2020 in statistics · a new game in town the rise of taxable munis powers 2019 issuance 2020 in...

A NEW GAME IN TOWNTHE RISE OF TAXABLE MUNIS POWERS 2019 ISSUANCE

2020 IN STATISTICSANNUAL REVIEW

0A1_BB022420 1 2/21/2020 5:38:17 PM

The Bond BuyerA2 Monday, February 24, 2020annual review

ContentsTaxable Issuance Breathes Life Into Primary Market ��A3

Long-term issuance, bonds and notes by state �� A3-A4

Bond Insurers Capitalizing on Influx of Taxable Deals ��A5

Notes Up on Fed Rate Move-ments, Issuer Needs ��A6

Issuance by sector ��A7-A12

Environmental Facilities, Electric Power Grow �� A10

Rankings: Senior managers, co-managers, financial advisors, issuers �� A13

Rankings: Bond, disclosure, special tax counsel �� A14

Bond Buyer Indexes �� A15

Cover: Adobe Stock

Underwriting Spreads: 2000-2019 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

ALL BONDS $6.68 $6.48 $6.17 $5.78 $5.58 $5.45 $5.59 $5.27 $4.89 $6.21 $5.94 $5.62 $5.52 $5.20 $5.00 $4.64 $4.65 $4.49 $4.42 $4.31

Negotiated 6.72 6.52 6.20 5.80 5.49 5.56 5.66 5.41 4.82 6.22 6.03 5.61 5.40 5.17 5.08 4.57 4.62 4.55 4.53 4.36

Competitive 6.38 6.10 5.86 5.57 6.31 4.42 4.89 4.12 5.61 6.16 5.23 5.65 6.17 5.35 4.58 4.96 4.77 4.22 3.91 3.98

New-Money 6.68 6.65 6.27 5.85 5.65 5.71 5.60 5.37 5.47 6.39 6.05 5.98 5.57 5.25 5.36 5.05 4.96 4.99 4.66 4.52

Refunding 6.31 6.01 5.88 5.45 5.33 5.21 5.45 4.87 3.82 5.84 5.59 5.16 5.51 5.13 4.65 4.40 4.49 4.11 3.93 4.23

Combined 7.00 6.63 6.38 6.23 5.80 5.20 5.68 5.34 5.01 6.20 6.27 5.52 5.46 5.21 4.99 4.47 4.46 4.14 4.10 3.84

Development 9.49 8.02 4.79 7.33 6.43 6.74 7.04 6.39 4.88 3.65 5.07 5.55 3.43 5.73 6.67 6.58 6.13 6.89 8.68 7.50

Education 6.67 6.52 6.38 5.74 5.55 5.45 5.38 5.12 5.32 6.43 6.33 6.13 6.06 5.53 5.23 5.05 4.92 4.92 5.17 4.87

Electric Power 4.75 5.94 6.17 5.58 5.39 4.34 5.24 4.83 4.74 5.81 5.35 4.52 4.51 4.48 4.24 2.86 3.18 3.26 3.16 3.16

Environmental 5.31 5.82 5.89 5.87 5.18 4.96 4.34 4.15 4.37 5.20 4.31 5.54 5.76 5.99 5.09 3.77 4.52 7.36 3.72 5.43

Health Care 6.99 7.26 6.59 6.50 5.65 4.99 5.64 5.90 4.13 7.78 8.56 7.10 7.42 7.08 7.28 6.38 6.37 5.99 6.02 5.08

Housing 7.60 6.68 6.63 5.81 5.86 5.43 6.11 5.84 5.40 5.66 6.40 6.89 6.57 6.09 6.10 4.72 4.82 4.92 5.02 5.33

Public Facilities 8.00 7.25 6.41 6.12 5.97 6.28 6.87 5.24 5.02 7.44 6.69 6.89 6.54 5.57 6.36 5.53 6.01 5.45 4.52 5.33

Transportation 5.33 5.65 5.14 5.31 5.07 4.85 5.06 4.78 4.80 5.55 5.28 4.79 4.74 4.24 3.94 3.57 3.95 3.29 3.01 2.91

Utilities 7.00 6.26 6.45 6.07 5.48 5.73 5.22 5.53 4.63 6.00 5.88 5.74 6.21 5.62 5.02 4.73 4.11 4.36 4.16 4.41

General Purpose 6.78 6.64 6.28 5.61 5.72 5.86 6.01 5.13 5.20 5.87 5.28 4.93 4.69 4.52 4.41 4.08 4.04 3.74 3.68 3.67

Stimulus Program n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 7.45 6.44 7.16 5.86 5.88 8.05 4.87 4.86 5.33 6.79 0.25

Note: Amounts represent dollars per $1,000 face value of bond issues. Underwriting spreads include managers’ fees, underwriting fees, average takedowns, and expenses. Private placements, short-term notes maturing in under 13 months, and remarketings of variable-rate securities are excluded. Source: Refinitiv (Jan. 7)

Taxable Bonds: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $71,323.0 1,459 $32,818.5 1,083 +117.3%First Quarter 8,990.6 200 4,978.2 201 +80.6Second Quarter 6,834.5 290 8,967.4 334 –23.8Third Quarter 17,670.3 334 8140.4 238 +117.1Fourth Quarter 37,827.6 635 10732.4 310 +252.5Development 2,087.5 95 4,487.0 128 –53.5Education 22,333.9 655 5,319.2 388 +319.9Electric Power 1,691.5 20 103.7 12 +1531.1Environmental Facilities 30.6 3 21.8 4 +40.4Healthcare 3,710.2 61 2,574.8 76 +44.1Housing 4,090.0 82 2,605.7 64 +57.0Public Facilities 771.2 48 1,470.6 60 –47.6Transportation 12,682.0 76 3,098.2 41 +309.3Utilities 6,833.4 81 840.4 37 +713.1General Purpose 17,092.7 338 12,297.0 273 +39.0New-Money 30,809.0 823 22,407.3 778 +37.5Refunding 36,010.4 575 6,602.6 260 +445.4Combined 4,503.6 61 3,808.7 45 +18.2Negotiated 55,429.9 1,016 19,399.7 603 +185.7Competitive 11,843.4 318 5,687.4 297 +108.2Private Placements 4,049.7 125 7,731.4 183 –47.6Revenue 47,024.6 696 21,941.2 572 +114.3General Obligation 24,298.4 763 10,877.3 511 +123.4Fixed Rate 69,322.8 1,399 31,853.1 1,053 +117.6Variable Rate (Short Put) 1,123.0 19 701.5 20 +60.1Variable Rate (Long/No Put) 531.8 5 55.8 2 +853.0Zero Coupon 345.4 36 11.7 3 +2852.1Linked Rate 0.0 0 196.5 5 –100.0Convertible 0.0 0 0.0 0 n.m.Bond Insurance 3,700.7 163 1,808.9 90 +104.6Letter of Credit 414.7 5 344.2 7 +20.5Standby Purchase Agreements 112.5 4 134.4 5 –16.3Insured Mortgages 67.7 3 47.7 2 +41.9Guaranties 2,786.7 141 513.7 38 +442.5Surety bond 0.0 0 0.0 0 n.m.State Governments 6,954.9 42 3,672.2 25 +89.4State Agencies 24,095.3 309 8,325.5 210 +189.4Counties & Parishes 3,672.7 58 2,422.8 63 +51.6Cities & Towns 8,502.6 303 6,680.7 279 +27.3District 10,348.9 481 1,947.6 265 +431.4Local Authorities 11,360.5 204 8,237.3 196 +37.9Colleges & Universities 6,287.2 56 1,332.1 35 +372.0Direct Issuer 79.7 5 114.9 9 –30.6Cooperative Utilities 0.0 0 0.0 0 n.m.Tribal Government 21.2 1 85.6 1 –75.2Build America Bonds 0.0 0 0.0 0 n.m.Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Largest Taxable IssuesDate Issuer Amt ($mill) Manager(s)Dec-18 NYS Dorm Authority, (tax) (nm/ref) $3,404.6 Various firmsJan-11 San Francisco City & Co Airport Comm, (tax) (nm/ref) 1,763.6 J P Morgan/Goldman Sachs & CoOct-24 Empire State Development Corp, (tax) (cpt) 1,672.9 Jefferies LLCJun-20 NYS Dorm Authority, (tax) (cpt) 1,626.5 Morgan StanleyDec-4 New Jersey Trans Trust Fund Au, (amt) 1,566.1 RBC Capital MktsJan-8 Empire State Development Corp, (tax) (cpt) 1,543.8 CitiMar-26 NYC Transitional Finance Auth, (tax) (cpt) 1,450.0 J P MorganJul-23 New York City-New York, GOs (tax) (cpt) 1,400.0 Morgan StanleyNov-13 District of Columbia (State), (tax) 1,362.3 Morgan StanleyAug-6 NYC Transitional Finance Auth, (tax) (cpt) 1,350.0 CitiKey to abbreviations: neg – negotiated; nm – new-money; pvt – private placement; ref – refunding. Source: Refinitiv (Jan.7)

Taxable BondsSenior Managers: Full Year 2019

Manager Amt ($mill)1 BofA Securities $10,629.82 Citi 8,024.03 Morgan Stanley 7,777.14 J P Morgan 6,288.55 RBC Capital Mkts 5,561.56 Raymond James 3,766.47 Goldman Sachs 3,676.18 Wells Fargo & Co 2,984.69 Barclays 2,894.410 Jefferies LLC 2,590.6Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

Taxable BondsFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $13,645.22 Public Resources Adv 8,996.23 Hilltop Securities 5,032.84 Estrada Hinojosa 1,911.55 Acacia Financial Grp 1,734.96 Prager & Co 1,632.27 Frasca & Associates 1,573.78 Melio & Company 1,397.99 KNN Public Finance 1,326.910 CSG Advisors Inc 1,182.6Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

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www.bondbuyer.com A3Monday, February 24, 2020 annual review

For the third time in the past four years, long-term municipal bond vol-ume has surpassed the $400 billon mark — this time thanks to a second half surge in taxable issuance that took the market by storm.

Long-term municipal bond issuance finished 2019 with a robust total of $423.36 billion, a 22.3% increase from the $346.10 million from 2018. Those figures are according to Refinitiv.

“Aside from supply in 2018, which was distorted by the tax reform, $400 billion will likely become the new nor-mal, as there is a lot of pent-up de-mand, and rates will likely remain rel-atively low for the foreseeable future,” said Mikhail Foux, managing director, head municipal research & strategy at Barclays.

Issuance was looking bleak for the entire first half, as the first five months of the year issuers sold less than $30 billion each month. The market was on pace for only about $346 billion at the halfway point of the year.

“The first half of the year looked ordinary and the last quarter and a half took on an entirely different tone,” Eric Kazatsky, municipal strategist at Bloomberg Intelligence, said. “In late summer, we were still thinking that full-year supply would be in the $350 billion camp. Not one person on the street saw this coming in terms of tax-able supply and had a forecast to sub-stantiate that.”

Then seemingly out of nowhere, the taxable issuance starting flowing and it didn’t stop.

Thi rd quar ter i ssuance to ta led $106.62 billion and fourth quarter vol-ume came out to $143.64 billion.

“Fourth quarter was one of the heavi-est periods of muni issuance in recent history; we saw a resurgence of taxable issuance (especially taxable advance refundings) after rates dropped last August,” Foux said.

“Although tax-exempt issuance was also robust. Meanwhile, the first half of the year was surprisingly light — one of the main reasons for strong tax-ex-empt performance in the second quarter of 2019.

Taxable issuance increased 117.3% to $71.32 billion from $32.82 billion.

“Once it got going it was pretty amazing to see how many deals were coming and who was tapping the mar-ket for the first time,” Kazatsky said. “It left me with the feeling that the muni market is being reshaped and re-defined ... especially if rates stay lower for longer.”

When rates are as low as they were in 2019, issuing taxable debt instead of tax-exempt debt has many positives for issuers.

“Borrowers are able to refund ex-empts and free themselves of the shackles that go along with the tax-ex-emption such as limitations on use of

proceeds,” Kazatsky said. “Further, when they access the taxable markets they are tapping a deeper and new in-vestor base that in some cases are will-ing to pay up to new names in the tax-able muni space. Foreign and domestic buyers love the low beta to corporate credit risk.”

Foux added that taxable advance refundings used to be extremely un-common before tax reform, and most issuers were simply not accustomed to placing taxable deals.

However, after a 30-plus basis point drop in Treasury yields taxable advance refundings became very attractive to issuers.

“As more and more municipalities have started placing taxable deals, it became easier for other issuers to also join the party,” Foux said.

New money volume rose 9.5% to $264.07 billion, while refunding vol-ume vaulted 77.3% to $107.24 billion from $60.49 billion.

“Both new-money and refundings surprised to the upside, everybody is talking about taxable advance refund-ings, but a surge in new-money issu-ance is also a big enough story,” Foux said.

“Last year new-money supply was at the largest level in nearly a decade. In the past two years new money was the main driving force behind muni is-suance, reminiscent of the new money/refundings split prior to the great re-cession, when rates were much higher.”

A good amount of the taxable issu-ance was refunding increased by six times to the tune $36.81 billion from $6.60 billion.

“Taxable advance refundings are not as efficient as tax-exempt refundings (although embedded calls help making them more efficient), but they still pro-vide much-needed savings to issuers,” Foux said.

“Additionally, the taxable market could be very deep, especially for larger ($300 million and above) deals, making it easier to place them.”

He noted that prior to last year, domestic and foreign investors were starving for taxable munis after they developed their appetite for the product during the Build America Bond years.

Unlike corporates, most taxable mu-nicipal bonds rated double-A or higher, making these bonds very attractive to investors in the current global rate en-vironment.

Taxable advance refundings are rate sensitive but even when they are not, issuers may opt to exit existing cove-nants.

“The 10-year U.S. Treasury bot-tomed out at about 1.45% in Septem-ber and the rocket took off from there,” Kazatsky said.

