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2019 IN STATISTICSMidyear Review

VOLUME STABILIZINGWith more distance from the 2017 tax legislation and elimination of advance refundings, the decline in muni issuance is leveling off.

001_BB08191901 1 8/16/2019 4:11:43 PM

The Bond BuyerA2 Monday, August 19, 2019

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 $4.21

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 4.34

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 3.41

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 4.40

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 4.15

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 3.80

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 7.34

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 5.11

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 3.10

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 4.37

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 5.43

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 4.77

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 4.97

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 2.80

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 4.21

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 3.47

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: Thomson Reuters (Jul. 2)

Taxable Bonds: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $14,430.8 448 $13,945.7 535 +3.5%First Quarter 8,516.3 184 4,978.3 201 +71.1Second Quarter 5,914.5 264 8,967.4 334 –34.0Development 532.0 29 1,037.3 58 –48.7Education 3,894.7 212 3,158.2 225 +23.3Electric Power 671.9 7 63.2 8 +963.1Environmental Facilities 0.0 0 0.0 0 n.m.Healthcare 291.0 15 1,015.7 26 –71.3Housing 1,566.2 30 1,489.2 30 +5.2Public Facilities 128.8 10 691.0 30 –81.4Transportation 1,218.3 19 649.1 22 +87.7Utilities 334.3 15 330.5 18 +1.1General Purpose 5,793.6 111 5,511.5 118 +5.1Tax-Exempt 14,430.8 448 13,945.7 535 +3.5Taxable 0.0 0 0.0 0 n.m.Minimum-Tax 0.0 0 0.0 0 n.m.New-Money 11,537.2 373 8,109.3 378 +42.3Refunding 1,658.4 56 3,175.7 134 –47.8Combined 1,235.2 19 2,660.7 23 –53.6Negotiated 8,979.2 260 10,004.4 279 –10.2Competitive 4,687.6 158 2,655.9 183 +76.5Private Placements 764.0 30 1,285.4 73 –40.6Revenue 9,975.7 206 7,225.5 241 +38.1General Obligation 4,455.1 242 6,720.2 294 –33.7Fixed Rate 13,888.4 440 13,472.4 521 +3.1Variable Rate (Short Put) 242.4 6 361.6 10 –33.0Variable Rate (Long/No Put) 300.0 2 0.0 0 n.m.Zero Coupon 0.0 0 11.7 3 –100.0Linked Rate 0.0 0 100.0 1 –100.0Convertible 0.0 0 0.0 0 n.m.Bond Insurance 510.5 40 699.1 47 –27.0Letter of Credit 64.7 2 106.3 3 –39.1Standby Purchase Agreements 39.1 2 44.4 2 –11.9Insured Mortgages 0.0 0 0.0 0 n.m.Guaranties 200.4 17 278.0 16 –27.9Other Enhancements 0.0 0 0.0 0 n.m.State Governments 2,003.0 20 2,873.4 12 –30.3State Agencies 5,134.3 113 3,418.0 83 +50.2Counties & Parishes 839.3 18 1,070.0 31 –21.6Cities & Towns 2,075.2 91 2,472.2 125 –16.1District 775.7 138 997.3 165 –22.2Local Authorities 2,068.0 46 2,131.1 91 –3.0Colleges & Universities 1,467.3 19 888.2 23 +65.2Direct Issuer 68.0 3 95.5 5 –28.8Tribal Government 0.0 0 0.0 0 n.m.Build 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: Thomson Reuters (Jul. 2)

Taxable BondsSenior Managers: First Half 2019

Manager Amt ($mill)1 Citi $2,547.92 BA Merrill Lynch 2,057.03 J P Morgan 1,565.44 Morgan Stanley 1,110.75 RBC Capital Mkts 845.76 Wells Fargo 776.27 Barclays 774.38 Jefferies 560.49 Raymond James 536.1

10 Stifel Nicolaus 519.1Private 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: Thomson Reuters (Jul. 2)

Taxable BondsFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $3,042.62 Public Resources Adv 2,301.33 Piper Jaffray 672.44 Acacia Financial Grp 635.95 Hilltop Securities 619.66 Columbia Capital Mgnt 603.47 Swap Financial Grp 538.78 CSG Advisors Incorp 332.59 Blue Rose Capital Adv 323.1

