Municipal bond underwriters are on pace to easily surpass last year's total, despite the COVID-19 pandemic. Top bookrunners have accounted for a total of $328.60 billion through the first three quarters of the year, up from the $267.91 billion in the first nine months of 2019.
The top five saw small changes compared to a year ago, while spots six through 10 saw more of a mix.
"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.