“There were most likely lots of deals in the pipeline which were dependent upon rates rallying to some degree. Keep in mind 2019 started with a U.S. 10-year of 2.74%.”. q

Taxable Issuance Breathes Life Into Primary Market

By AAron WeitzmAn

Long-Term Bond Sales: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

TOTAL $423,359.9 11,457 $346,103.0 9,589 +22.3%January 25,060.4 602 21,505.7 582 +16.5February 26,375.2 698 18,010.4 563 +46.4March 27,893.2 707 26,084.0 745 +6.9April 27,929.4 840 31,524.6 779 –11.4May 29,190.5 1,116 35,219.1 1,147 –17.1June 36,648.6 1,120 33,399.8 998 +9.7July 30,079.8 895 28,005.0 723 +7.4August 39,510.5 981 34,109.3 818 +15.8September 37,029.3 979 25,432.3 768 +45.6October 55,536.3 1,397 37,787.4 901 +47.0November 46,887.1 1,175 29,055.3 863 +61.4December 41,219.5 947 25,970.3 702 +58.7First Quarter 79,328.8 2,007 65,600.1 1,890 +20.9Second Quarter 93,768.5 3,076 100,143.4 2,924 –6.4Third Quarter 106,619.6 2,855 87,546.5 2,309 +21.8Fourth Quarter 143,642.9 3,519 92,813.0 2,466 +54.8Development 10,411.9 404 9,920.0 430 +5.0Education 111,600.7 4,201 83,110.0 3,278 +34.3Electric Power 10,907.5 129 6,648.4 113 +64.1Environmental Facilities 3,704.3 53 1,944.3 42 +90.5Healthcare 38,865.0 490 31,882.8 482 +21.9Housing 26,802.2 651 21,818.8 601 +22.8Public Facilities 7,356.2 420 11,961.8 504 –38.5Transportation 70,034.3 571 51,647.3 495 +35.6Utilities 46,060.2 1,417 39,936.3 1,098 +15.3General Purpose 97,617.6 3,121 87,233.3 2,546 +11.9Tax- Exempt 330,274.1 9,851 295,643.2 8,389 +11.7Taxable 71,323.0 1,459 32,818.5 1,083 +117.3Minimum Tax 21,762.8 147 17,641.3 117 +23.4New-Money 264,067.2 7,959 241,169.1 7,536 +9.5Refunding 107,236.9 2,882 60,498.8 1,535 +77.3Combined 52,055.7 616 44,435.1 518 +17.1Negotiated 307,578.4 6,508 238,384.7 4,832 +29.0Competitive 98,979.5 4,080 81,964.0 3,717 +20.8Private Placements 16,802.0 869 25,754.3 1,040 –34.8Revenue 260,134.8 4,494 222,274.9 3,991 +17.0General Obligation 163,225.1 6,963 123,828.1 5,598 +31.8Fixed Rate 392,847.1 10,964 315,557.9 9,093 +24.5Variable Rate (Short Put) 9,309.5 150 10,208.2 185 –8.8Variable Rate (Long/No Put) 17,566.7 214 12,906.5 171 +36.1Zero Coupon 1,535.1 107 794.6 57 +93.2Linked Rate 2,005.8 20 6,523.4 79 –69.3Convertible 95.6 4 112.4 4 –14.9Bond Insurance 23,938.3 1,726 18,929.9 1,250 +26.5Letter of Credit 2,076.5 29 2,742.8 43 –24.3Standby Purchase Agreements 2,323.2 33 2,538.2 34 –8.5Insured Mortgages 1,374.0 52 1,554.9 51 –11.6Guaranties 31,382.4 1,308 24,591.7 1,001 +27.6Other Enhancements 60.6 2 0.0 0 n.m.State Governments 37,618.7 187 29,612.8 154 +27.0State Agencies 126,612.2 1,521 106,426.2 1,298 +19.0Counties & Parishes 26,365.0 691 20,276.1 584 +30.0Cities & Towns 53,650.3 2,982 54,035.2 2,694 –0.7District 83,416.5 4,529 61,741.1 3,493 +35.1Local Authorities 78,711.7 1,314 61,319.6 1,178 +28.4Colleges & Universities 14,683.4 201 9,368.7 149 +56.7Direct Issuer 1,696.1 27 2,263.0 31 –25.1Cooperative Utilities 564.4 3 844.1 4 –33.1Tribal Government 41.6 2 216.3 4 –80.8Bank Qualified 14,804.5 3,677 11,961.4 3,070 +23.8Build America Bonds 15.1 1 0.0 0 n.m.Qualified Sch Construction 150.0 1 0.0 0 n.m.Other Stimulus Program 0.0 0 19.4 4 –100.0Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

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Bond Sales by State: Full Year 2019 2018 Percent

States Rank Volume ($mill) # Issues Rank Volume ($mill) # Issues ChangeAlabama 26 5,110.9 146 24 4,668.6 119 +9.5Alaska 45 917.7 15 50 547.8 7 +67.5Arizona 16 7,910.0 173 25 4,272.0 122 +85.2Arkansas 34 2,921.8 181 39 1,659.9 76 +76.0California 1 60,452.0 982 1 47,880.7 765 +26.3Colorado 8 12,626.6 282 8 10,694.1 268 +18.1Connecticut 24 6,175.1 175 16 6,436.1 137 –4.1Delaware 44 948.9 12 45 831.0 12 +14.2Florida 4 21,833.4 365 6 12,531.1 368 +74.2Georgia 10 11,245.7 151 11 8,300.5 122 +35.5Hawaii 37 2,387.7 13 37 2,049.6 11 +16.5Idaho 49 613.5 25 43 1,140.4 41 –46.2Illinois 11 10,866.4 497 5 13,115.8 466 –17.2Indiana 21 6,547.8 301 29 3,566.2 294 +83.6Iowa 31 3,641.7 305 31 3,141.9 305 +15.9Kansas 36 2,768.6 223 30 3,258.8 183 –15.0Kentucky 29 3,652.3 142 21 5,040.9 133 –27.5Louisiana 35 2,815.5 84 40 1,524.8 66 +84.6Maine 42 1,117.8 38 42 1,280.5 46 –12.7Maryland 18 6,929.3 108 18 5,910.9 70 +17.2Massachusetts 6 13,790.0 262 12 8,291.6 224 +66.3Michigan 12 10,631.9 329 15 7,542.7 306 +41.0Minnesota 19 6,866.2 452 14 7,689.7 451 –10.7Mississippi 38 2,208.2 72 41 1,496.9 70 +47.5Missouri 22 6,413.3 296 23 4,716.2 253 +36.0Montana 47 766.3 33 46 803.1 32 –4.6Nebraska 30 3,645.3 314 35 2,155.1 231 +69.1Nevada 28 3,705.0 54 28 3,789.3 43 –2.2New Hampshire 43 949.1 22 47 774.3 25 +22.6New Jersey 9 11,701.0 265 7 11,267.6 191 +3.8New Mexico 39 2,202.6 53 38 1,729.0 47 +27.4New York 2 45,864.5 674 2 42,690.8 587 +7.4North Carolina 17 7,225.7 112 17 5,990.9 104 +20.6North Dakota 46 838.2 62 44 964.9 69 –13.1Ohio 7 12,696.2 341 10 8,517.3 234 +49.1Oklahoma 33 3,036.2 356 22 4,841.0 381 –37.3Oregon 20 6,750.6 109 27 3,805.6 98 +77.4Pennsylvania 5 17,914.5 581 4 13,324.9 315 +34.4Rhode Island 40 1,388.2 36 49 701.4 27 +97.9South Carolina 27 4,380.4 98 26 3,926.2 92 +11.6South Dakota 48 690.5 46 48 703.0 25 –1.8Tennessee 23 6,212.8 144 20 5,437.4 104 +14.3Texas 3 43,727.7 1,499 3 33,294.3 1,125 +31.3Utah 32 3,040.8 91 32 3,118.9 64 –2.5Vermont 50 466.8 16 52 246.0 17 +89.8Virginia 13 9,188.7 115 19 5,572.4 99 +64.9Washington 14 9,140.1 180 9 9,215.4 156 –0.8West Virginia 41 1,137.6 23 36 2,089.4 34 –45.6Wisconsin 15 8,765.7 558 13 7,975.0 534 +9.9Wyoming 51 333.7 6 53 178.7 6 +86.7American Samoa 55 0 0 55 50.3 1 –100.0D. of Columbia 25 6,135.2 37 34 2,339.5 23 +162.2Guam 52 64.7 3 54 71.4 3 –9.4Puerto Rico 53 0.0 0 33 2,597.8 1 –100.0Trust Territories .. 0.0 0 .. 0.0 0 n.m.Virgin Islands 54 0.0 0 51 343.5 6 –100.0Other Territories .. 0.0 0 .. 0.0 0 n.m.

TOTAL $423,359.9 11,457 $346,103.0 9,589 +22.3%Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. – not meaningful. Source: Refinitiv (Jan. 7)

Note Sales by State: Full Year 2019 2018 Percent

States Rank Volume ($mill) # Issues Rank Volume ($mill) # Issues ChangeAlabama .. 0.0 0 .. 0.0 0 n.m.Alaska 24 90.0 892 27 90.0 1 unch Arizona 23 203.1 11 41 1.4 1 +14407.1Arkansas 36 0.0 509 40 1.7 1 –100.0California 4 4,421.2 48 4 3,996.4 32 +10.6Colorado 6 1,329.0 274 6 1,536.3 8 –13.5Connecticut 14 509.3 4 14 721.8 66 –29.4Delaware .. 0.0 0 .. 0.0 0 n.m.Florida 11 841.1 70 12 776.3 13 +8.3Georgia 18 378.1 48 10 788.6 9 –52.1Hawaii 33 10.1 184 26 99.1 2 –89.8Idaho 13 546.2 13 15 540.0 1 +1.1Illinois 8 1,022.2 4 7 1,230.1 69 –16.9Indiana 22 216.1 1 25 115.6 12 +86.9Iowa 32 10.7 57 38 6.0 2 +78.3Kansas 17 406.1 1 17 315.7 14 +28.6Kentucky 12 647.0 7 13 726.3 3 –10.9Louisiana 40 0.0 17 35 23.5 6 –100.0Maine 27 59.2 4 34 28.0 2 +111.4Maryland 20 337.0 7 16 491.0 2 –31.4Massachusetts 5 3,285.8 3 5 3,172.0 268 +3.6Michigan 19 357.0 5 22 280.3 5 +27.4Minnesota 31 18.6 14 37 11.8 8 +57.6Mississippi 39 0.0 3 24 160.0 2 –100.0Missouri 26 62.2 1 28 87.1 5 –28.6Montana .. 0.0 0 .. 0.0 0 n.m.Nebraska 30 22.3 3 23 186.6 26 –88.0Nevada 38 0.0 5 20 300.2 3 –100.0New Hampshire 28 58.8 6 29 75.0 4 –21.6New Jersey 3 4,843.3 5 3 5,501.6 506 –12.0New Mexico 21 298.9 2 19 312.2 2 –4.3New York 1 11,951.3 16 2 7,621.3 844 +56.8North Carolina 37 0.0 6 18 314.6 4 –100.0North Dakota 42 0.0 2 42 0.9 1 –100.0Ohio 10 901.0 2 11 787.4 178 +14.4Oklahoma 35 0.4 1 39 4.2 2 –90.5Oregon 29 31.8 1 32 43.5 2 –26.9Pennsylvania 16 462.5 1 31 47.2 5 +879.9Rhode Island 34 0.8 0 33 28.5 3 –97.2South Carolina 7 1,176.7 0 8 1,119.3 19 +5.1South Dakota .. 0.0 0 .. 0.0 0 n.m.Tennessee .. 0.0 0 .. 0.0 0 n.m.Texas 2 9,736.6 0 1 9,573.9 16 +1.7Utah 25 70.2 0 30 72.1 3 –2.6Vermont 0 0.0 0 0 0.0 0 n.m.Virginia .. 0.0 0 .. 0.0 0 n.m.Washington .. 0.0 0 .. 0.0 0 n.m.West Virginia .. 0.0 0 .. 0.0 0 n.m.Wisconsin 9 939.3 0 9 930.8 66 +0.9Wyoming .. 0.0 0 .. 0.0 0 n.m.American Samoa .. 0.0 0 .. 0.0 0 n.m.D. of Columbia 15 500.0 20 21 300.0 1 +66.7Guam .. 0.0 0 .. 0.0 0 n.m.Puerto Rico .. 0.0 0 .. 0.0 0 n.m.Trust Territories .. 0.0 0 .. 0.0 0 n.m.Virgin Islands 41 0.0 0 36 16.0 1 –100.0Other Territories .. 0.0 0 .. 0.0 0 n.m.

TOTAL $45,743.7 2,247 $42,433.8 2,218 +7.8%Notes: Figures are based on issues maturing in less than 13 months. Private placements and municipal forwards are included, but remarketings are excluded. n.m. – not meaningful. Source: Refinitiv (Jan. 7)

0A4_BB022420 4 2/21/2020 5:38:18 PM

www.bondbuyer.com A5Monday, February 24, 2020

Bond Insurer RankingsFull Year 2019 - Ranked by Insured Amount

Rank Firm Volume Market Share Issues 1 AGM formerly FSA Inc $13,466.3 56.3 711 2 Build America Mutual (BAM) 9,919.2 41.5 886 3 Municipal Assurance Corp (MAC) 537.4 2.2 128

This is Refinitiv “AT10” league table. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Each firm is credited with the amount it insured within the issue. Source: Refinitiv (Jan. 2)

annual review

Bond Insurers Capitalizing on Influx of Taxable Deals

By AAron WeitzmAn

The two active municipal bond insurers for municipals insured $5 billion more in 2019 than they did in 2018 thanks to a surge of issuance in the fourth quarter.

Assured Guaranty and Build America Mutual combined for $23.92 billion of in-sured volume spanning 1,724 transactions and 5.67% coverage rate in 2019. That is up from $18.92 billion in 1,249 deals and 5.58% insured rate in 2018.

Assured wrapped $14 billion in 839 deals for a 58.5% market share, versus $10.52 billion in 597 transactions, or 55.6% market share, in 2018. The figures are according to Refinitiv and include Assured’s subsidiary Municipal Assurance Corp.

Build America Mutual accounted for $9.92 billion of insured volume spanning 886 transactions, or 41.5% market share in 2019, compared with $8.41 billion in 655 deals and 44.4% market share in 2018.

Assured said the fourth quarter was its strongest of the year, “insuring $5.2 billion of primary market par, up 71% year over

year, representing 62% of the insured mar-ket,” said Robert Tucker, senior managing director and head of investor relations. “In aggregate, our primary and secondary mar-ket activity totaled an industry-leading $5.6 billion for the quarter across 383 transac-tions/policies.”

Assured’s 2019 full-year primary market insured par sold increased by $3.7 billion, or 34%, year over year.

“We guaranteed $14.7 billion of primary market par, representing 60% of the insured market,” he said. For competitively bid is-sues, the insured market share was 64%. “In aggregate, Assured Guaranty insured $16.3 billion in the primary and secondary markets with a total transaction/policy count of 1,232.”

Additionally, Tucker added that there were a number of transactions that stood out in 2019 for Assured Guaranty. One of the deals was the largest single insured trans-action in nearly a decade: $700 million of CommonSpirit Health’s $6.5 billion transac-tion, which was awarded The Bond Buyer’s Deal of the Year.

“We also insured $535 million of the $897 million Foothill/Eastern Transportation Corridor transaction. Additionally, in Febru-ary and August 2019 and January 2020, we guaranteed the three largest insured Green Bond transactions on record, all for the New York MTA,” he said. “In total during 2019, we insured $100 million or more of par on 22 different transactions.”

In addition to underwriting larger transac-tions, Assured wrapped deals ofvarious sizes across a range of sectors.

“More than half of our 840 primary mar-ket transactions in 2019 were for bank-qual-ified issuers, who continue to benefit from the market liquidity our product can create,” Tucker said. “Significantly, investors saw the added value in our guarantees of 40 transactions, totaling $1.5 billion of insured par, that S&P or Moody’s rated in the dou-ble-A category on an uninsured basis.”

For the fourth quarter of 2019 alone, BAM was responsible for $3.16 billion over the course of 273 transactions and a 37.8% market share. The taxable trend that took over the market in the second half of 2019,

helped with BAM’s busy last three months of the year.

“The taxable municipal market is attract-ing a wider range of issuers than it has in the past due to the ban on tax-exempt advance refundings,” Grant Dewey, head of munici-pal capital markets for BAM, said. “As the number of taxable issuers increases, there’s been a greater role for bond insurance gen-erally, and a greater opportunity for BAM to participate in those transactions.”

He noted that historically, the largest issu-ers of taxable municipals have been private, nonprofit hospitals and colleges and univer-sities, which are sectors in which BAM is not active.

“Taxable buyers have less experience with the more traditional sectors of the mar-ket that have become more common in the taxable market, so they appreciate the added security and analysis BAM provides on GO and essential-purpose revenue transactions.”