10 Robert W Baird 300.5Private 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: Thomson Reuters (Jul. 2)

Largest Taxable IssuesDate Issuer Amt ($mill) Manager(s)Jan-11 San Francisco City & Co Airport Comm, (tax) (nm/ref) $1,763.6 J P Morgan/Goldman SachsJun-20 NYS Dorm Authority, (tax) (cpt) 1,626.5 Morgan StanleyJan-8 Empire State Development Corp, (tax) (cpt) 1,543.8 Various firmsMar-26 NYC Transitional Finance Auth, (tax) (cpt) 1,450.0 RBC Capital Mkts/J P Morgan Mar-29 Connecticut (State), GOs (tax) 1,000.0 BarclaysMar-6 New York City-New York, GOs (tax) (cpt) (ref) 993.7 J P MorganJun-19 Georgia (State), GOs (tax) (cpt) 950.6 J P Morgan/Wells FargoJan-8 Massachusetts (State), GOs (tax) 918.3 BA Merrill LynchFeb-13 NYS Dorm Authority, (tax) 862.8 Goldman Sachs/BA Merrill LynchMar-26 California (State), GOs (tax) (cpt) 842.9 Wells Fargo/JefferiesKey to abbreviations: neg – negotiated; nm – new-money; pvt – private placement; ref – refunding. Source: Thomson Reuters (Jul. 2)

midyear review

Restrained volume, record demand sums up issuance in first half ��A3

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

Bond insurance holding its ground in insured volume ��A5

Low yields, high demand prompt uptick in notes ��A6

Issuance by sector �� A7-A12

Environmental facilities and housing led sectors ��A10

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

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

Bond Buyer Indexes ��A15

Cover: Adobe Stock

Contents

002_BB08191901 2 8/16/2019 4:11:43 PM

www.bondbuyer.com A3Monday, August 19, 2019

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

TOTAL $168,998.4 4,901 $165,677.7 4,812 +2.0%

January 24,692.8 588 17,974.6 562 +37.4

February 26,311.7 693 26,084.0 745 +0.9

March 27,202.3 692 31,524.6 779 –13.7

April 27,029.9 806 35,189.1 1,146 –23.2

May 28,741.0 1,082 33,399.8 998 –13.9

June 35,020.6 1,040 28,005.0 723 +25.1

First Quarter 78,206.8 1,973 65,564.3 1,889 +19.3

Second Quarter 90,791.6 2,928 100,113.4 2,923 –9.3

Development 3,317.6 154 3,452.8 207 –3.9

Education 48,401.8 1,967 46,201.2 1,882 +4.8

Electric Power 3,061.0 39 3,491.8 54 –12.3

Environmental Facilities 2,399.4 25 368.1 12 +551.8

Health Care 12,147.9 153 10,805.0 158 +12.4

Housing 11,159.1 264 9,468.2 258 +17.9

Public Facilities 2,466.3 165 4,922.2 231 –49.9

Transportation 23,014.6 222 24,716.5 242 –6.9

Utilities 18,827.6 614 18,649.6 541 +1.0

General Purpose 44,203.1 1,298 43,602.5 1,227 +1.4

Tax-Exempt 144,593.5 4,386 143,003.1 4,226 +1.1

Taxable 14,430.8 448 13,945.7 535 +3.5

Minimum Tax 9,974.1 67 8,728.9 51 +14.3

New-Money 115,509.4 3,781 118,223.7 3,762 –2.3

Refunding 28,445.6 885 25,892.9 773 +9.9

Combined 25,043.5 235 21,561.2 277 +16.2

Negotiated 116,814.6 2,683 111,348.3 2,323 +4.9

Competitive 47,981.7 1,958 44,840.9 1,987 +7.0

Private Placements 4,202.2 260 9,488.5 502 –55.7

Revenue 95,674.3 1,698 95,927.9 1,829 –0.3

General Obligation 73,324.1 3,203 69,749.9 2,983 +5.1

Fixed-Rate 153,473.0 4,726 151,730.2 4,607 +1.1

Variable-Rate (Short Put) 3,458.7 55 4,407.6 80 –21.5

Variable-Rate (Long/No Put) 9,722.3 71 6,177.2 68 +57.4

Zero-Coupon 459.0 32 434.5 26 +5.6

Linked-Rate 1,799.4 14 2,865.2 29 –37.2

Auction Rate 0.0 0 0.0 0 n.m.

