The top municipal underwriters accounted for $265.047 billion in 5,383 issues in the first three quarters of 2023, down from $291.908 billion in 6,417 transactions over the same time period in 2022.
BofA Securities remained in the top spot despite accounting for less par and a smaller market share than in 2022.
Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with only Raymond James entering the Top 10, knocking Piper Sandler to 11th.
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.