Dewey added that structurally, bond in-surance can also be more cost effective on taxable issues because they are more likely to be sold with make-whole calls. q

Bond Insurance: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

TOTAL $23,938.3 1,726 $18,929.9 1,250 +26.5%First Quarter 3,623.9 290 3,622.6 257 unch Second Quarter 6,139.9 508 5,435.5 368 +13.0Third Quarter 5,819.3 431 4,227.0 302 +37.7Fourth Quarter 8,355.2 497 5,644.8 323 +48.0Development 1,618.5 51 1,170.4 53 +38.3Education 6,092.8 595 5,488.1 468 +11.0Electric Power 1,512.9 20 697.8 17 +116.8Environmental Facilities 1,340.4 3 0.0 0 n.m.Healthcare 1,636.8 9 1,071.7 8 +52.7Housing 0.0 0 0.0 0 n.m.Public Facilities 1,636.8 66 1,491.7 70 +9.7Transportation 2,641.9 91 1,868.8 73 +41.4Utilities 3,816.4 539 2,879.5 324 +32.5General Purpose 3,641.7 352 4,261.7 237 –14.5Tax-Exempt 19,792.3 1,543 16,484.3 1,142 +20.1Taxable 3,734.3 167 1,850.7 94 +101.8Minimum -Tax 411.8 15 594.8 15 –30.8New-Money 14,277.6 1,082 12,644.9 937 +12.9Refunding 7,128.4 547 4,418.5 237 +61.3Combined 2,532.4 96 1,866.5 77 +35.7Negotiated 16,788.0 1,142 13,350.4 726 +25.7Competitive 7,150.3 584 5,570.4 523 +28.4Private Placements 0.0 0 9.1 1 –100.0Revenue 10,320.7 455 9,366.1 374 +10.2General Obligation 13,617.6 1,271 9,563.8 877 +42.4Fixed Rate 23,606.0 1,682 18,669.7 1,220 +26.4Variable Rate (Long) 0.0 0 0.0 0 n.m.Zero Coupon 332.4 44 162.2 24 +104.9Linked Rate 0.0 0 0.0 0 n.m.Convertible 0.0 0 97.9 7 –100.0State Governments 0.0 0 389.5 5 –100.0State Agencies 2,448.6 53 2,487.7 34 –1.6Counties & Parishes 1,036.1 54 1,036.6 53 unch Cities & Towns 3,740.2 346 4,570.6 290 –18.2District 12,310.4 1,073 7,066.9 727 +74.2Local Authorities 3,673.1 172 2,878.8 125 +27.6Colleges & Universities 640.3 25 499.6 16 +28.2Direct Issuer 89.7 3 0.0 0 n.m.Bank Qualified 4,123.2 871 2,937.1 592 +40.4Build America Bonds 0.0 0 0.0 0 n.m.Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 3.9 1 –100.0

Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Largest Insured IssuesDate Issuer Amt ($mill) Manager(s)Oct-18 NYS Thruway Authority $1,693.2 Goldman Sachs/Siebert Cisneros ShankDec-5 Metro Washington Airports Auth, (nm/ref) 1,269.4 Goldman Sachs/BofA SecuritiesDec-10 Foothill/Eastern Transp Corridor Agy, (tax) (ref) 897.1 Goldman SachsJun-12 Kansas City Industrial Dev Au, (amt) 886.3 Morgan StanleyJun-19 Pennsylvania Turnpike Commission 723.0 CitiOct-17 Philadelphia SD, GOs (nm/ref) 604.9 BofA SecuritiesSep-17 South Carolina State Ports Auth, (tax/te) (ref) 505.3 BofA SecuritiesMay-9 PA Commonwealth Financing Auth, (tax) 498.5 CitiMay-16 NYS Dorm Authority 482.4 Roosevelt & CrossJan-31 Metropolitan Transport Auth (MTA), (cpt) (ref) 454.2 BofA SecuritiesKey to abbreviations: GOs – general obligation bonds; nm – new-money; ref – refunding. Source: Refinitiv (Jan. 7)

5%

5.5%

6%

6.5%

7%

2015 2016 2017 2018 2019

Insurance rate staying steady

Source: The Bond Buyer

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Federal Reserve Board rate cuts and lowered rate expectations helped tip the scale for short-term note issuance in 2019, promoting 7.8% growth to $45.74 billion in 2,247 issues.

This total is up from $42.42 billion in 2,218 issues in 2018, according to data provided by Refinitiv.

Issuance was particularly heavy in the second and third quarters of 2019, but moderated during the fourth quar-ter. Second quarter issuance totaled $13.9 billion in 704 issues while third quarter issuance grew to $17.6 billion in 684 issues.

“The general sense is that issuers crafted their note schedules more in tune with Fed policy and rate expecta-tions as opposed to conventional cash-flow borrowing needs,” Jeffrey Lipton, managing director of credit research at Oppenheimer & Co., said.

”Our earlier observations for active note sales through June of last year

were largely tied to issuer psychology and structural mechanics,” he added.

After the Fed raised benchmark funds rate throughout 2018, and sug-gested the hikes would continue, it piv-oted in early 2019.

“During 2019, the Fed cut the bench-mark funds rate three times and sig-naled a pause, following what appeared to be a tightening bias at the beginning of the year,” Lipton said. “Such psy-chology earlier in the year argued that it would be more practical for issuers to access the short-term note market.”

“Given our projections for further downward movement in [Treasury] rates through much of the first half of 2020, we would not expect to replicate the first half 2019 note issuance trends during the first two quarters of 2020,” Lipton said.

A flatter yield curve helped to lift note issuance in the first three quarters of 2019, as issuers recognized value on the short-end of the curve and issuance perked up depending on some issuers’

project timeline. “Generally, with stronger revenue

growth, improved expenditure controls, and consistent allocations to rainy day funds already made, issuers have more capacity to cover their note borrow-ings,” he said.

The top issuers were New York, Tex-as, New Jersey and California. After taking the number 2 spot in 2018, New York bumped Texas from the top of the list last year.

Most of the issuance was done via negotiation and fixed rate, with just more than $36 billion in 1,869 issues while competitive sales totaled $8.69 billion in 320 transactions. Private placements made up a little more than $1 billion.

State governments and their agencies sold about $17 billion, while cities and towns issued $12 billion, and districts and their local authorities offered $11 billion.

While contemplating the prospects for higher rates through much of the

first half of 2019, Lipton said many issuers were less motivated to convert to long-term fixed rate structures.

“Although austerity measures still applied and the overall national eco-nomic profile remained firm during this late-cycle recovery, albeit with slower growth performance, issuers were more comfortable marketing short-term notes for specific purposes,” Lipton said.

Issuance increased in transportation, which was up nearly 283% at $4.2 bil-lion from $1.1 billion a year earlier.

Education fell to $10.1 billion, or about 2%, in 238 issues. The healthcare sector fell to $30.7 million in 5 issues, down from $225 million in 9 issues in 2018. General obligation notes rose 8.3% to $43.2 billion while revenue notes were $2.5 billion, unchanged from 2018, the data showed.

“With a Fed pivot ... during the year to an easing bias, there was a more compelling rationale to lock in long-term rates and not worry about exten-sion risk,” Lipton said. q

Notes Rose on Fed Rate Movements, Issuer Needs

By Christine AlBAno

Short-Term Note Sales: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

TOTAL $45,743.7 2,247 $42,433.8 2,218 +7.8%January 3,319.6 140 2,096.6 113 +58.3February 1,583.3 122 2,196.5 110 –27.9March 1,513.8 113 1,672.0 143 –9.5April 3,203.3 138 1,043.6 125 +206.9May 2,123.8 198 2,154.0 196 –1.4June 8,660.4 368 8,022.2 359 +8.0July 4,249.4 265 3,244.6 210 +31.0August 11,000.2 223 11,485.7 255 –4.2September 2,412.5 196 3,155.9 212 –23.6October 4,828.4 236 2,398.0 209 +101.4November 1,001.3 131 2,289.7 153 –56.3December 1,847.7 117 2,675.0 133 –30.9First Quarter 6,416.7 375 5,965.2 366 +7.6Second Quarter 13,987.5 704 11,219.8 680 +24.7Third Quarter 17,662.1 684 17,886.2 677 –1.3Fourth Quarter 7,677.4 484 7,362.7 495 +4.3Development 115.1 17 114.2 19 +0.8Education 10,910.5 738 11,133.4 681 –2.0Electric Power 288.8 14 199.3 14 +44.9Environmental Facilities 5.9 2 7.6 2 –22.4Healthcare 30.7 5 225.8 9 –86.4Housing 9.7 1 40.0 3 –75.8Public Facilities 137.7 83 166.2 83 –17.1Transportation 4,241.2 57 1,105.9 64 +283.5Utilities 2,193.4 86 2,172.3 95 +1.0General Purpose 27,810.9 1,244 27,269.0 1,248 +2.0Tax- Exempt 44,651.7 2,118 40,957.8 2,086 +9.0Taxable 1,084.5 128 1,409.3 129 –23.0Minimum Tax 7.5 1 66.7 3 –88.8New-Money 45,569.5 2,221 42,002.1 2,184 +8.5Refunding 174.1 26 346.6 23 –49.8Combined 0.0 0 85.1 11 –100.0Negotiated 36,034.4 1,869 30,089.1 1,796 +19.8Competitive 8,696.7 320 10,346.5 332 –15.9Private Placements 1,012.5 58 1,998.3 90 –49.3Revenue 2,489.7 70 2,489.8 65 unch General Obligation 43,254.0 2,177 39,944.1 2,153 +8.3Fixed Rate 43,068.2 2,235 37,165.5 2,183 +15.9Variable Rate (Short Put) 2,674.1 10 5,119.4 32 –47.8Zero Coupon 1.4 2 1.6 2 –12.5Linked Rate 0.0 0 147.4 1 –100.0Bond Insurance 3.9 2 3.3 3 +18.2Letter of Credit 1,548.0 6 1,277.3 9 +21.2Standby Purchase Agreements 29.8 1 75.0 1 –60.3Guaranties 94.9 21 436.2 49 –78.2Mortgage 0.0 0 0.0 0 n.m.Other Enhancements 0.0 0 0.0 0 n.m.State Governments 12,047.2 11 11,991.0 15 +0.5State Agencies 5,343.2 41 1,110.4 23 +381.2Counties & Parishes 4,653.2 114 6,188.6 117 –24.8Cities & Towns 12,220.0 1,231 11,301.3 1,255 +8.1District 10,235.2 773 9,733.2 719 +5.2Local Authorities 1,244.9 77 1,758.6 85 –29.2Colleges & Universities 0.0 0 350.0 1 –100.0Direct Issuer 0.0 0 0.8 3 –100.0Cooperative Utilities 0.0 0 0.0 0 n.m.Bank-Qualified 3,716.3 1,227 3,636.7 1,221 +2.2Build America Bonds 0.0 0 0.0 0 n.m.Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in less than 13 months. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Top 10 state issuers of notes in 2019

Source: Refinitiv

$0

$2B

$4B

$6B

$8B

$10B

Mass. Colorado Illinios Wisconsin OhioNewYork

Texas NewJersey

California SouthCarolina

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Development: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

TOTAL $10,411.9 404 $9,920.0 430 +5.0%First Quarter 1,248.6 74 1,780.4 84 –29.9Second Quarter 2,252.9 94 1,672.4 123 +34.7Third Quarter 2,187.4 96 2,254.0 81 –3.0Fourth Quarter 4,723.0 140 4,213.3 142 +12.1Economic Development 7,257.0 357 6,127.1 360 +18.4Industrial Development 2,268.5 43 3,468.0 67 –34.6Office Building 886.4 4 324.9 3 +172.8Tax-Exempt 7,314.3 301 5,093.2 297 +43.6Taxable 2,087.4 95 4,487.0 128 –53.5Minimum-Tax 1,010.2 8 339.8 5 +197.3New-Money 7,865.2 308 7,269.0 314 +8.2Refunding 2,233.1 82 2,076.8 91 +7.5Combined 313.6 14 574.2 25 –45.4Negotiated 7,556.0 318 5,341.6 271 +41.5Competitive 2,197.1 43 706.4 45 +211.0Private Placements 658.8 43 3,872.0 114 –83.0Revenue 9,863.9 351 9,343.4 381 +5.6General Obligation 548.0 53 576.7 49 –5.0Fixed Rate 9,303.3 392 9,582.2 416 –2.9Variable Rate (Short Put) 202.9 3 276.6 12 –26.6Variable Rate (Long/No Put) 878.8 8 0.0 0 n.m.Zero-Coupon 0.0 0 0.0 0 n.m.Linked Rate 26.9 1 19.3 1 +39.4Convertible 0.0 0 42.0 1 –100.0Bond Insurance 580.3 51 814.2 53 –28.7Letter of Credit 200.0 2 106.7 4 +87.4Insured Mortgages 0.0 0 0.0 0 n.m.Guaranties 0.0 0 70.0 1 –100.0Other enhancement 0.0 0 0.0 0 n.m.State Governments 180.0 1 174.3 2 +3.3State Agencies 4,215.2 58 943.3 29 +346.9Counties & Parishes 106.5 6 689.0 21 –84.5Cities & Towns 1,352.7 101 2,219.3 127 –39.0District 1,206.2 115 1,122.1 111 +7.5Local Authorities 3,103.0 121 4,268.8 135 –27.3Colleges & Universities 0.0 0 0.0 0 n.m.Direct Issuer 227.9 1 302.4 2 –24.6Tibal Governments 20.4 1 201.0 3 –89.9Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 97.6 27 136.5 35 –28.5Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Education: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

TOTAL $111,600.7 4,201 $83,110.0 3,278 +34.3%First Quarter 23,425.0 812 20,044.5 774 +16.9Second Quarter 26,121.4 1,214 26,156.7 1,108 –0.1Third Quarter 26,072.3 952 18,708.2 717 +39.4Fourth Quarter 35,982.0 1,223 18,200.6 679 +97.7K-12 Education 73,979.8 3,592 59,021.6 2,780 +25.3Higher Education 36,195.2 546 22,321.5 428 +62.2Student Loans 1,268.5 21 1,211.4 14 +4.7Other Education 157.2 42 555.5 56 –71.7Tax-Exempt 88,496.9 3,533 77,074.5 2,881 +14.8Taxable 22,333.9 655 5,319.2 388 +319.9Minimum-Tax 769.9 13 716.3 9 +7.5New-Money 72,835.0 2,994 65,180.9 2,681 +11.7Refunding 28,182.5 1,042 9,078.4 451 +210.4Combined 10,583.2 165 8,850.7 146 +19.6Negotiated 80,141.5 2,452 58,901.1 1,721 +36.1Competitive 29,376.7 1,513 20,803.2 1,335 +41.2Private Placements 2,082.5 236 3,405.6 222 –38.9Revenue 42,350.7 1,082 34,259.3 939 +23.6General Obligation 69,250.0 3,119 48,850.7 2,339 +41.8Fixed Rate 108,071.1 4,085 80,221.7 3,201 +34.7Variable Rate (Short Put) 580.5 11 269.0 11 +115.8Variable Rate (Long/No Put) 1,745.3 19 349.3 9 +399.7Zero Coupon 941.5 83 582.3 45 +61.7Linked Rate 262.2 3 1,627.9 11 –83.9Convertible 0.0 0 59.8 1 –100.0Bond Insurance 9,808.0 595 6,505.2 468 +50.8Letter of Credit 379.3 4 7.4 1 +5025.7Standby Purchase Agreements 92.2 1 1.3 1 +6992.3Insured Mortgages 0.0 0 0.0 0 n.m.Guaranties 30,737.9 1,261 23,966.2 949 +28.3Other Enhancements 60.6 2 0.0 0 n.m.State Governments 1,407.6 20 1,380.8 19 +1.9State Agencies 20,997.6 381 17,215.9 319 +22.0Counties & Parishes 1,360.3 44 2,230.1 55 –39.0Cities & Towns 1,069.9 41 566.0 30 +89.0District 65,903.9 3,279 46,777.4 2,478 +40.9Local Authorities 6,814.8 236 5,773.4 225 +18.0Colleges & Universities 13,837.7 190 9,059.7 143 +52.7Direct Issuer 208.9 10 106.7 9 +95.8Bank Qualified 6,039.0 1,402 4,922.2 1,193 +22.7Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 15.1 3 –100.0Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Largest Development IssuesDate Issuer Amt ($mill) Manager(s)Oct-24 Empire State Development Corp, (tax/te) (cpt) $1,672.9 Jefferies LLCAug-7 New York Liberty Dev Corp, (ref) 650.0 BofA SecuritiesMay-21 Arkansas Development Fin Auth, (amt) 487.0 Goldman SachsMay-30 Chandler Industrial Dev Auth, (amt) 437.9 BofA SecuritiesOct-29 Virginia Resources Auth (VRA), (tax/te) 383.6 Raymond JamesOct-24 Arizona Industrial Dev Auth 312.7 CitiDec-5 California Infrstr & Eco Dev Bank 272.6 RBC Capital MarketsNov-6 Ohio Public Fac Commission, GOs (cpt) 247.0 UBS FinancialFeb-12 FYI Properties, (ref) 227.9 BofA SecuritiesFeb-7 San Francisco City/Co-California, (tax) 191.0 Stifel Nicolaus