Convertible 86.0 3 63.1 2 +36.3

Bond Insurance 9,699.1 798 9,058.1 625 +7.1

Letters of Credit 541.2 10 750.0 13 –27.8

Standby Purch Agreements 1,339.8 20 1,307.4 20 +2.5

Insured Mortgages 641.0 23 689.8 22 –7.1

Guaranties 14,364.6 575 14,048.3 585 +2.3

Other Enhancements 60.6 2 0.0 0 n.m.

State Governments 17,867.0 80 16,789.5 78 +6.4

State Agencies 48,167.7 650 48,783.4 555 –1.3

Counties & Parishes 10,808.3 281 10,884.8 299 –0.7

Cities & Towns 21,215.4 1,248 22,133.6 1,322 –4.1

Districts 36,164.8 2,125 33,625.5 1,906 +7.6

Local Authorities 28,071.9 433 25,872.8 538 +8.5

Colleges & Universities 4,904.5 70 6,305.4 95 –22.2

Direct Issuers 1,253.6 12 1,214.0 17 +3.3

Tribal Governments 0.0 0 68.8 2 –100.0

Cooperative Utilities 545.0 2 0.0 0 n.m.

Bank-Qualified 6,812.4 1,711 6,367.6 1,668 +7.0

Build America Bonds 0.0 0 0.0 0 n.m.

Qualified Sch Construction 150.0 1 0.0 0 n.m.

Other Stimulus 0.0 0 4.3 1 –100.0

Notes: Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. - not meaningful. Source: Thomson Reuters (Jul. 2)

midyear review

Municipal bond volume is 2% ahead of last year, as volume sans advance refundings is starting to level out and normalize.

Halfway through the year, total vol-ume stands at $168.99 billion over 4,901 deals, compared with $165.68 billion in 4,812 transactions, according to data from Refinitiv.

“The first half of 2019 was strong for municipals as a record pace of inflows to mutual funds and ETFs drove M/T ratios to the lowest levels in a decade,” said Alan Schankel, managing director at Janney Montgomery Scott.

“While municipal credit conditions were generally strong in the first half,” Schankel said, “the March ruling by a federal appeals court related to the treatment of Puerto Rico Highway and Transportation Authority special reve-nues in bankruptcy has broad market implications, triggering rating agency criteria revisions and probably future rating reductions.”

Volume did, for the most part, con-tinue to pick up and normalize with more distance from the commencement of the new tax laws.

Issuance in January totaled $21.50 billion, then fell to $17.86 billion in February, rose to $26.02 billion in March, climbed again to $31.37 bil-lion in April, then rose higher still to $35.95 billion in May, before dipping to $32.98 billion in June and ending with $25.31 billion in July.

“The market has played out to what we thought, in terms of issuance,” Wes-ly Pate, PM, Income Research + Man-agement said. “We didn’t expect any legislative change that would bring back advance refundings. We thought issuance would be similar to 2018 and it is playing out that way.”

First quarter volume was 19.3% higher to $78.21 billion from $65.56 billion and second quarter issuance was 9.3% lower to $90.79 billion from $100.11 billion.

“Hobbled by restrictions on advance refundings included in the 2017 tax reform legislation, municipal new issue supply fell last year, and has contin-ued at the slower pace so far in 2019,” Schankel said.

“Through July, the $197 billion total of new muni deals is about 8.5% below the average first 7-month volume of the previous 10 years,” he said.

New-money deals were down 2.3% to $115.51 billion in 3,781 deals, com-pared to $118.22 billion in 3,762 is-sues.

Pate said that infrastructure needs will be what drives incremental issu-ance going forward. “And while we ha-ven’t seen an uptick in ballot approval for bonds, yearly volume will stay in the $325-$340 range,” he said.

“What would drive issuance at the corporate level, such as NPVs and IRRs, doesn’t necessarily occur at the

local level,” he said. “It is much more need-driven as op-

posed to the cost of finance-driven. Absent of refundings, infrastructure spending doesn’t correlate with what we see in rates.”

Refunding deals were up 9.9% to $28.44 million from $25.89 billion.

Other than restrained volume, the other story of the year in municipals is the strength and consistently of de-mand for the asset class.

“The inflow momentum we have seen, approaching 30 consecutive weeks, is a little bit surprising coupled with current valuations. It highlights a flight to safety,” Pate said.

Schankel added that the underlying story of strong demand and modest supply that has characterized the mu-nicipal market so far this year contin-ued unabated into the summer.

“Investors have added $53 billion to muni mutual funds plus almost $5 billion to muni ETFs so far in 2019,” Schankel said.

