Wednesday and the producer price index on Thursday.
The study comes as the city faces a growing structural budget deficit and shrinking reserves that led to negative bond rating outlooks.
The deeper the proposed cuts, the more the municipal market fears for the fate of tax-exempt bonds.
The tax exemption has been in place for more than 110 years, but Republicans say its removal is vital for prolonging many parts of the Tax Cuts and Jobs Act.
Charter schools drove the worst January ever for impairments since Municipal Market Analytics began tracking default trends, the firm said in a Feb. 5 report.
The executive director of the Puerto Rico Oversight Board suggested non-settling bondholders might be offered recoveries of about 4% of the principal due.