Key to abbreviations: amt – alternative minimum tax; nm – new-money; ref – refunding; tax – taxable. Source: Refinitiv (Jan. 7)

Largest Education IssuesDate Issuer Amt ($mill) Manager(s)

Dec-18 NYS Dorm Authority, (tax) (nm/ref) $3,404.6 Various firmsSep-5 California (State), GOs 2,405.3 Jefferies/Stifel Nicolaus Feb-13 NYS Dorm Authority, (tax/te) 862.8 Goldman Sachs/BofA SecuritiesNov-6 Massachusetts School Bldg Auth, (tax) (ref) 715.4 BofA SecuritiesNov-21 NYS Dorm Authority, (tax/te) (nm/ref) 702.3 Various firmsNov-6 New Jersey Economic Dev Auth, (tax/te) (nm/ref) 695.7 BofA SecuritiesSep-17 San Diego Community College Dt, GOs (tax) (ref) 693.4 RBC Capital Mkts/CitiMar-12 Regents of the Univ of California, (tax/te) (nm/ref) 653.1 UBS Financial/BarclaysOct-17 Rutgers State University, GOs (tax) (ref) 614.5 Morgan StanleyOct-17 Philadelphia SD, GOs (nm/ref) 604.9 BofA SecuritiesKey to abbreviations: nm – new money; ref – refunding; tax – taxable; te – tax exempt. Source: Refinitiv (Jan. 7)

DevelopmentSenior Managers: Full Year 2019

Manager Amt ($mill)1 BofA Securities $1,379.02 Stifel Nicolaus 952.13 J P Morgan 725.44 Citi 723.05 Goldman Sachs 559.26 FMSbonds Inc 531.57 RBC Capital Mkts 529.98 Barclays 458.29 Piper Jaffray 450.010 Raymond James 395.2Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

DevelopmentFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 Public Resources Adv $1,672.92 Chatham Capital Adv 650.03 Davenport & Company 510.84 PFM Financial Adv 503.85 Montague DeRose 386.56 Acacia Fin Group 338.67 Fieldman Rolapp 207.58 Baker Tilly Municipal Adv 204.89 Hilltop Securities 189.210 Urban Futures Inc 169.9Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

EducationSenior Managers: Full Year 2019

Manager Amt ($mill)1 BofA Securities $12,937.32 RBC Capital Mkts 9,338.93 Morgan Stanley 8,955.64 Stifel Nicolaus 8,687.65 Citi 8,412.26 Piper Jaffray 7,064.87 Robert W Baird 6,153.88 J P Morgan 5,985.19 Raymond James 5,847.810 Wells Fargo 3,885.3Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

EducationFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $13,934.02 Hilltop Securities 9,695.93 KNN Public Finance 4,289.14 Urban Futures Inc 2,991.65 Piper Jaffray & Co 2,760.86 Baker Tilly Municipal Adv 2,396.17 RBC Capital Markets 2,257.38 Fieldman Rolapp 2,225.99 Prager & Co 2,195.610 Keygent LLC 1,931.7 Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

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Electric Power: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $10,907.5 129 $6,648.4 113 +64.1%First Quarter 1,544.7 18 1,182.5 21 +30.6Second Quarter 1,533.0 22 2,309.3 33 –33.6Third Quarter 4,035.7 47 872.7 27 +362.4Fourth Quarter 3,794.1 42 2,284.0 32 +66.1Tax-Exempt 9,136.0 108 6,543.6 100 +39.6Taxable 1,691.5 20 103.7 12 +1531.1Minimum-Tax 80.0 1 1.1 1 +7172.7New-Money 5,916.2 51 2,959.7 58 +99.9Refunding 3,584.6 58 2,875.7 42 +24.7Combined 1406.7 20 813.1 13 +73.0Negotiated 10,313.6 110 6,124.6 83 +68.4Competitive 456.6 11 403.9 19 +13.0Private Placements 137.2 8 119.9 11 +14.4Revenue 10,671.6 124 6,550.7 106 +62.9General Obligation 235.8 5 97.8 7 +141.1Fixed Rate 9,901.4 121 5,561.5 106 +78.0Variable Rate (Short Put) 278.4 3 0.0 0 n.m.Variable Rate (Long/No Put) 727.7 5 773.6 4 –5.9Zero Coupon 0.0 0 0.0 0 n.m.Linked Rate 0.0 0 313.4 3 –100.0Bond Insurance 366.2 20 265.8 17 +37.8Letter of Credit 223.4 2 0.0 0 n.m.Standby Purch Agreements 0.0 0 0.0 0 n.m.Guaranties 8.2 1 0.0 0 n.m.State Governments 0.0 0 0.0 0 n.m.State Agencies 1,002.1 14 304.8 9 +228.8Counties & Parishes 0.0 0 30.2 2 –100.0Cities & Towns 2,175.2 41 1,335.7 47 +62.9District 1,510.7 24 562.3 17 +168.7Local Authorities 5,778.6 43 3,370.0 31 +71.5Direct Issuer 441.0 7 1,033.7 6 –57.3Cooperative Utilities 0.0 0 11.8 1 –100.0Bank Qualified 124.6 32 109.0 28 +14.3Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


Environmental Facilities: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $3,704.3 53 $1,944.1 42 +90.5%First Quarter 1,021.9 10 45.5 4 +2145.9Second Quarter 1,110.8 14 322.6 8 +244.3Third Quarter 519.0 12 783.9 14 –33.8Fourth Quarter 1,052.7 17 792.1 16 +32.9Pollution Control 2,304.3 27 927.2 18 +148.5Solid Waste Disposal 1,086.8 24 1,016.9 24 +6.9Recycling 313.3 2 0.0 0 n.m.Tax-Exempt 1,663.3 29 875.5 22 +90.0Taxable 30.6 3 21.8 4 +40.4Minimum-Tax 2,010.4 21 1,046.7 16 +92.1New-Money 2,277.7 37 1,266.0 31 +79.9Refunding 1,426.6 16 663.2 10 +115.1Combined 0.0 0 14.9 1 –100.0Negotiated 3,617.8 45 1,678.9 30 +115.5Competitive 86.6 8 121.7 4 –28.8Private Placements 0.0 0 143.5 8 –100.0Revenue 3,619.4 44 1,901.1 38 +90.4General Obligation 84.9 9 43.0 4 +97.4Fixed Rate 2,597.3 41 991.4 28 +162.0Variable Rate (Short Put) 558.9 8 598.7 7 –6.6Variable Rate (Long/No Put) 548.1 5 168.5 4 +225.3Linked Rate 0.0 0 185.5 3 –100.0Zero coupon 0.0 0 0.0 0 n.m.Bond Insurance 51.7 3 0.0 0 n.m.Letter of Credit 8.0 1 120.5 3 –93.4Guaranties 4.9 1 15.5 2 –68.4Other Enhancement 0.0 0 0.0 0 n.m.State Governments 30.8 2 0.0 0 n.m.State Agencies 2,449.2 23 559.2 16 +338.0Counties & Parishes 178.6 6 282.9 8 –36.9Cities & Towns 304.4 5 137.5 3 +121.4District 117.7 4 315.0 1 –62.6Local Authorities 623.6 13 649.4 14 –4.0Direct Issuer 0.0 0 0.0 0 n.m.Bank Qualified 17.7 4 1.2 1 +1375.0Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


Largest Electric Power IssuesDate Issuer Amt ($mill) Manager(s)Jul-18 Georgia Muni Electric Au (MEAG) $570.9 BofA SecuritiesSep-12 Long Island Power Authority 502.4 BofA Securities/Loop Capital MktsMay-22 Austin City-Texas, (tax) 464.5 J P Morgan SecuritiesOct-24 Salt River Proj Agric Imp & Pwr Dt 460.2 J P Morgan SecuritiesSep-20 Georgia Muni Electric Au (MEAG) 445.6 Various firmsMar-13 Lower Colorado River Authority (LCRA), (nm/ref) 393.0 CitiNov-6 American Municipal Power Inc, (tax/te) (ref) 363.2 CitiJan-17 Los Angeles Dept of Wtr & Power 345.8 Barclays/Goldman Sachs Sep-11 Los Angeles Dept of Wtr & Power 325.0 CitiOct-16 Western Minnesota Municipal Power Agcy, (tax) (ref) 322.0 CitivKey to abbreviations: nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Refinitiv (Jan. 7)

Largest Environmental Facility IssuesDate Issuer Amt ($mill) Manager(s)Feb-26 Ohio Water Development Authority $450.0 BofA SecuritiesNov-26 New Hampshire National Fin Auth, (amt) (ref) 314.1 Goldman Sachs Jun-26 Ohio Air Quality Dev Authority, (amt) 307.2 Citi/Morgan StanleyOct-22 Hoover Industrial Dev Board, (amt) 275.0 Morgan StanleyJun-25 Whiting City-Indiana, (amt) (ref) 252.7 BofA SecuritiesNov-19 Nevada (State), GOs (cpt) 196.4 Morgan StanleyMar-27 Indiana Finance Authority 185.0 Goldman SachsMay-2 Campbell Co-Wyoming, (ref) 150.0 KeyBanc Capital MktsMar-7 Mississippi Business Fin Corp, (ref) 134.0 Morgan StanleyJan-16 California Poll Control Fin Auth, (amt) 117.2 Westhoff ConeKey to abbreviations: amt – alternative minimum tax; GOs – general obligation bonds; nm – new-money; ref – refunding; te – tax-exempt. ource: Refinitiv (Jan. 7)

Electric PowerSenior Managers: Full Year 2019

Manager Amt ($mill)1 BofA Securities $2,697.62 Citi 1,762.03 Goldman Sachs 1,609.24 J P Morgan 1,533.75 Barclays 1,055.56 Wells Fargo 680.87 Siebert Williams Shank 281.58 Morgan Stanley 268.29 Loop Capital Mkts 150.710 RBC Capital Mkts 129.3Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

Electric PowerFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $5,878.12 Public Resources Adv 1,293.43 Specialized Public Fin 747.34 Ramirez & Co Inc 677.85 Piper Jaffray 390.16 Hilltop Securities 347.57 Robert W Baird 167.38 Dunlap & Associates 141.99 Barclays 137.810 Cumberland Securities 65.0Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

EnvironmentalSenior Managers: Full Year 2019

Manager Amt ($mill)1 BofA Securities $1,156.32 Morgan Stanley 815.13 Goldman Sachs 499.14 KeyBanc Capital Mkts 287.35 Citi 273.86 Westhoff Cone 229.07 Raymond James 103.18 Ziegler 78.09 Fifth Third Securities 55.010 Hilltop Securities 50.0Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

EnvironmentalFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $450.02 Susquehanna Grp Adv 314.13 KNN Public Finance 61.24 Acacia Fin Group 50.05 CTBH Partners 46.56 Zions Bank 33.17 Baker Tilly Municipal Adv 28.08 Ehlers & Associates 27.89 NW Financial 26.310 Bradley Payne 19.6Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

