Reuters logo
4 years ago
UPDATE 1-BofA Merrill Lynch still top U.S. municipal underwriter
January 2, 2014 / 8:11 PM / 4 years ago

UPDATE 1-BofA Merrill Lynch still top U.S. municipal underwriter

WASHINGTON, Jan 2 (Reuters) - Bank of America Merrill Lynch remained the top underwriter in a shrinking U.S. municipal bond market in 2013, while California sold the most debt in the year, Thomson Reuters data released on Thursday showed.

Altogether debt sales fell 15.1 percent to $311.8 billion from the prior year, as rising interest rates brought the refunding trend to a grinding halt. Preliminary Thomson Reuters data released last week had estimated total issuance for the year at $311.7 billion.

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. New York State Dormitory Authority had been the top issuer in 2012, but fell to eighth place last year.

Negotiated sales continued to dominate the market, totaling $242.41 billion last year. But they shrank 17.3 percent from 2012. Competitive sales also fell, by 6.4 percent, to $69.36 billion.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below