The top bond counsel firms combined for a total of $292.177 billion in 6,406 transactions during the first three quarters of the year, down from the $343,709 billion in 9,139 deals over the same period in 2021.
Only three firms remained in the same spot at this point last year: Orrick Herrington & Sutcliffe, Kutak Rock and Norton Rose Fulbright. Bryant Rabbino and Butler Snow entered the top 10, while Stradling Yocca Carlson & Rauth and Gilmore & Bell were bumped further down in the top 20.
"A victory for former President Trump is likely to be viewed as ushering in a more inflationary environment, whereas a win for Vice President Harris will probably be seen as closer to the status quo," said Erik Weisman, chief economist and portfolio manager at MFS Investment Management."
The impact of both presidential candidates' fiscal promises around taxation and spending could have dramatic effects on the Federal Reserve's outlook for monetary policy, which has become more aggressive toward rooting out inflation.
Many states are capping or trying to eliminate property taxes that support bond issuance.
Northern Illinois University is going to market with $62 million of certificates of participation to finance energy-saving projects affecting 50 buildings.
While this meeting is a slam dunk, the election and data makes the December meeting more of a question, some analysts said.
Issuers in Southwest states led by Texas are hoping voters will approve billions of dollars of bonds in Tuesday's election.