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General Purpose: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $97,617.6 3,121 $87,233.3 2,546 +11.9%First Quarter 23,488.0 504 17,274.4 456 +36.0Second Quarter 20,667.2 813 26,358.1 772 –21.6Third Quarter 26,692.9 881 21,863.6 675 +22.1Fourth Quarter 26,769.6 923 21,737.3 643 +23.2General Purpose 97,447.7 3,117 87,139.6 2,543 +11.8Agriculture 39.2 1 0.0 0 n.m.Veterans 130.7 3 93.7 3 +39.5Tax-Exempt 80,237.7 2,772 74,809.1 2,267 +7.3Taxable 17,092.7 338 12,297.0 273 +39.0Minimum-Tax 287.2 11 127.3 6 +125.6New-Money 55,811.3 2,163 57,440.8 2,045 –2.8Refunding 23,805.9 746 13,212.5 370 +80.2Combined 18,000.4 212 16,580.0 131 +8.6Negotiated 49,992.3 1,284 42,397.0 886 +17.9Competitive 45,055.0 1,651 39,644.4 1,428 +13.6Private Placements 2,570.3 186 5,191.9 232 –50.5Revenue 29,203.7 597 34,046.1 494 –14.2General Obligation 68,413.9 2,524 53,187.2 2,052 +28.6Fixed Rate 96,526.5 3,098 85,599.2 2,514 +12.8Variable Rate (Short Put) 836.2 9 1,271.1 17 –34.2Variable Rate (Long/No Put) 18.9 1 52.0 2 –63.7Zero Coupon 149.9 10 18.1 4 +728.2Linked Rate 0.0 0 289.7 8 –100.0Convertible 86.0 3 3.2 1 +2587.5Bond Insurance 4,598.9 352 4,826.4 237 –4.7Letter of Credit 0.0 0 100.0 1 –100.0Standby Purchase Agreements 450.0 2 638.5 4 –29.5Guaranties 387.7 19 329.5 23 +17.7Mortgage 0.0 0 0.0 0 n.m.State Governments 31,071.9 124 22,040.4 96 +41.0State Agencies 14,740.0 141 22,722.7 128 –35.1Counties & Parishes 12,319.4 428 8,744.8 328 +40.9Cities & Towns 30,919.2 2,113 25,494.5 1,711 +21.3District 2,738.3 156 1,890.9 161 +44.8Local Authorities 5,595.9 153 6,156.2 113 –9.1College & Universities 159.4 3 79.0 3 +101.8Direct Issuer 52.3 2 104.8 6 –50.1Tribal Governments 21.2 1 0.0 0 n.m.Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 4,702.1 1,150 3,747.2 930 +25.5Build America Bonds 15.1 1 0.0 0 n.m.Qualified Sch Construction 150.0 1 0.0 0 n.m.Other Stimulus Program 0.0 0 4.3 1 –100.0Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Health Care: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $38,865.0 490 $31,882.8 482 +21.9%First Quarter 4,624.6 66 4,152.7 42 +11.4Second Quarter 8,290.4 106 6,652.3 116 +24.6Third Quarter 10,985.2 130 9,596.0 140 +14.5Fourth Quarter 14,964.8 188 11,481.8 184 +30.3General Acute-Care Hosps 30,060.5 290 25,066.4 262 +19.9Single-SpecialityHospitals 825.7 8 840.3 9 –1.7Pediatric Hospitals 2,238.0 19 492.9 5 +354.0Hospitals Equipment Loans 0.0 0 0.0 0 n.m.General Medical 230.2 11 194.6 6 +18.3Continuing Care 3,793.8 95 4,305.6 138 –11.9Nursing Homes 75.4 3 87.1 7 –13.4Life Care/Retirement 1,641.4 64 895.9 55 +83.2Tax-Exempt 35,154.8 429 29,307.9 406 +19.9Taxable 3,710.2 61 2,574.8 76 +44.1Minimum-Tax 0.0 0 0.0 0 n.m.New-Money 25,352.7 319 17,675.2 281 +43.4Refunding 9,147.4 119 9,080.5 139 +0.7Combined 4,365.0 52 5,127.0 62 –14.9Negotiated 33,917.1 362 27,213.2 358 +24.6Competitive 439.9 10 291.3 9 +51.0Private Placements 4,508.0 118 4,378.2 115 +3.0Revenue 37,732.8 455 29,925.1 442 +26.1General Obligation 1,132.2 35 1,957.7 40 –42.2Fixed Rate 33,017.5 421 25,757.0 390 +28.2Variable Rate (Short Put) 2,195.8 26 4,042.3 49 –45.7Variable Rate (Long/No Put) 3,016.3 34 1,457.1 28 +107.0Zero Coupon 13.0 1 15.0 1 –13.3Linked Rate 622.5 8 611.4 14 +1.8Convertible 0.0 0 0.0 0 n.m.Bond Insurance 604.9 9 587.9 8 +2.9Letter of Credit 607.4 8 1,534.3 18 –60.4Standby Purchase Agreements 583.4 4 475.1 4 +22.8Insured Mortgages 134.4 4 220.3 4 –39.0Guaranties 97.3 3 0.0 0 n.m.State Governments 340.8 3 321.1 4 +6.1State Agencies 21,176.7 228 16,498.1 203 +28.4Counties & Parishes 2,097.5 38 1,737.9 38 +20.7Cities & Towns 1,452.1 42 1,772.1 49 –18.1District 866.6 26 1,950.1 35 –55.6Local Authorities 12,203.8 143 9,226.2 147 +32.3Colleges & Universities 686.4 8 230.0 3 +198.4Direct Issuer 41.1 2 132.1 2 –68.9Tribal Governments 0.0 0 15.3 1 –100.0Bank Qualified 57.4 14 56.8 12 +1.1Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Largest General Purpose IssuesDate Issuer Amt ($mill) Manager(s)Dec-18 NYS Dorm Authority, (tax/te) (nm/ref) $3,404.6 Various firmsSep-5 California (State), GOs (nm/ref) 2,405.3 Jefferies/Stifel Nicolaus Mar-6 California (State), GOs (nm/ref) 2,291.9 Citi/BofA SecuritiesApr-11 California (State), GOs (nm/ref) 2,024.0 Morgan Stanley/Goldman SachsJun-20 NYS Dorm Authority, (tax/te) (cpt) 1,626.5 Morgan StanleyJan-8 Empire State Development Corp, (tax/te) (cpt) 1,543.8 CitiMar-26 NYC Transitional Finance Auth, (tax/te) (cpt) 1,450.0 J P MorganJul-23 New York City-New York, GOs (tax/te) (cpt) 1,400.0 Morgan StanleyNov-13 District of Columbia (State), (tax/te) (ref) 1,362.3 Morgan StanleyAug-6 NYC Transitional Finance Auth, (tax/te) (cpt) 1,350.0 UBS Financial

Key to abbreviations: GOs – general obligation bonds; nm – new money; ref – refunding. Source: Refinitiv (Jan. 7)

Largest Health Care IssuesDate Issuer Amt ($mill) Manager(s)Dec-18 NYS Dorm Authority, (nm/ref) $3,404.6 Various firmsAug-7 Colorado Health Facilities Auth 1,761.0 Various firmsDec-5 Michigan Finance Authority, (tax) (ref) 1,091.0 BofA Securities/Goldman SachsNov-6 Colorado Health Facilities Auth, (tax/te) (ref) 737.0 Cain BrothersMay-15 Allegheny Co Hospital Dev Auth 726.7 RBC Capital MktsJun-11 Michigan Finance Authority 600.0 J P MorganNov-14 Pennsylvania Hghr Ed Facs Auth 534.9 BofA SecuritiesNov-12 Harris Co Cult Ed Facs Fin Corp 477.5 J P Morgan/CitiFeb-6 Massachusetts Dev Finance Agcy, (tax/te) (nm/ref) 429.5 BofA SecuritiesApr-2 Lee Memorial Health System, (nm/ref) 421.4 BofA Securities

issues were for general acute-care hospitals. Key to abbreviations: nm – new money; ref – refunding; Source: Refinitiv (Jan. 7)

General PurposeSenior Managers: Full Year 2019

Manager Amt ($mill)1 Morgan Stanley $14,136.22 BofA Securities 13,660.03 Citi 9,458.84 J P Morgan 6,965.85 Robert W Baird 5,066.36 Goldman Sachs 4,371.47 Jefferies LLC 4,339.78 Barclays 3,837.69 Wells Fargo & Co 3,693.510 Raymond James 3,671.5Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

General PurposeFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 Public Resources Adv $23,912.22 PFM Financial Adv 18,673.63 Hilltop Securities 6,569.44 Acacia Fin Group 5,245.85 Davenport & Co 2,821.26 Piper Jaffray & Co 1,675.57 Ehlers & Associates 1,295.48 Phoenix Advisors 1,272.19 Columbia Capital Mgmt 1,222.010 Capital Markets Adv 1,188.4Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

Health CareSenior Managers: Full Year 2019

Manager Amt ($mill)1 BofA Securities $6,822.12 J P Morgan 5,296.33 Morgan Stanley 4,355.14 Citi 4,007.65 Ziegler 2,949.86 Goldman Sachs 2,241.07 Barclays 1,821.48 RBC Capital Mkts 1,322.59 KeyBanc Capital Mkts 974.810 Piper Jaffray & Co 792.6Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

Health CareFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 Ponder & Co $7,407.12 Kaufman Hall 7,251.23 Melio & Company 4,343.94 Echo Financial Products 942.05 KNN Public Finance 698.16 Marathon Cap Strategies 566.27 Columbia Capital Mgmt 442.88 Hilltop Securities 392.99 Hammond Hanlon Camp 365.710 Acacia Financial Group 347.6Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

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Environmental facilities and electric power were the two municipal bond sectors that showed the greatest per-centage growth in issuance in 2019 from 2018.

The environmental facilities sec-tor was up 90%, electric power grew 64.1%, and transportation expanded 35.6% last year from the previous year. These increases compare to a 22.3% overall increase for all municipal bond issuance.

As an explanation of environmental facilities’ growth, Jack Muller, vice president in the Citi Municipal Strat-egies Team, said, “Pollution control facilities and climate change protection are beginning to appear in the spotlight for many state and local jurisdictions and the municipal market is being seen as an effective tool to achieve environ-ment-related goals.”

Bond Buyer Contributing Editor John Hallacy agreed that a heightened interest in environmental issues might have contributed to the growth.

Public facilities was the only sector that declined, falling 38.5%.

In terms of dollars, the sectors with the most growth compared to their 2018 volume were education with $28.5 billion, transportation with $18.4 billion, and general purpose with $10.4 billion.

Unless otherwise stated, all percent-ages are for par value change and are comparisons between 2019 and 2018. All statistics are from Refinitiv.

The biggest sectors by par issued were education with $111.6 million, general purpose with $97.6 million, and transportation with $70 million.

Electric power issuance was up 60% in 2019 from a year earlier. This was partly due to issues for nuclear pow-er projects, which had seen a pause in issuance in 2017 and 2018, Muller said. He said he didn’t expect a “steady stream” of electric power issues to con-tinue into 2020 because there are few nuclear projects.

Muller said the 34% jump in educa-tion issuance was because the sector benefited from the same factors affect-ing the overall jump: lower interest rates and the onset of taxable advanced refundings. “Higher education in par-ticular saw a boost from the surge in taxable municipal issuance.”

“In the past it has been hard to re-sist the cheap financing available in the tax-exempt market, so universities have tried to meet these restrictions and borrow tax-exempt,” Muller said. “Now, with taxable rates so low, they are drawn in by the opportunity to construct buildings that will not have restrictions.”

Hallacy said the population growth of the Southeast and Southwest had contributed to the growth of education bonds.

In the healthcare sector, issuance for

pediatric hospitals increased 354%. Hallacy said there has been a consid-erable amount of consolidation in the sector. This leads to the refinancing of the two parties’ debts. It is easy to do fundraising for pediatric hospitals and he said this might be a factor.

Hallacy said the 83% growth in the life care/retirement subsector of health-care was due to the demand from a retiring Baby Boom generation. The sector is generally a high-yield and there’s a healthy appetite for these bonds right now, he said.

Muller agreed that the increasing number of elderly contributed to the growing issuance of bonds in the sub-sector and said this has been going on for several years.

In public facilities, the correctional facilities subsector contracted 44%, stadiums and sports complexes subsec-tor plummeted 92%, and “other recre-ation” subsector slid 45%. “In the ne-gotiations for the last round of tax cuts in Washington, there was discussion about outlawing tax-exempt stadium bonds altogether, and that seems to have quieted the sector somewhat,” Muller said. Hallacy agreed that a pub-lic turn against public financing of sta-diums probably reduced bonding.

Mass transit funding increased 81% in 2019. Hallacy mentioned the New York Metropolitan Transportation Au-thority and Los Angeles County Met-ropolitan Transportation Authority as being active issuers in the year. The mass transit bond money is used for maintenance and expansions of sys-tems.

Within the utilities sector, counties and parishes had a 164% increase from the year earlier. Hallacy said these gov-ernments had been waiting for particu-lar federal water funds programs to be renewed and the federal government renewed them last year.

Many of these governments’ utility plants are getting quite old, Hallacy said. A final explanation is that many were paying more attention last year to the value of robust storm water sys-tems. Hurricane Harvey’s impact in Texas in 2017 contributed to this.

Taking a longer-term perspective, housing issuance was up in 2019 by 70% from 2015. “Housing issuance has been on an upward path since 2011,” Muller said. “The decline in funding costs for state Housing Finance Agen-cies thanks to falling municipal yields over those years has made the business of issuing bonds and using the pro-ceeds to provide mortgages a stable and profitable one.”

“HFAs have also benefited in the last decade from flat or rising front-end rates, as opposed to the years of the financial crisis when the Fed Funds rate was being cut,” Muller said. Hallacy said that HFA’s now have an advantage because they can offer a lower cost than is available from oth-ers. q

Environmental Facilities, Electric Power Show Growth

By RoBeRt Slavin

Housing: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $26,802.2 651 $21,818.8 601 +22.8%First Quarter 5,598.8 134 2,521.6 76 +122.0Second Quarter 6,601.8 163 6,946.6 182 –5.0Third Quarter 6,031.2 153 4,901.2 130 +23.1Fourth Quarter 8,570.4 201 7,449.4 213 +15.0Single-Family 15,134.5 266 11,114.5 229 +36.2Multifamily 11,667.7 385 10,704.4 372 +9.0Tax-Exempt 22,192.1 547 18,302.0 509 +21.3Taxable 4,090.0 82 2,605.7 64 +57.0Minimum-Tax 520.1 22 911.1 28 –42.9New-Money 23,790.2 598 19,001.6 529 +25.2Refunding 2,493.6 46 1,158.0 38 +115.3Combined 518.4 7 1,659.3 34 –68.8Negotiated 22,462.5 495 17,079.0 433 +31.5Competitive 1,105.6 19 630.9 18 +75.2Private Placements 3,234.1 137 4,109.0 150 –21.3Revenue 23,939.5 597 19,868.3 568 +20.5General Obligation 2,862.7 54 1,950.5 33 +46.8Fixed Rate 22,196.2 464 17,159.5 416 +29.4Variable Rate (Short Put) 2,716.4 75 2,136.0 63 +27.2Variable Rate (Long/No Put) 1,855.0 110 1,992.5 105 –6.9Zero coupon 0.0 0 0.0 0 n.m.Linked Rate 25.0 1 530.8 17 –95.3Convertible 9.6 1 0.0 0 n.m.Bond Insurance 0.0 0 0.0 0 n.m.Letter of Credit 119.0 5 292.5 8 –59.3Standby Purchase Agreements 855.5 22 922.1 20 –7.2Insured Mortgages 1239.6 48 1334.7 47 –7.1Guaranties 0.0 0 0.0 0 n.m.State Governments 40.2 1 83.8 2 –52.0State Agencies 21,102.4 466 15,822.3 425 +33.4Counties & Parishes 106.9 6 259.8 3 –58.9Cities & Towns 747.2 35 987.5 28 –24.3Local Authorities 4,761.1 140 4,622.2 140 +3.0Colleges & Universities 0.0 0 0.0 0 n.m.District 7.0 1 25.2 2 –72.2Direct Issuer 37.5 2 18.0 1 +108.3Bank Qualified 43.8 8 38.5 4 +13.8Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Largest Housing IssuesDate Issuer Amt ($mill) Manager(s)Jun-13 NYC Housing Dev Corp, (tax/te) $710.6 RBC Capital MktsMay-1 Metro City-Oregon, GOs (tax) (cpt) 652.8 BofA SecuritiesFeb-13 Oregon (State), GOs (tax) 526.1 Citi/Morgan StanleyNov-19 California Health Facs Fin Auth, (tax) 500.0 Raymond James/CitiDec-4 NYS Housing Fin-Mortgage Agcy, (tax/te) 444.1 Various firmsDec-11 California Housing Finance Agcy 441.4 CitiOct-3 Maryland Dept Hsg & Com Dev (DHCD), (tax/te) 347.1 BofA SecuritiesDec-6 NYC Housing Dev Corp 336.6 J P MorganSep-12 NYC Housing Dev Corp, (amt) 327.5 BarclaysOct-9 Michigan St Hsg Dev Au (MSHDA), (tax/te) 325.0 BarclaysKey to abbreviations: amt – alternative minimum tax; cpt – competitive; nm – new money; ref – refunding; tax – taxable; te – tax exempt. Source: Refinitiv (Jan. 7)

HousingFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 CSG Advisors Inc $4,610.82 Caine Mitter 3,966.73 Piper Jaffray 755.74 George K Baum 690.15 Lamont Fin Services 652.46 Hilltop Securities 559.47 Montague DeRose 328.28 People First Fin Adv 303.89 RBC Capital Mkts 300.010 PFM Financial Adv 287.6Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

HousingSenior Managers: Full Year 2019

Manager Amt ($mill)1 RBC Capital Mkts $5,517.92 Citi 2,982.93 J P Morgan 2,700.34 BofA Securities 2,450.35 Stifel Nicolaus 1,758.66 Barclays 1,550.57 Morgan Stanley 1,497.88 Jefferies LLC 1,396.39 Raymond James 1,067.510 Wells Fargo & Co 848.4Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

