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.
The agencies cited the authority's strong performance and position.
The $4.5 billion of New York Transportation Development Corp. bonds sold for the P3 won the Northeast category of The Bond Buyer's 2024 Deal of the Year awards.
As headline risk swirls around the Fed and the transition to the Trump administration, municipals have largely stayed in their own lane. November finds the municipal market "in far better technical shape, with an attractive backdrop through at least year-end," J.P. Morgan's Peter DeGroot said.
The outlook change to negative comes in the wake of voter approval on Nov. 5 of a ballot measure requiring certain public safety spending by the city.
The Aloha State received three rating affirmations as it prepares to sell $750 million of taxable general obligation bonds.
A bond-financed rehab of the downtown sports arena is receiving pushback.