“In theory the $58B total of new 2019 cash is enough to absorb more than a third of the first six months o f mun ic ipa l new- i s sue vo lume ($166.8B),” Schankel said. “This il-lustrates the shifting trend in how in-vestors seeking tax free income are participating in the municipal market, with vehicles such as mutual funds and ETFs attracting a gradually growing share of the individual tax free investor pie.”

Schankel also noted the first half of 2019 was good for municipal bond investors.

The Bloomberg Barclays Municipal bond index registered a 5.09% total year-to-date return through June 30th; credit conditions have generally im-proved, with upgrades from all three rating agencies exceeding downgrades; and favorable supply and demand dy-namics have been supportive of munic-ipal outperformance relative to Trea-suries.

“The 10-year municipal to Trea-sury ratio, a key measure of munici-pal bond relative value (AAA tax free yield divided by same maturity Trea-sury yield), began the year at 87.6%, dropped to a record low point of 71.6% just before Memorial Day (based on Bloomberg data beginning in 2001), and moved higher in recent weeks.

“Through six months, new-issue sup-ply has been flat compared to 2018, which in turn was the lowest in 4 years.” q

Restrained volume, record demand sums up first half

By AAron WeitzmAn

COMMENTLet us know what you think about this story at BondBuyer.com

003_BB08191901 3 8/16/2019 4:11:44 PM


Bond Sales by State: First Half 2019 2018 Percent

States Rank Volume ($mill) # Issues Rank Volume ($mill) # Issues ChangeAlabama 25 2,239.5 39 12 3,619.1 67 –38.1Alaska 50 152.2 5 46 296.8 4 –48.7Arizona 10 3,942.3 93 26 1,906.6 67 +106.8Arkansas 31 1,170.9 62 37 738.7 38 +58.5California 1 25,303.9 405 1 26,743.2 380 –5.4Colorado 20 3,068.2 99 13 3,425.9 129 –10.4Connecticut 23 2,764.8 80 16 3,242.9 56 –14.7Delaware 42 472.4 6 39 564.5 7 –16.3Florida 4 9,269.7 163 11 4,151.5 167 +123.3Georgia 15 3,462.3 49 8 4,707.7 66 –26.5Hawaii 38 825.0 3 35 1,065.4 6 –22.6Idaho 43 400.9 13 45 366.6 19 +9.4Illinois 9 4,792.4 216 9 4,311.3 228 +11.2Indiana 19 3,112.6 106 36 1,022.5 116 +204.4Iowa 24 2,377.2 144 29 1,659.0 194 +43.3Kansas 36 886.8 76 34 1,155.5 83 –23.3Kentucky 30 1,184.8 64 24 2,064.8 66 –42.6Louisiana 33 1,106.4 34 40 522.8 29 +111.6Maine 40 533.3 18 41 514.0 19 +3.8Maryland 13 3,712.5 51 20 2,825.7 28 +31.4Massachusetts 6 5,838.3 131 6 5,167.3 127 +13.0Michigan 7 5,051.1 144 18 2,937.9 174 +71.9Minnesota 22 2,849.9 203 15 3,250.0 229 –12.3Mississippi 37 871.0 28 43 408.6 33 +113.2Missouri 17 3,176.0 144 23 2,144.1 153 +48.1Montana 45 281.9 14 48 236.6 13 +19.1Nebraska 39 737.3 135 38 617.1 103 +19.5Nevada 32 1,168.3 20 25 2,010.3 24 –41.9New Hampshire 46 247.5 12 47 243.9 11 +1.5New Jersey 12 3,837.7 111 5 5,461.5 87 –29.7New Mexico 34 1,097.5 22 33 1,197.3 22 –8.3New York 2 16,615.7 287 2 19,833.2 277 –16.2North Carolina 14 3,607.5 48 21 2,699.4 47 +33.6North Dakota 44 399.0 25 44 371.9 31 +7.3Ohio 8 4,902.4 107 10 4,271.9 108 +14.8Oklahoma 28 1,514.7 235 14 3,382.8 289 –55.2Oregon 16 3,326.2 52 27 1,884.1 54 +76.5Pennsylvania 5 8,592.1 255 4 8,548.8 172 +0.5Rhode Island 41 514.2 18 42 417.1 13 +23.3South Carolina 29 1,488.3 40 32 1,217.2 36 +22.3South Dakota 48 208.3 16 49 158.0 11 +31.8Tennessee 26 2,239.5 57 22 2,405.9 50 –6.9Texas 3 16,422.2 632 3 16,399.5 498 +0.1Utah 35 1,079.4 40 28 1,766.4 43 –38.9Vermont 51 86.8 3 50 134.5 6 –35.5Virginia 18 3,151.0 39 17 3,148.4 45 +0.1Washington 21 2,947.7 52 7 4,727.9 70 –37.7West Virginia 49 190.4 7 30 1,299.1 17 –85.3Wisconsin 11 3,838.2 281 19 2,932.8 283 +30.9Wyoming 47 238.2 3 51 77.3 2 +208.2American Samoa .. 0.0 0 .. 0.0 0 n.m.D. of Columbia 27 1,702.3 14 31 1,276.0 11 +33.4Guam 53 0.0 0 53 71.4 3 –100.0Puerto Rico .. 0.0 0 .. 0.0 0 n.m.Trust Territories. .. 0.0 0 .. 0.0 0 n.m.Virgin Islands 52 0.0 0 52 75.0 1 –100.0Other Territories .. 0.0 0 .. 0.0 0 n.m.