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Public Facilities: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $7,356.2 420 $11,961.8 504 –38.5%First Quarter 1,219.0 70 2,604.1 124 –53.2Second Quarter 1,326.5 104 2,353.9 108 –43.6Third Quarter 1,662.4 94 4,166.7 109 –60.1Fourth Quarter 3,148.3 152 2,837.2 163 +11.0Libraries & Museums 579.6 41 815.0 53 –28.9Government Buildings 1,739.1 36 1,698.6 52 +2.4Fire Stations & Equipment 362.3 109 466.9 96 –22.4Correctional Facilities 756.9 26 1,353.3 39 –44.1Police Stations & Equipment 138.5 13 173.6 16 –20.2Civic & Convention Centers 2,234.0 24 3,813.7 39 –41.4Stadium & Sports Complexes 130.2 4 1,730.1 21 –92.5Theaters 189.1 7 152.6 4 +23.9Park, Zoos & Beaches 763.8 123 910.4 135 –16.1Other Recreation 462.6 37 847.7 49 –45.4Tax-Exempt 6,585.0 372 10,491.2 444 –37.2Taxable 771.2 48 1,470.6 60 –47.6Minimum-Tax 0.0 0 0.0 0 n.m.New-Money 3,886.8 321 10,344.3 427 –62.4Refunding 2,185.6 81 1,237.9 64 +76.6Combined 1,283.9 18 379.7 13 +238.1Negotiated 5,521.0 240 8,930.5 249 –38.2Competitive 1,645.0 131 2,397.2 190 –31.4Private Placements 190.3 49 634.2 65 –70.0Revenue 5,070.7 132 9,127.0 198 –44.4General Obligation 2,285.5 288 2,834.8 306 –19.4Fixed Rate 7,119.3 414 11,481.4 498 –38.0Variable Rate (Short Put) 81.0 2 15.5 2 +422.6Variable Rate (Long/No Put) 0.0 0 0.0 0 n.m.Zero Coupon 68.7 3 88.5 1 –22.4Linked Rate 87.2 1 376.5 3 –76.8Convertible 0.0 0 0.0 0 n.m.Bond Insurance 421.5 66 1,022.1 70 –58.8Letter of Credit 0.0 0 0.0 0 n.m.Standby Purchase Agreements 36.0 1 0.0 0 n.m.Guaranties 32.7 5 78.1 4 –58.1State Governments 179.2 5 292.0 7 –38.6State Agencies 699.4 13 2,093.9 28 –66.6Counties & Parishes 1,172.1 43 1,777.5 50 –34.1Cities & Towns 1,288.7 78 2,481.4 118 –48.1District 846.4 205 1,759.5 191 –51.9Local Authorities 3,170.4 76 3,555.1 109 –10.8Colleges & Universities 0.0 0 0.0 0 n.m.Direct Issuer 0.0 0 2.5 1 –100.0Bank Qualified 624.0 215 783.6 222 –20.4Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Transportation: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $70,034.3 571 $51,647.3 495 +35.6%First Quarter 10,298.0 97 8,591.1 91 +19.9Second Quarter 13,322.6 134 16,125.4 151 –17.4Third Quarter 19,573.7 154 12,665.8 140 +54.5Fourth Quarter 26,840.1 186 14,265.1 113 +88.2Airport 21,557.5 120 17,345.0 83 +24.3Seaport 2,063.7 41 4,138.9 39 –50.1Toll Roads, Hwys & Streets 20,507.4 250 15,313.8 256 +33.9Bridges 3,255.6 21 2,362.3 22 +37.8Tunnels 0.0 0 0.0 0 n.m.Parking Facilities 696.2 28 394.5 23 +76.5Mass Transportaions 21,953.9 111 12,092.8 72 +81.5Tax-Exempt 40,726.0 432 34,411.1 407 +18.4Taxable 12,682.0 76 3,098.2 41 +309.3Minimum-Tax 16,626.4 63 14,138.1 47 +17.6New-Money 40,645.9 359 31,273.9 378 +30.0Refunding 18,321.1 169 14,098.5 95 +30.0Combined 11,067.2 43 6,275.0 22 +76.4Negotiated 58,312.7 368 40,945.1 275 +42.4Competitive 10,301.0 170 9,610.7 185 +7.2Private Placements 1,420.6 33 1,091.6 35 +30.1Revenue 57,702.2 350 41,848.3 251 +37.9General Obligation 12,332.1 221 9,799.0 244 +25.9Fixed Rate 64,947.3 547 49,045.2 466 +32.4Variable Rate (Short Put) 1,560.1 9 854.5 12 +82.6Variable Rate (Long/No Put) 2,371.9 9 1,083.6 7 +118.9Zero Coupon 360.6 3 74.8 2 +382.1Linked Rate 794.3 3 581.8 7 +36.5Convertible 0.0 0 7.4 1 –100.0Bond Insurance 2,837.5 91 1,862.3 73 +52.4Letter of Credit 472.0 6 431.4 5 +9.4Standby Purch Agreement 106.1 1 191.2 2 –44.5Guaranties 17.3 2 27.0 1 –35.9State Governments 3,882.2 22 5,068.2 21 –23.4State Agencies 31,809.4 123 21,754.8 89 +46.2Counties & Parishes 5,529.4 69 3,202.0 39 +72.7Cities & Towns 4,484.3 119 8,772.2 168 –48.9District 2,205.4 85 665.8 69 +231.2Local Authorities 22,123.6 153 12,175.7 108 +81.7Direct Issuer 0.0 0 8.7 1 –100.0Bank Qualified 372.2 128 409.2 145 –9.0Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Largest Public Facility IssuesDate Issuer Amt ($mill) Manager(s)Dec-3 Metropolitan Pier & Expo Auth, (ref) $881.9 Goldman Sachs/Morgan StanleyMar-21 Indianapolis Loc Pub Imp Bond Bank, (nm/ref) 610.6 BofA Securities/UBS Financial Oct-8 San Francisco City/Co-California, (cpt) 247.8 CitiJul-16 Michigan State Building Auth, (nm/ref) 235.6 Goldman Sachs Oct-2 Clark Co-Nevada, GOs (tax/te) (cpt) 200.0 Raymond JamesJul-9 Clark Co-Nevada, GOs (cpt) (ref) 199.2 J P MorganNov-21 Franklin Co Convention Fac Auth 151.8 Piper JaffrayApr-11 Charlotte City-North Carolina, (nm/ref) 121.0 Wells FargoJul-11 Omaha-Douglas Pub Bldg Comm, GOs 107.2 Ameritas Investment Apr-9 Houston City-Texas, (nm/ref) 106.3 J P Morgan Key to abbreviations: GOs – general obligation bonds; nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Refinitiv (Jan. 7)

Largest Transportation IssuesDate Issuer Amt ($mill) Manager(s)Dec-18 NYS Dorm Authority, (nm/ref) $3,404.6 Various firmsJan-11 San Fran City & Co Airprt Comm, (amt/tax/te) (nm/ref) 1,763.6 J P Morgan/Goldman SachsApr-2 Florida Development Fin Corp, (amt) (nm/ref) 1,750.0 Morgan StanleyOct-18 NYS Thruway Authority 1,693.2 Goldman Sachs/Siebert CisnerosDec-4 New Jersey Trans Trust Fund Au, (tax/te) 1,566.1 RBC Capital MarketsAug-7 Port Authority of NY & NJ, GOs (amt/tax/te) (nm/ref) 1,301.2 Goldman Sachs/Siebert Cisneros ShankDec-5 Metro Washington Airports Auth, (nm/ref) 1,269.4 Goldman Sachs/BofA SecuritiesNov-1 Broward Co-Florida, (tax) (nm/ref) 1,216.6 BofA SecuritiesDec-10 Texas PAB Surface Trans Corp, (tax/te) (ref) 1,202.9 J P Morgan/BofA SecuritiesMay-16 Metropolitan Transport Auth (MTA), GOs (cpt) (nm/ref) 1,200.0 Various firmsKey to abbreviations: amt – alternative minimum tax; GOs – general obligation bonds; nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Refinitiv (Jan. 7)

Public FacilitiesSenior Managers: Full Year 2019

Manager Amt ($mill)1 Morgan Stanley $694.52 Goldman Sachs 676.53 Robert W Baird 674.44 Stifel Nicolaus 670.95 J P Morgan 668.56 BofA Securities 575.27 Piper Jaffray & Co 524.98 UBS Financial Services 385.39 Citi 334.310 Raymond James 292.9Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

Public FacilitiesFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $1,682.82 Sycamore Advisors 624.43 Hilltop Securities 391.94 Baker Tilly Muni Adv 373.95 Robert W Baird 274.06 Acacia Financial Group 221.27 KNN Public Finance 152.28 Hobbs Ong & Asso 149.69 Speer Financial Inc 125.910 Ross Financial 123.9Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

TransportationSenior Managers: Full Year 2019

Manager Amt ($mill)1 BofA Securities $16,476.52 Citi 10,997.23 J P Morgan 7,945.64 Goldman Sachs 7,157.75 Morgan Stanley 6,129.96 Wells Fargo 5,636.77 RBC Capital Mkts 3,080.88 Barclays 2,641.79 Siebert Williams Shank 1,891.410 Jefferies LLC 1,834.1Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

TransportationFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $15,674.72 Frasca & Associates 9,723.33 Public Resources Adv 8,049.94 Hilltop Securities 6,303.05 Estrada Hinojosa 3,176.66 Larson Consult Services 2,700.07 Backstrom McCarley 2,558.28 Sperry Capital Inc 1,843.29 Acacia Financial Grp 1,308.610 Omnicap Group 1,101.4Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

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Utilities: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $46,060.2 1,417 $39,936.3 1,098 +15.3%First Quarter 6,860.3 222 7,403.5 218 –7.3Second Quarter 12,542.1 412 11,246.2 323 +11.5Third Quarter 8,859.9 336 11,734.4 276 –24.5Fourth Quarter 17,797.9 447 9,552.3 281 +86.3Water & Sewer 36,479.9 1,205 28,277.4 874 +29.0Gas 6,658.4 31 9,443.6 35 –29.5Telephone 173.1 11 210.1 13 –17.6Sanitation 320.6 79 286.5 80 +11.9Flood Control 648.4 32 403.6 46 +60.7Combined-Utilities 1,779.9 59 1,315.0 50 +35.4Tax-Exempt 38,768.1 1,328 38,734.9 1,056 +0.1Taxable 6,833.4 81 840.4 37 +713.1Minimum-Tax 458.7 8 360.9 5 +27.1New-Money 25,680.4 808 28,757.7 792 –10.7Refunding 15,856.6 523 7,017.4 235 +126.0Combined 4,523.2 86 4,161.3 71 +8.7Negotiated 35,743.9 834 29,773.7 526 +20.1Competitive 8,316.1 524 7,354.3 484 +13.1Private Placements 2,000.2 59 2,808.4 88 –28.8Revenue 39,980.2 762 35,405.6 574 +12.9General Obligation 6,080.0 655 4,530.7 524 +34.2Fixed Rate 39,167.2 1,381 30,158.8 1,058 +29.9Variable Rate (Short Put) 299.4 4 744.4 12 –59.8Variable Rate (Long/No Put) 6,404.6 22 7,030.0 12 –8.9Zero Coupon 1.3 7 15.9 4 –91.8Linked Rate 187.8 3 1,987.2 12 –90.5Convertible 0.0 0 0.0 0 n.m.Bond Insurance 4,669.3 539 3,046.2 324 +53.3Letter of Credit 67.4 1 149.9 3 –55.0Standby Purchase Agreements 200.0 2 310.0 3 –35.5Insured Mortgages 0.0 0 0.0 0 n.m.Guaranties 96.3 16 105.4 21 –8.6Surety bond 0.0 0 0.0 0 n.m.State Governments 486.0 9 252.1 3 +92.8State Agencies 8,420.2 74 8,511.1 52 –1.1Counties & Parishes 3,494.4 51 1,321.9 40 +164.3Cities & Towns 9,856.7 407 10,269.1 413 –4.0District 8,014.2 634 6,672.9 428 +20.1Local Authorities 14,536.9 236 11,522.6 156 +26.2Indian Tribe 0.0 0 0.0 0 n.m.Direct Issuer 687.5 3 554.3 3 +24.0Cooperative Utilities 564.4 3 832.4 3 –32.2Bank Qualified 2,726.1 697 1,757.2 500 +55.1Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.Notes: Figures are based on issues maturing in 13 months or longer. Private placements and municipal forwards are included, but remarketings are excluded. n.m. — not meaningful. Source: Refinitiv (Jan. 7)

Bank-Qualified Bonds: Full Year 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $14,804.5 3,677 $11,961.4 3,070 +23.8%First Quarter 2,556.9 617 2,651.7 679 –3.6Second Quarter 4,304.5 1,112 3,715.9 989 +15.8Third Quarter 3,589.9 925 2,812.8 731 +27.6Fourth Quarter 4,353.2 1,023 2,781.1 671 +56.5Development 97.6 27 136.5 35 –28.5Education 6,039.0 1,402 4,922.2 1,193 +22.7Electric Power 124.6 32 109.0 28 +14.3Environmental Facilities 17.7 4 1.2 1 +1375.0Healthcare 57.4 14 56.8 12 +1.1Housing 43.8 8 38.5 4 +13.8Public Facilities 624.0 215 783.6 222 –20.4Transportation 372.2 128 409.2 145 –9.0Utilities 2,726.1 697 1,757.2 500 +55.1General Purpose 4,702.1 1,150 3,747.2 930 +25.5Tax-Exempt 14,798.6 3,676 11,961.4 3,070 +23.7Taxable 0.0 0 0.0 0 n.m.Minimum-Tax 6.0 1 0.0 0 n.m.New-Money 10,316.0 2,619 9,683.8 2,553 +6.5Refunding 3,848.9 930 1,817.0 424 +111.8Combined 639.6 128 460.6 93 +38.9Negotiated 7,375.2 1,716 4,843.9 1,154 +52.3Competitive 7,250.2 1,870 6,891.5 1,815 +5.2Private Placements 179.1 91 226.0 101 –20.8Revenue 2,169.1 526 1,888.1 450 +14.9General Obligation 12,635.4 3,151 10,073.4 2,620 +25.4Fixed Rate 14,761.5 3,649 11,931.8 3,052 +23.7Variable Rate (Short Put) 0.0 0 0.2 1 –100.0Variable Rate (Long/No Put) 7.3 1 0.0 0 n.m.Zero Coupon 35.7 27 26.1 16 +36.8Linked Rate 0.0 0 0.0 0 n.m.Convertible 0.0 0 3.2 1 –100.0Bond Insurance 4,123.2 871 2,937.1 592 +40.4Letter of Credit 0.0 0 0.0 0 n.m.Standby Purchase Agreements 0.0 0 1.3 1 –100.0Insured Mortgages 11.6 2 0.0 0 n.m.Guaranties 2,631.4 543 2,051.3 437 +28.3Other Enhancements 0.0 0 0.0 0 n.m.State Governments 10.0 1 0.0 0 n.m.State Agencies 35.1 9 51.4 14 –31.7Counties & Parishes 779.4 164 828.0 166 –5.9Cities & Towns 4,755.7 1,267 3,933.2 1,094 +20.9District 8,227.7 2,033 6,494.0 1,650 +26.7Local Authorities 910.5 189 598.0 135 +52.3Colleges & Universities 86.1 14 56.6 10 +52.1Direct Issuer 0.0 0 0.3 1 –100.0Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 14,804.5 3,677 11,961.4 3,070 +23.8Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 5.6 2 –100.0


Largest Utility IssuesDate Issuer Amt ($mill) Manager(s)Oct-24 Miami-Dade Co-Florida, (tax/te) (ref) $1,212.0 Jefferies LLCSep-24 Texas Water Development Board, (tax/te) 858.8 BofA SecuritiesNov-7 Central Plains Energy Project, (ref) 781.7 RBC Capital MktsAug-20 Houston City-Texas, (tax/te) (ref) 771.0 CitiApr-30 Black Belt Energy Gas Dt 747.0 Morgan StanleyFeb-14 Main Street Natural Gas Inc 695.6 Various firmsApr-30 Main Street Natural Gas Inc 675.4 TD SecuritiesDec-12 San Francisco City/Co Public Util Comm, (tax) (ref) 657.0 Morgan StanleyDec-5 NYC Municipal Water Fin Auth 637.7 Siebert Williams ShankNov-25 Main Street Natural Gas Inc 632.0 CitiKey to abbreviations: amt – alternative minimum tax; cpt – competitive; nm – new money; pvt – private placement; ref – refunding; te – tax exempt. Source: Refinitiv (Jan. 7)

