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June 27, 2018

Bank of America Merrill Lynch holding top municipal bookrunner spot

by Thomson Reuters.

Bank of America Merrill Lynch holds the top spot among municipal bookrunners through  June 20th,  leading 225 deals with proceeds totaling nearly US$26 billion, according to Thomson Reuters.

The number of deals by BAML, however, are down by 43 compared to the same period a year ago. Citi is holding the No. 2 spot with 178 deals totaling to US$18.5 billion in proceeds. Moving up two spots to the number 3 position is Morgan Stanley, which has run 141 deals that have garnered US$13.1 billion.

Dropping back one spot to the number 4 position is J P Morgan with US$11.7 billion in proceeds from 121 deals. Rounding out the top five is RBC Capital Markets, which is down one notch from last year at 212 deals, but only US$10.7 billion in proceeds.

The top deal in 2018 remains the April offering of US$3.1 billion from New Jersey’s Tobacco Settlement Finance Corp, led by Jefferies and Citi. Overall, the amount of proceeds from municipal bond offerings is down 16 percent while the number of deals per bookrunner has declined 19.5 percent from the same period a year ago.

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