TOTAL $168,998.4 4,901 $165,677.7 4,812 +2.0%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: Thomson Reuters (Jul. 2)

Note Sales by State: First Half 2019 2018 Percent

States Rank Volume ($mill) # Issues Rank Volume ($mill) # Issues ChangeAlabama 39 0.0 414 39 0.0 0 n.m.Alaska 20 90.0 16 22 90.0 1 unch Arizona 21 60.1 226 36 1.4 1 +4192.9Arkansas 40 0.0 6 40 0.0 0 n.m.California 2 3,418.9 170 1 3,427.0 18 –0.2Colorado 15 329.0 19 11 425.2 4 –22.6Connecticut 16 248.7 10 13 365.9 31 –32.0Delaware 41 0.0 20 41 0.0 0 n.m.Florida 31 1.5 1 35 5.0 1 –70.0Georgia 13 353.1 108 19 133.0 3 +165.5Hawaii 35 0.0 3 21 93.8 1 –100.0Idaho 8 546.2 3 8 540.0 1 +1.1Illinois 6 720.2 3 6 642.0 20 +12.2Indiana 19 96.7 2 25 49.4 4 +95.7Iowa 27 5.8 25 34 5.8 1 unch Kansas 17 222.9 8 17 174.0 5 +28.1Kentucky 12 420.6 5 9 500.0 2 –15.9Louisiana 37 0.0 5 32 14.5 3 –100.0Maine 24 19.9 1 31 15.5 1 +28.4Maryland 14 337.0 2 10 491.0 2 –31.4Massachusetts 5 1,246.4 2 4 1,175.2 156 +6.1Michigan 29 3.0 4 28 25.0 1 –88.0Minnesota 26 6.6 3 38 0.1 1 +6,500.0Mississippi 34 0.0 10 18 160.0 2 –100.0Missouri 22 56.9 2 23 66.0 1 –13.8Montana 42 0.0 1 42 0.0 0 n.m.Nebraska 25 12.2 1 29 18.5 15 –34.1Nevada 43 0.0 1 43 0.0 0 n.m.New Hampshire 23 41.3 1 24 58.0 3 –28.8New Jersey 3 2,121.9 1 3 2,754.0 236 –23.0New Mexico 30 3.0 1 20 130.7 1 –97.7New York 1 6,147.6 0 2 3,015.9 382 +103.8North Carolina 33 0.0 0 15 314.6 4 –100.0North Dakota 44 0.0 0 44 0.0 0 n.m.Ohio 11 432.3 0 12 393.5 95 +9.9Oklahoma 38 0.0 0 37 0.4 1 –100.0Oregon 28 5.1 0 33 7.8 1 –34.6Pennsylvania 18 115.2 0 26 33.7 4 +241.8Rhode Island 32 0.8 0 27 28.5 3 –97.2South Carolina 7 700.2 0 7 567.7 9 +23.3South Dakota 45 0.0 0 45 0.0 0 n.m.Tennessee 46 0.0 0 46 0.0 0 n.m.Texas 4 1,450.1 0 5 798.9 8 +81.5Utah 36 0.0 0 30 17.1 2 –100.0Vermont 47 0.0 0 47 0.0 0 n.m.Virginia 48 0.0 0 48 0.0 0 n.m.Washington 49 0.0 0 49 0.0 0 n.m.West Virginia 50 0.0 0 50 0.0 0 n.m.Wisconsin 9 540.9 0 14 334.0 20 +61.9Wyoming 51 0.0 0 51 0.0 0 n.m.American Samoa .. 0.0 0 .. 0.0 0 n.m.D. of Columbia 10 500.0 1 16 300.0 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 .. 0.0 0 .. 0.0 0 n.m.Other Territories .. 0.0 0 .. 0.0 0 n.m.