Bank-Qualified BondsSenior Managers: Full Year 2019

Manager Amt ($mill)1 Robert W Baird $2,424.92 RBC Capital Mkts 1,182.43 Raymond James 916.94 Piper Jaffray 823.95 Stifel Nicolaus 782.76 D A Davidson 660.07 Samco Capital Mkts 569.08 FTN Fin Capital Mkts 534.39 Baker Group 494.410 Roosevelt & Cross 463.6Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

Bank-Qualified BondsFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $1,493.92 Ehlers & Associates 808.23 Robert W Baird 605.94 Baker Tilly Muni Adv 582.05 Masterson Advisors 555.66 Hilltop Securities 420.07 Phoenix Advisors 314.88 Specialized Public Fin 289.49 Piper Jaffray & Co 280.210 Crews & Associates 238.9Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

UtilitiesSenior Managers: Full Year 2019

Manager Amt ($mill)1 Citi $5,392.72 Morgan Stanley 4,958.03 BofA Securities 4,923.64 J P Morgan 4,133.85 RBC Capital Mkts 3,597.66 Wells Fargo 2,394.87 Jefferies LLC 2,090.48 Raymond James 1,812.59 Siebert Williams Shank 1,535.810 Goldman Sachs 1,486.2Private placements, short-term notes, and remarketings are excluded. In issues with multiple book-runners, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

UtilitiesFinancial Advisors: Full Year 2019

Advisor Amt ($mill)1 PFM Financial Adv $8,616.52 Hilltop Securities 4,013.73 Municipal Capital Mkts 3,758.34 Public Resources Adv 3,360.45 Lamont Fin Services 1,374.96 Masterson Adv 1,274.97 Drexel Hamilton 1,235.08 The Majors Group 916.39 Montague DeRose 881.510 Estrada Hinojosa 847.2Private placements, short-term notes, and remarketings are excluded. In issues with co-advisors, the par amount of the issue is divided equally among the firms. Source: Refinitiv (Jan. 7)

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www.bondbuyer.com A13Monday, February 24, 2020

Top Co-Managers: All IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues

1 BofA Securities $12,631.3 3.1% 365 2 J P Morgan Securities LLC 12,383.5 3.1 362 3 Citi 11,858.4 2.9 368 4 Academy Securities Inc 11,589.4 2.9 237 5 Wells Fargo & Co 11,358.1 2.8 355 6 Raymond James 11,297.4 2.8 588 7 Ramirez & Co Inc 10,857.0 2.7 682 8 Siebert Williams Shank & Co 10,672.2 2.6 362 9 RBC Capital Markets 10,567.8 2.6 410 10 Morgan Stanley 9,133.3 2.3 463This is Refinitiv “AT12” league table. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. This table divides the par amount of an issue equally among the co-managers. Bookrunners are excluded. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Issuers: All IssuesFull Year 2019

Rank Firm Volume Market Share Issues 1 California $9,488.9 2.3% 12 2 NYS Dorm Authority 8,839.3 2.2 38 3 NYC Transitional Finance Auth 4,350.0 1.1 19 4 Metropolitan Transport Auth (MTA) 4,245.5 1.0 24 5 Massachusetts 4,018.7 1.0 15 6 Colorado Health Facilities Auth 3,880.6 1.0 12 7 Michigan Finance Authority 3,478.7 0.9 18 8 New York City-New York 3,473.7 0.9 11 9 New Jersey Trans Trust Fund Au 3,316.1 0.8 4 10 Empire State Development Corp 3,216.7 0.8 10This is Refinitiv “AT15” league table. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Senior Managers: All IssuesFull Year 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 BofA Securities $63,077.8 15.5% 461 2 Citi 44,120.8 10.9 420 3 Morgan Stanley 42,204.0 10.4 421 4 J P Morgan Securities LLC 36,178.3 8.9 387 5 RBC Capital Markets 26,058.1 6.4 652 6 Goldman Sachs & Co LLC 21,652.0 5.3 129 7 Wells Fargo & Co 18,272.4 4.5 250 8 Stifel Nicolaus & Co Inc 16,263.0 4.0 786 9 Barclays 15,498.2 3.8 152 10 Raymond James 14,360.7 3.5 651This is Refinitiv “AT1” league table. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple bookrunners each firm is credited with the actual allocation it received. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Financial Advisors: All IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 PFM Financial Advisors LLC $66,045.7 19.3% 1,089 2 Public Resources Advisory Group 40,559.2 11.8 171 3 Hilltop Securities 28,462.8 8.3 635 4 Frasca & Associates 11,272.0 3.3 56 5 Acacia Financial Group Inc 9,603.8 2.8 125 6 Ponder & Co 7,547.5 2.2 51 7 Kaufman Hall & Associates Inc 7,251.2 2.1 58 8 Piper Jaffray & Co 6,997.9 2.0 204 9 KNN Public Finance 6,416.7 1.9 72 10 Estrada Hinojosa & Company Inc 5,729.1 1.7 66This is Refinitiv “AT7” league table. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Senior Managers: Negotiated IssuesFull Year 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 BofA Securities $44,079.5 14.3% 319 2 Citi 34,364.0 11.2 295 3 Morgan Stanley 29,447.6 9.6 227 4 RBC Capital Markets 24,584.2 8.0 605 5 J P Morgan Securities LLC 24,328.4 7.9 244 6 Goldman Sachs & Co LLC 20,206.9 6.6 115 7 Stifel Nicolaus & Co Inc 16,074.8 5.2 761 8 Barclays 13,616.6 4.4 145 9 Wells Fargo & Co 13,363.7 4.4 186 10 Raymond James 11,642.8 3.8 438This is Refinitiv “AT3” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple bookrunners each firm is credited with the allocation that it received. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Financial Advisors: Negotiated IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 PFM Financial Advisors LLC $52,220.3 21.1% 693 2 Hilltop Securities 21,617.9 8.8 352 3 Public Resources Advisory Group 21,207.3 8.6 67 4 Frasca & Associates 10,703.3 4.3 48 5 Ponder & Co 7,547.5 3.1 51 6 Acacia Financial Group Inc 7,310.3 3.0 82 7 Kaufman Hall & Associates Inc 7,251.2 2.9 58 8 KNN Public Finance 5,430.7 2.2 55 9 Estrada Hinojosa & Company Inc 5,324.7 2.2 55 10 CSG Advisors Incorporated 5,227.8 2.1 110This is Refinitiv “AT7b” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

annual review

Top Senior Managers: Competitive IssuesFull Year 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 BofA Securities $18,998.3 19.2% 142 2 Morgan Stanley 12,756.4 12.9 194 3 J P Morgan Securities LLC 11,849.9 12.0 143 4 Citi 9,756.8 9.9 125 5 Robert W Baird & Co Inc 9,612.6 9.7 811 6 Wells Fargo & Co 4,908.8 5.0 64 7 Raymond James 2,717.9 2.8 213 8 Jefferies LLC 2,645.3 2.7 24 9 Mesirow Financial Inc 2,515.2 2.5 71 10 Huntington Bancshares Inc 2,296.9 2.3 179This is Refinitiv “AT4” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple bookrunners each firm is credited with the actual allocation that it received. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Financial Advisors: Competitive IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Public Resources Advisory Group $19,351.9 20.3% 104 2 PFM Financial Advisors LLC 13,825.4 14.5 396 3 Hilltop Securities 6,844.9 7.2 283 4 Piper Jaffray & Co 4,834.3 5.1 149 5 Davenport & Company LLC 3,487.1 3.7 71 6 Ehlers & Associates 3,016.5 3.2 317 7 Baker Tilly Municipal Advisors 2,395.1 2.5 259 8 Acacia Financial Group Inc 2,293.5 2.4 43 9 Phoenix Advisors LLC 1,995.8 2.1 123 10 Capital Markets Advisors LLC 1,657.0 1.7 118This is Refinitiv “AT7c” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Senior Managers: Small IssuesFull Year 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues 1 Robert W Baird & Co Inc $3,345.1 15.1% 731 2 Stifel Nicolaus & Co Inc 1,674.8 7.6 308 3 Raymond James 1,500.6 6.8 305 4 RBC Capital Markets 1,418.6 6.4 240 5 Piper Jaffray & Co 1,246.7 5.6 246 6 D A Davidson & Co 871.0 3.9 235 7 Samco Capital Markets 759.5 3.4 171 8 Roosevelt & Cross Inc 690.3 3.1 176 9 FTN Financial Capital Markets 682.0 3.1 102 10 Huntington Bancshares Inc 601.7 2.7 144This is Refinitiv “AT2” league table for issues with composite amounts of $10 million or less. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. The full par amount of an issue is credited to the book-running manager; in issues with multiple bookrunners each firm is credited with the actual allocation that it received. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

Top Financial Advisors: Small IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 PFM Financial Advisors LLC $2,011.0 12.5% 344 2 Hilltop Securities 1,173.0 7.3 220 3 Ehlers & Associates 1,043.3 6.5 260 4 Baker Tilly Municipal Advisors 960.9 6.0 221 5 Robert W Baird & Co Inc 793 4.9 186 6 Masterson Advisors LLC 695.1 4.3 161 7 Phoenix Advisors LLC 434.7 2.7 73 8 Piper Jaffray & Co 412 2.6 81 9 Specialized Public Finance Inc 374.5 2.3 86 10 Urban Futures Inc 365.4 2.3 81This is Refinitiv “AT7a” league table for issues with composite amounts of $10 million or less. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Refinitiv (as recompiled by The Bond Buyer on Jan. 2)

A13_BB022420 13 2/21/2020 5:38:23 PM

The Bond Buyer

Monday, February 24, 2020A14

Top Trustee Banks: All IssuesFull Year 2019 - Ranked by Dollar Volume

Rank Firm Volume Market Share Issues 1 The Bank of New York Mellon $76,739.9 35.8% 663 2 US Bank NA 76,207.8 35.5 1,112 3 Wells Fargo Bank 19,417.1 9.1 190 4 Wilmington Trust NA 7,709.1 3.6 133 5 UMB Bank NA 6,049.7 2.8 255 6 Regions Bank 5,292.4 2.5 111 7 Zions Bank 5,192.6 2.4 143 8 MUFG 3,179.1 1.5 41 9 BOKF NA 2,542.4 1.2 66 10 Amalgamated Bank of Chicago 2,427.4 1.1 8 This is Refinitiv “AT8” league table. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Source: Refinitiv (Jan. 10)

Top Bond Counsel: All IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $44,630.3 11.1% 480 2 Hawkins Delafield & Wood LLP 22,182.3 5.5 313 3 Kutak Rock LLP 19,426.6 4.8 485 4 Norton Rose Fulbright 15,882.7 3.9 339 5 McCall Parkhurst & Horton LLP 12,789.6 3.2 334 6 Squire Patton Boggs 12,019.6 3.0 173 7 Stradling Yocca Carlson & Rauth 11,962.2 3.0 187 8 Nixon Peabody LLP 10,534.1 2.6 111 9 Chapman and Cutler LLP 9,639.6 2.4 335 10 Gilmore & Bell PC 9,017.5 2.2 428This is Refinitiv “AT5” league table. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with co-counsel divide the par amount equally among the counsel. Source: Refinitiv (Jan. 10)

Top Underwriter’s Counsel: All IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Hawkins Delafield & Wood LLP $24,446.5 9.3% 131 2 Norton Rose Fulbright 19,015.1 7.2 240 3 Orrick Herrington & Sutcliffe LLP 18,564.2 7.0 211 4 Nixon Peabody LLP 12,973.1 4.9 126 5 Kutak Rock LLP 11,736.9 4.4 272 6 Chapman and Cutler LLP 10,907.3 4.1 97 7 Katten Muchin Rosenman LLP 9,717.4 3.7 58 8 Stradling Yocca Carlson & Rauth 7,869.1 3.0 149 9 Ballard Spahr LLP 6,941.9 2.6 106 10 Squire Patton Boggs 6,875.0 2.6 96This is Refinitiv “AT6” league table. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with co-counsel divide the par amount equally among the counsel. Source: Refinitiv (Jan. 10)

Top Bond Counsel: All IssuesFull Year 2019 - Full Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $44,630.3 11.1% 480 2 Hawkins Delafield & Wood LLP 22,182.3 5.5 313 3 Kutak Rock LLP 19,426.6 4.8 485 4 Norton Rose Fulbright 15,882.7 3.9 339 5 McCall Parkhurst & Horton LLP 12,789.6 3.2 334 6 Squire Patton Boggs 12,019.6 3.0 173 7 Stradling Yocca Carlson & Rauth 11,962.2 3.0 187 8 Nixon Peabody LLP 10,534.1 2.6 111 9 Chapman and Cutler LLP 9,639.6 2.4 335 10 Gilmore & Bell PC 9,017.5 2.2 428This is a modified version of Refinitiv “AT5” league table. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private place-ments, and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with co-counsel credit each counsel with the full par amount of the issue. Source: Refinitiv (Jan. 10)

Top Underwriter’s Counsel: All IssuesFull Year 2019 - Full Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Hawkins Delafield & Wood LLP $24,446.5 9.3% 131 2 Norton Rose Fulbright 19,015.1 7.2 240 3 Orrick Herrington & Sutcliffe LLP 18,564.2 7.0 211 4 Nixon Peabody LLP 12,973.1 4.9 126 5 Kutak Rock LLP 11,736.9 4.4 272 6 Chapman and Cutler LLP 10,907.3 4.1 97 7 Katten Muchin Rosenman LLP 9,717.4 3.7 58 8 Stradling Yocca Carlson & Rauth 7,869.1 3.0 149 9 Ballard Spahr LLP 6,941.9 2.6 106 10 Squire Patton Boggs 6,875.0 2.6 96This is a modified version of Refinitiv “AT6” league table. Dollar amounts are in millions. Rankings are final as of Jan. 11, 2020. Short-term notes, private place-ments, and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with co-counsel credit each counsel with the full par amount of the issue. Source: Refinitiv (Jan. 11)

annual review

Top Bond Counsel: Negotiated IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $39,152.7 12.8% 362 2 Hawkins Delafield & Wood LLP 17,755.4 5.8 179 3 Kutak Rock LLP 16,152.8 5.3 433 4 Norton Rose Fulbright 12,563.5 4.1 216 5 McCall Parkhurst & Horton LLP 11,118.3 3.6 209 6 Squire Patton Boggs 10,496.7 3.4 144 7 Stradling Yocca Carlson & Rauth 9,829.4 3.2 154 8 Chapman and Cutler LLP 7,352.2 2.4 231 9 Ballard Spahr LLP 6,794.1 2.2 112 10 Gilmore & Bell PC 6,711.4 2.2 276This is Refinitiv “AT5a” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with co-counsel divide the par amount equally among the counsel. Source: Refinitiv (Jan. 10)

Top Disclosure Counsel: All IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $20,383.7 14.1% 179 2 Stradling Yocca Carlson & Rauth 15,955.8 11.0 196 3 Hawkins Delafield & Wood LLP 11,619.3 8.0 80 4 Nixon Peabody LLP 10,394.1 7.2 48 5 Greenberg Traurig LLP 6,409.3 4.4 43 6 Chapman and Cutler LLP 5,447.7 3.8 202 7 Kutak Rock LLP 5,417.1 3.7 148 8 McCall Parkhurst & Horton LLP 4,392.4 3.0 198 9 Mintz Levin Cohn Ferris Glovsky & Popeo PC 3,726.9 2.6 16 10 Bracewell LLP 3,449.6 2.4 42This is Refinitiv “AT23” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with co-counsel divide the par amount equally among the counsel. Source: Refinitiv (Jan. 10)

