The top muni underwriters accounted for $406.51 billion in 10,582 transactions in 2019 compared to $320.35 billion in 8,549 deals in 2018. There was only one change in the top five year-over-year but spots six through 10 saw three changes. Barclays and Stifel both had big improvments in the rankings, while Raymond James dropped the most.
Market activity has been somewhat "subdued," and USTs yields have been "relatively well-behaved," though the 10- to 30-year rates have slightly underperformed, moving up three to five basis points, said Barclays strategist Mikhail Foux.
A plan to sharply cut Community Development Block Grant program staffing follows Trump's statement that he is inclined to eliminate the Federal Emergency Management Agency.
The Senate move provides an alternative pathway towards a final budget agreement as the House wrestles with an approach that could include key tax policy changes for the muni market.
The Trump administration singled out the Las Vegas-Los Angeles bullet train for praise Thursday, the same day the deal priced.
"Who got rich off this project? Where did those billions of dollars go?" asked Transportation Secretary Sean Duffy in announcing the federal review of the controversial bullet train.
Nakahata was appointed chief deputy executive director and chief operating officer of the California Infrastructure and Economic Development Bank.
