Bank of America Merrill Lynch remains top US municipal underwriter

WASHINGTON Thu Jan 2, 2014 2:38pm EST

WASHINGTON Jan 2 (Reuters) - Bank of America Merrill Lynch remained the top underwriter for U.S. municipal bond deals in 2013, even as debt sales fell 15.1 percent to $311.8 billion from the prior year, according to Thomson Reuters final data released on Thursday.

BofA underwrote $45 billion of bonds sold by states, cities and authorities, representing 14 percent of the market. It was also top underwriter in 2012. J.P. Morgan Securities followed at $38.5 billion, or 12.4 percent of the market.

California issued the most municipal debt in 2013, $8.45 billion, followed by New York City at $5.4 billion.

Preliminary Thomson Reuters data released last week had estimated total issuance for the year at $311.7 billion.

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