Top Bond Counsel: Competitive IssuesFull Year 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $5,477.6 5.6% 118 2 Hawkins Delafield & Wood LLP 4,426.9 4.6 134 3 Nixon Peabody LLP 4,328.7 4.5 45 4 Locke Lord LLP 3,590.6 3.7 175 5 Norton Rose Fulbright 3,319.3 3.4 123 6 Kutak Rock LLP 3,273.7 3.4 52 7 Bryant Rabbino LLP 2,465.7 2.5 23 8 Sherman & Howard 2,361.8 2.4 34 9 McKennon Shelton & Henn LLP 2,348.1 2.4 22 10 Gilmore & Bell PC 2,306.1 2.4 152This is Refinitiv “AT5b” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Issues with co-counsel divide the par amount equally among the counsel. Source: Refinitiv (Jan. 10)

Top Trustee Banks: All IssuesFull Year 2019 – Ranked by Number of Issues

Rank Firm Issues Market Share Volume 1 US Bank NA 1112 37.8% $76,207.8 2 The Bank of New York Mellon 663 22.5 76,739.9 3 UMB Bank NA 255 8.7 6,049.7 4 Wells Fargo Bank 190 6.5 19,417.1 5 Zions Bank 143 4.9 5,192.6 6 Wilmington Trust NA 133 4.5 7,709.1 7 Regions Bank 111 3.8 5,292.4 8 BOKF NA 66 2.2 2,542.4 8 Huntington National Bank 58 2.0 2,082.3 10 MUFG 41 1.4 3,179.1This is Refinitiv “AT9” league table. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Source: Refinitiv (Jan. 10)

Top Letter-of-Credit Providers: All IssuesFull Year 2019 - Ranked by Enhanced Amount

Rank Firm Volume Market Share Issues 1 BofA Securities $760.3 36.6% 7 2 PNC Bank NA 297.8 14.3 5 3 TD Bank NA 192.8 9.3 2 4 Barclays 158.1 7.6 1 5 Wells Fargo Bank 150.0 7.2 1 6 Sumitomo Mitsui Banking Corp 139.5 6.7 2 7 US Bank NA 95.4 4.6 3 8 J P Morgan Chase 79.6 3.8 1 9 KB Financial Group Inc 50.0 2.4 1 10 Citizens Bank 34.7 1.7 1This is Refinitiv “AT29” league table modified to include domestic and foreign banks. Dollar amounts are in millions. Rankings are final as of Jan. 2, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Each provider is credited with the actual amount that it enhanced within the issue. Source: Refinitiv (Jan. 2)


Explanation of the IndexesThe Municipal Bond Index

The Bond Buyer Municipal Bond Index is a daily price index based on 40 long-term municipal bonds. The index’s value is expressed in points and 32ds. The figures shown are weekly averages of the index’s daily figures for each week ending Thursday.

The index contains 40 long-term municipal bonds. Taxable bonds, variable-rate bonds, and private placements are excluded, but bonds subject to the alternative minimum tax and fixed-rate remarketings can be included. The index is based on price quotations provided by Standard & Poor’s Securities Evaluations. It is calculated every business day using prices as of 4 p.m. Eastern time.

The index’s value is calculated by taking the dollar bid price for each bond, converting it to represent what the price would be if the bond had a standard 6% coupon rate, averaging the converted prices, and multiplying the result by the current value of the coefficient. The coefficient compensates for the changes made twice a month in the composition of the index.

The average yield to par call is calculated using the average coupon rate, average par call date, and average dollar price. The average yield to maturity is calculated using the average maturity date.

The Weekly Bond IndexesThe three weekly bond indexes are calculated every Thursday (or Wednesday if Thursday or Friday is a legal holiday). They represent theoretical yields

rather than actual price or yield quotations. Municipal bond dealers and banks are asked to estimate what a current-coupon bond for each issuer would yield if the bond was sold at par value. The indexes are simple averages of the average estimated yields of the bonds.

The 20-Bond Index consists of 20 general obligation bonds that mature in 20 years. The average rating of the 20 bonds is roughly equivalent to Moody’s Investors Service’s Aa2 and Standard & Poor’s Corp.’s AA. (No average Fitch rating is provided because Fitch does not rate all of the bonds in the index.)

The 11-Bond Index uses a select group of 11 bonds in the 20-Bond Index. The average rating of the 11 bonds is roughly equivalent to Moody’s Aa1 rating and S&P’s AA-plus. (No average Fitch rating is provided.)

The bonds currently used in the two indexes are listed below. The bonds in the 11-Bond Index are marked with an asterisk. Moody’s/S&P/Fitch Moody’s/S&P/Fitch Moody’s/S&P/FitchBaltimore, Md. Aa2 / AA– / A+ *Massachusetts. Aa1 / AA / AA+ Pennsylvania. Aa3 / A+/ AA–California Aa3 / AA– / AA– Memphis, Tenn. Aa2 / AA / NR *Phoenix, Ariz Aa1/AA+/AAA*Denver, Colo. Aaa/AAA/AAA Miami-Dade Co., Fla. Aa2 / AA / NR *Seattle, Wash. Aaa / AAA / AAA*Florida Aa1 / AAA / AAA Milwaukee, Wis. A1 / AA– / AA– *South Carolina Aaa / AA+ / AAA*Georgia Aaa / AAA / AAA New York City Aa2 / AA / AA *Texas Aaa / AAA / AAAHouston, Tex. Aa3 / AA / AA *New York State Aa1 / AA+ / AA+ *Washington Aa1 / AA+ / AA+*Maryland Aaa / AAA / AAA North Carolina Aaa / AAA / AAA

The Revenue Bond IndexThe Revenue Bond Index consists of 25 various revenue bonds that mature in 30 years. The average rating is roughly equivalent to Moody’s A1 and

S&P’s A-plus. (No average Fitch rating is provided because Fitch does not rate all the bonds in the index.) The bonds currently used in the index and their ratings are listed below.

Moody’s S&P FitchAtlanta, Ga., airport (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 AA– AA–Connecticut Housing Finance Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aaa AAA NRDallas-Fort Worth International Airport Board, Tex. (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ AEnergy Northwest (formerly WPPSS), Wash., power revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA– AA–Illinois Health Facilities Financing Authority (Northwestern Memorial Healthcare) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA+ NRIllinois Housing Development Authority, multifamily . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 AA+ NRIntermountain Power Agency, Utah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 A+ AA–JEA (formerly Jacksonville Electric Authority), Fla. electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 A+ AAKentucky Turnpike Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 A NRLos Angeles Department of Water and Power, Calif., electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA AA–Massachusetts Port Authority (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA AAMEAG Power (formerly Municipal Electric Authority of Georgia) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A A–Nebraska Public Power District, power supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ A+New Jersey Turnpike Authority, turnpike revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 A+ ANew York State Local Government Assistance Corp., revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA+ NRNew York State Power Authority, general purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA- AANorth Carolina Municipal Power Agency No. 1, Catawba electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NR A APort Authority of New York and New Jersey, consolidated (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 AA– AA–Puerto Rico Electric Power Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ca D DSalt River Project Agricultural Improvement and Power District, Ariz., electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA NRSouth Carolina Public Service Authority, electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 A– A+Texas Municipal Power Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ A+Virginia Housing Development Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA+ NR

U.S. Treasury 10-Year Note and 30-Year BondThe U.S. Treasury 10-year note and 30-year bond yields are Refinitiv quotes as of 3:30 p.m. Eastern time.

'19

20-Bond Index 30-Year Treasury Bond 10-Year Treasury Note

Interest Rates: 2009-19

Sources: The Bond Buyer/ICAP plc/Reÿnitiv/Moody’s Investors Service Inc.

'18'17'16'15'14'13'12'11'10'090

1

2

3

4

5

6

Interest Rates: 2019

Sources: The Bond Buyer/ICAP plc/Reÿnitiv/Moody’s Investors Service Inc.

20-Bond GO Index 30-Year Treasury Bond 10-Year Treasury Note

1

2

3

4

5

DNOSAJJMAMFJ-19

Top Special Tax Counsel: All IssuesFull Year 2019 - Ranked by Tax Amount

Rank Firm Volume Market Share Issues 1 Orrick Herrington & Sutcliffe LLP $2,122.2 24.7% 19 2* Soeder & Associates LLC 1,067.3 12.4 22 2* Robinson & Cole LLP 1,067.3 12.4 22 4 Ballard Spahr LLP 1,066.3 12.4 5 5 Nixon Peabody LLP 772.3 9.0 4 6 Bracewell LLP 584.4 6.8 10 7 Norton Rose Fulbright 363.2 4.2 2 8 Kutak Rock LLP 328.4 3.8 16 9 McCall Parkhurst & Horton LLP 169.3 2.0 35 10 Hunton Andrews Kurth LLP 163.0 1.9 7*Tie. Dollar amounts are in millions. Rankings are final as of Jan. 10, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Each firm is credited with the actual amount that it enhanced within the issue. Source: Refinitiv (Jan. 10)

Top Standby Purchase Agreement Providers: All IssuesFull Year 2019 - Ranked by Enhanced Amount

Rank Firm Volume Market Share Issues 1 TD Bank NA $520.0 22.4% 5 2 US Bank NA 358.9 15.5 5 3 J P Morgan Chase 329.0 14.2 3 4 PNC Bank NA 240.3 10.3 2 5 BofA Securities 214.7 9.2 5 6 Barclays 211.8 9.1 3 7 Royal Bank of Canada 173.0 7.5 5 8 Sumitomo Mitsui Banking Corp 106.1 4.6 1 9 Federal Home Loan Bank Chicago 80.0 3.4 2 10 Federal Home Loan Bk of Topeka 41.1 1.8 1Dollar amounts are in millions. Rankings are final as of Jan. 7, 2020. Short-term notes, private placements, and deals not meeting Refinitiv T+5 policy rule are excluded. Each firm is credited with the actual amount that it enhanced within the issue. Source: Refinitiv (Jan. 7)

Interest Rate Indexes: 2019 Municipal Bond Index Weekly Bond Indexes 6% Yield to Yield to 20-Bond 11-Bond 25-Bond 1-Year 10-Year 30-Year Date Index Per Call Maturity Gen Obl Gen Obl Revenue Note Treasury Treasury

Jan-19 3 124-27 3.90 4.04 4.09 3.58 4.56 0.00 2.56 2.92 10 123-19 4.05 4.10 4.20 3.69 4.67 0.00 2.74 3.05 17 123-19 4.05 4.10 4.19 3.68 4.66 0.00 2.75 3.08 24 123-03 4.11 4.12 4.23 3.70 4.70 0.00 2.72 3.04 31 123-31 4.00 4.08 4.22 3.69 4.69 0.00 2.63 3.00Feb 7 124-10 3.97 4.07 4.23 3.70 4.70 0.00 2.65 2.99 14 124-11 3.96 4.07 4.24 3.71 4.71 0.00 2.67 3.01 21 124-12 3.97 4.06 4.23 3.70 4.70 0.00 2.69 3.05 28 124-22 3.93 4.04 4.19 3.66 4.66 0.00 2.73 3.10Mar 7 125-11 3.85 4.01 4.09 3.56 4.56 0.00 2.64 3.03 14 125-28 3.79 3.98 4.04 3.53 4.51 0.00 2.63 3.05 21 127-06 3.63 3.92 3.92 3.43 4.39 0.00 2.54 2.97 28 128-16 3.47 3.86 3.79 3.30 4.26 0.00 2.40 2.81Apr 4 127-27 3.55 3.89 3.88 3.39 4.35 0.00 2.51 2.92 11 128-08 3.50 3.87 3.85 3.36 4.32 0.00 2.51 2.94 18 127-29 3.54 3.89 3.86 3.36 4.33 0.00 2.56 2.96 25 129-01 3.40 3.84 3.79 3.31 4.27 0.00 2.53 2.95May 2 129-23 3.32 3.81 3.73 3.25 4.21 0.00 2.55 2.94 9 130-21 3.20 3.76 3.63 3.15 4.11 0.00 2.46 2.87 16 131-08 3.13 3.74 3.57 3.10 4.05 0.00 2.40 2.84 23 131-00 3.16 3.75 3.56 3.10 4.05 0.00 2.31 2.75 30 131-18 3.08 3.72 3.51 3.05 4.00 0.00 2.23 2.65Jun 6 131-26 3.05 3.71 3.48 3.02 3.97 0.00 2.13 2.62 13 131-18 3.08 3.72 3.52 3.06 4.01 0.00 2.10 2.61 20 131-25 3.05 3.71 3.51 3.05 4.00 0.00 2.01 2.53 27 131-30 3.03 3.70 3.50 3.04 3.99 0.00 2.01 2.53Jul 3 132-08 2.99 3.69 3.49 3.03 3.97 0.00 1.96 2.47 11 132-09 2.99 3.69 3.46 3.00 3.94 0.00 2.13 2.64 18 132-11 2.98 3.69 3.45 2.99 3.93 0.00 2.03 2.56 25 132-19 2.94 3.67 3.43 2.97 3.91 0.00 2.08 2.60Aug 1 133-00 2.89 3.66 3.42 2.96 3.90 0.00 1.90 2.44 8 134-20 2.69 3.58 3.22 2.76 3.70 0.00 1.72 2.24 15 135-25 2.55 3.53 3.10 2.64 3.58 0.00 1.53 1.98 22 135-11 2.60 3.55 3.07 2.61 3.55 0.00 1.62 2.11 29 135-29 2.53 3.53 2.97 2.51 3.45 0.00 1.51 1.97Sept 5 135-17 2.57 3.54 2.97 2.51 3.45 0.00 1.57 2.06 12 134-11 2.71 3.60 2.85 2.39 3.33 0.00 1.79 2.27 19 133-28 2.76 3.62 2.76 2.30 3.24 0.00 1.79 2.23 26 134-18 2.68 3.58 2.66 2.20 3.14 0.00 1.71 2.15Oct 3 135-07 2.59 3.56 2.62 2.16 3.10 0.00 1.54 2.04 10 135-07 2.59 3.56 2.59 2.13 3.07 0.00 1.66 2.15 17 134-04 2.72 3.60 2.70 2.24 3.18 0.00 1.76 2.24 24 133-25 2.76 3.62 2.75 2.29 3.23 0.00 1.77 2.26 31 134-02 2.72 3.61 2.79 2.33 3.27 0.00 1.69 2.18Nov 7 132-28 2.87 3.66 2.86 2.40 3.34 0.00 1.92 2.40 14 133-07 2.82 3.64 2.85 2.39 3.33 0.00 1.82 2.31 21 133-23 2.77 3.62 2.79 2.33 3.27 0.00 1.78 2.24 27 133-28 2.75 3.62 2.77 2.30 3.24 0.00 1.77 2.19Dec 5 134-00 2.73 3.61 2.77 2.30 3.24 0.00 1.80 2.24 12 134-01 2.72 3.61 2.74 2.27 3.21 0.00 1.90 2.32 19 133-24 2.74 3.63 2.74 2.27 3.21 0.00 1.91 2.35 26 133-23 2.74 3.63 2.74 2.27 3.21 0.00 1.90 2.33

12-Month Average 127-90 3.16 3.76 3.42 2.94 3.89 0.00 2.14 2.58

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