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.
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.
