Top underwriters in 2024 see growing issuance

Bonds

Issuance in 2024 surged to a record $500 billion-plus figure.

The muni market saw a record $507.585 billion of debt issued in 2024, up 31.8% from $385.061 billion in 2023, according to LSEG data. The increased par amount was achieved in 9,041 in 2024, up from 8,094 in 2023, according to LSEG data.

BofA Securities remained at the top of the underwriters’ list. Raymond James and Barclays were the new entrants in the Top 10, knocking out Citi — which formally exited the muni market by the end of Q1 2024 — and Piper Sandler.

Rank Underwriters 2024 Par amount Market share Number of issues
1 BofA Securities $84.974B 17.14% 474
2 J.P. Morgan $48.549B 9.79% 360
3 RBC Capital Markets $41.745B 8.42% 464
4 Morgan Stanley $39.768B 8.02% 196
5 Jefferies $33.509B 6.76% 249
6 Wells Fargo $32.161B 6.49% 235
7 Goldman Sachs $24.963B 5.03% 88
8 Raymond James $23.627B 4.76% 619
9 Stifel $22.181B 4.47% 810
10 Barclays $17.59B 3.55% 104

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