TOTAL $20,253.9 1,075 $17,172.9 1,045 +17.9%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: Thomson Reuters (Jul. 2)

midyear review

004_BB08191901 4 8/16/2019 4:11:45 PM


Bond Insurance: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $9,699.1 798 $9,058.1 625 +7.1%First Quarter 3,624.1 290 3,622.6 257 unch Second Quarter 6,075.0 508 5,435.5 368 +11.8Development 619.1 15 369.3 28 +67.6Education 3,121.6 313 3,170.8 260 –1.6Electric Power 561.2 6 228.8 7 +145.2Environmental Facilities 0.0 2 0.0 0 n.m.Healthcare 634.2 2 297.3 4 +113.3Housing 0.0 0 0.0 0 n.m.Public Facilities 696.1 37 874.7 42 –20.4Transportation 844.4 28 470.3 27 +79.5Utilities 1,744.9 250 1,193.0 149 +46.3General Purpose 1,477.9 145 2,453.8 108 –39.8Tax-Exempt 8,773.9 743 8,037.2 565 +9.2Taxable 546.7 43 748.0 50 –26.9Minimum -Tax 378.6 12 273.0 10 +38.7New-Money 6,794.8 530 6,137.3 452 +10.7Refunding 1,912.4 224 1,873.1 119 +2.1Combined 992.0 44 1,047.6 54 –5.3Negotiated 6,267.0 530 6,363.7 376 –1.5Competitive 3,432.1 268 2,694.4 249 +27.4Private Placements 0.0 0 0.0 0 n.m.Revenue 3,337.5 165 4,329.1 195 –22.9General Obligation 6,361.7 633 4,729.1 430 +34.5Fixed Rate 9,576.5 773 8,953.0 606 +7.0Variable Rate (Short Put) 0.0 0 0.0 0 n.m.Zero Coupon 122.7 25 105.1 19 +16.7Linked Rate 0.0 0 0.0 0 n.m.Convertible 0.0 0 0.0 0 n.m.State Governments 0.0 0 0.0 0 n.m.State Agencies 936.7 26 1,085.2 20 –13.7Counties & Parishes 359.6 19 727.7 34 –50.6Cities & Towns 1,619.0 146 2,298.8 140 –29.6District 5,540.4 541 3,428.7 356 +61.6Local Authorities 1,039.3 55 1,080.4 64 –3.8Colleges & Universities 187.4 9 437.4 11 –57.2Direct Issuer 16.7 2 0.0 0 n.m.Bank Qualified 2,151.3 456 1,438.8 289 +49.5Build 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.


Largest Insured IssuesDate Issuer Amt ($mill) Manager(s)Jun-12 Kansas City Industrial Dev Au, (amt) $886.3 Morgan StanleyJun-19 Pennsylvania Turnpike Commission 723.0 CitiMay-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 Various firmsFeb-6 Massachusetts Dev Finance Agcy, (tax) (nm/ref) 429.5 BA Merrill LynchFeb-27 Alameda Co (Hayward) USD, GOs (nm/ref) 231.3 RBC Capital MktsJun-19 Pittsburgh Water & Sewer Auth, (nm/ref) 214.1 Morgan StanleyJun-5 Clark Co SD, GOs (cpt) 200.0 BA Merrill LynchMay-9 Metropolitan Transport Auth (MTA), (cpt) (ref) 177.2 BA Merrill Lynch

Key to abbreviations: GOs – general obligation bonds; nm – new-money; ref – refunding. Source: Thomson Reuters (Jul. 2)

Bond Insurer RankingsFirst Half 2019 - Ranked by Insured Amount

Rank Firm Volume Market Share Issues

1 AGM formerly FSA Inc $5,377.2 55.4% 3472 Build America Mutual (BAM) 4,032.9 41.6 3753 Municipal Assurance Corp (MAC) 289.1 3.0 76

This is Thomson Reuters’s “AT10” league table. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Each firm is credited with the amount it insured within the issue. Source: Thomson Reuters (Jul. 2)

midyear review

The municipal bond insurance in-dustry has seen an uptick in overall par amount insured and a steady industry saturation rate for the first half of 2019.

