Of the $312.508 billion of par issued, municipal financial advisors saw $312.178 billion of business in 5,531 transactions in 2023. This compares to the $305.035 billion in 5,934 deals in 2022, out of a total of $305.149 billion.
Caine Mitter & Associates and RBC Capital Markets moved into the top 10, while Piper Sandler & Co. and Kaufman Hall & Associates were bumped to the top 15.
Supply has "declined materially, allowing dealers to take a breather, with their inventories dropping significantly, while retail investors do not seem to be spooked by rate volatility, lower taxes and possible threats to the tax-exempts, and continued putting money into tax-exempts at a brisk pace," said Mikhail Foux, managing director and head municipal research and strategy at Barclays.
Pewaukee, Wisconsin, is the target of lawsuits from a private industry group over a transportation utility fee that was struck down earlier this year.
George Joseph McLiney, Jr. founded municipal bond underwriting firm McLiney and Company. He was devoted to his family and small issuer clients.
The tools come with risks, like legal challenges to "polluter pay" funds or potential corporate departures with cap-and-invest programs.
Longtime firm members Elaine Brennan and Charles Stavitsky hope to maintain continuity after their promotions.
The prepaid electricity bond deal issued by the California Community Choice Financing Authority for the Clean Power Allliance was record-setting in size.
