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.
"With a nonexistent new-issue calendar and heavy dealer balance sheets, we expect the muni market to get a bit 'grabby' over the next few weeks," AllianceBernstein strategists said.
The rating agency's new local government rating criteria led to the higher rating.
Another round of grants authorized in the 2021 Infrastructure Investment and Jobs Act is going out to 129 airports in 40 states.
The system, along with UT Southwestern Medical Center, plan to build a $5 billion pediatric health campus in Dallas.
Infrastructure practice is a "strategic priority" for the firm, it said in announcing the hire of Elena Millerman.
Laws enacted in Arkansas and Kansas will reduce income tax revenue by hundreds of millions of dollars in fiscal 2025.