The two active bond insurers — As-sured Guaranty and Build America Mu-tual — have a total of $9.69 billion of combined par amount insured in 798 deals in the first half of the year, up 7.1% from the $9.06 billion in 625 is-sues in the first six months of 2018, ac-cording to data from Refinitiv. Bond insurance industry saturation finished the first half at 5.74%. The percentage of bonds insured hit a low point back in 2017 at just 5.29% but it has been slowly climbing since then, as it finished 2018 at 5.90%.

Assured Guaranty is the top munici-pal bond insurer at the halfway point of 2019. Assured insured a total of $5.67 billion in 423 deals for a 58.4% market share, versus $5.12 billion in 283 trans-actions or 56.5% market share during the first half of 2018. The figures include Assured’s subsidiary Municipal Assur-ance Corp.

“The first half of the year is off to a good start, with municipal bond issu-ance and the insured market both mak-ing volume gains compared with the previous year,” Robert Tucker, head of investor relations and communications at Assured said. “During the first half of 2019, the par volume of insured new issues increased by 7.7% from its level in last year’s first half, outpacing the 5.8% increase in overall municipal bond issuance.”

For the first quarter of 2019, As-sured Guaranty insured 56% of insured new-issue par and 56% of the transac-tions sold in the quarter and insured about $2.4 billion in aggregate in the primary and secondary market with a total transaction/policy count of 261.

For the second quarter of 2019 alone, Assured led the market, capturing 60% in terms of par insured and 51% in transaction count of the insured market. Compared with the second quarter of the previous year, Assured Guaranty’s insured par was up 27% to $3.7 billion, surpassing the 13% increase in the in-sured market, and up 58% to 260 new issues in transaction count.

“Assured Guaranty led the bond in-surance market in terms of both par in-sured and transaction count for the first half,” Tucker said. “Our par insured in the primary market increased 11.3% to $5.7 billion and represented 59% of insured par, and its transaction count of 423 insured transactions was up more than 49% and represented 53% of the insured deals.”

He added that additionally, Assured Guaranty’s 175 secondary-market poli-cies generated $665 million of insured par, more than twice the secondary-mar-ket par it produced in the first half of 2018.

“In aggregate, including both primary

and secondary market business, Assured Guaranty’s total par insured was $6.4 billion, up 17% from the total in the first half 2018,” he said.

During the half, Assured Guaranty insured 25 transactions with AA under-lying credit quality, for a total of $770 million in insured par. Assured Guaranty also continued to benefit from its abili-ty to assist the larger transactions that typically interest institutional investors, guaranteeing par amounts exceeding $100 million on seven different transac-tions, according to Tucker. Among these was the largest insured Green Bond on record, $179 million of bonds issued by New York’s Metropolitan Transit Au-thority.

“Rating agencies continued to rec-ognize Assured Guaranty’s financial strength,” Tucker said. “So far this year, S&P Global Ratings affirmed Assured Guaranty’s ratings, including its AA financial strength ratings, with stable outlook, on AGM, MAC and AGC; Kroll Bond Rating Agency affirmed its AA+ ratings for MAC, also with a stable out-look. AGM was affirmed by KBRA at the end of 2018 also with a AA+ stable outlook.”

Build America Mutual accounted for $4.03 billion of insured volume span-ning 375 transactions or 41.6% market share in the first six months of 2019, compared with $3.94 billion in 343 deals and 43.5% market share.

“Credit considerations have remained core to most municipal investors’ ap-proach to the market this year, and even as rates and spreads fell, bond insurance often offered compelling relative value,” Grant Dewey, BAM’s head of Municipal Capital Markets said.

“That’s why we’ve seen an increase in primary-market penetration for the year so far. We’re seeing solid demand across all of the sectors where BAM is active, and we’re constantly monitoring the market alongside our counterparties to identify opportunities where our guar-anty creates values.”

Dewey added that for the larger uni-verse of uninsured bonds in the sec-ondary market, insurance is a valuable tool that gives institutional investors an opportunity to manage the credit profile of their portfolio without having to sell or swap long-term holdings and poten-tially trigger a tax liability — and that value is magnified in an environment of net negative supply.

BAM’s AA rating with S&P was af-frimed in June and assigned with a sta-ble rating.

“Build America Mutual Assurance Co. has a strong competitive position arising from investor acceptance of its financial guarantees and stable market share, as well as its very strong capital adequacy,” S&P said in its report.

“As a result, we are affirming our rat-ings on BAM. The stable outlook re-flects our view that BAM will maintain its strong competitive position along with its market share.” q

Bond insurance holding its ground in insured volume

By AAron WeitzmAn

005_BB08191901 5 8/16/2019 4:11:45 PM


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

TOTAL $20,253.9 1,075 $17,172.9 1,045 +17.9%

January 3,319.6 140 2,084.6 112 +59.2

February 1,583.3 122 2,196.5 110 –27.9

March 1,513.8 113 1,672.0 143 –9.5

April 3,191.5 136 1,043.6 125 +205.8

May 2,118.5 197 2,154.0 196 –1.6

June 8,527.2 367 8,022.2 359 +6.3

First Quarter 6,416.7 375 5,953.2 365 +7.8

Second Quarter 13,837.2 700 11,219.8 680 +23.3

Development 82.2 13 91.7 12 –10.4

Education 4,751.8 320 4,834.5 280 –1.7

Electric Power 276.8 9 23.4 9 +1,082.9

Environmental Facilities 1.0 1 4.4 1 –77.3

Health Care 30.7 4 0.1 1 +30,600.0

Housing 0.0 0 5.0 2 –100.0

Public Facilities 70.1 27 83.0 30 –15.5

Transportation 2,893.9 32 482.1 41 +500.3

Utilities 1,589.4 52 1,145.9 50 +38.7

General Purpose 10,558.0 617 10,502.8 619 +0.5

Tax-Exempt 19,887.0 1,014 16,472.1 981 +20.7

Taxable 359.4 60 700.2 63 –48.7

Minimum Tax 7.5 1 0.6 1 +1150.0

New-Money 20,164.8 1,066 16,928.0 1,030 +19.1

Refunding 89.1 9 242.4 13 –63.2

Combined 0.0 0 2.5 2 –100.0

Negotiated 5,355.7 174 5,257.2 166 +1.9

Competitive 14,302.0 875 11,121.6 838 +28.6

Private Placements 596.2 26 794.1 41 –24.9

Revenue 1,578.8 37 1,314.7 30 +20.1

General Obligation 18,675.1 1,038 15,858.2 1,015 +17.8

Fixed-Rate 17,918.8 1,065 14,710.2 1,029 +21.8

Variable-Rate (Short Put) 2,335.0 9 2,313.8 13 +0.9

Linked-Rate 0.0 0 147.4 1 –100.0

Zero-Coupon 0.1 1 1.6 2 –93.8

Bond Insurance 0.1 1 3.3 3 –97.0

Letters of Credit 900.0 3 638.8 4 +40.9

Standby Purch Agreements 0.0 0 75.0 1 –100.0

Insured Mortgages 0.0 0 0.0 0 n.m.

Guaranties 62.5 11 199.1 26 –68.6

State Governments 1,371.2 3 2,199.5 8 –37.7

State Agencies 3,371.3 17 519.5 12 +549.0

Counties & Parishes 2,919.8 57 2,882.1 51 +1.3

Cities & Towns 7,746.7 637 6,521.1 654 +18.8

Districts 4,238.4 327 4,280.1 281 –1.0

Local Authorities 606.4 34 769.9 37 –21.2

Colleges & Universities 0.0 0 0.0 0 n.m.

Direct Issuers 0.0 0 0.7 2 –100.0

Co-Operative Utilities 0.0 0 0.0 0 n.m.

Bank-Qualified 1,909.3 593 1,727.4 551 +10.5

Build America Bonds 0.0 0 0.0 0 n.m.


Other Stimulus 0.0 0 0.0 0 n.m.

Notes: Private placements and municipal forwards are included, but short-term notes and remarketings are excluded. n.m. - not meaningful.

Source: Thomson Reuters (Jul. 2)

midyear review

The phenomenon of low yields and a flatter yield curve persists, yet a voracious appetite for municipal bonds was responsi-ble for a nearly 18% increase in short-term note volume in the first half of 2019.

Strong demand from both issuers and investors led to a 17.9% increase, which occurred between January 1 and June 30, compared to the same period in 2018, according to new data as of July 2 from Thomson Reuters.

Issuers sold $20.25 billion among 1,075 note issues in the first six months of the year, compared to $17.17 billion over 1,045 issues last year, the data showed.

“With yields being so low, notes become an attractive tool for issuers to utilize to access capital markets,” Shaun Burgess, portfolio manager and fixed income ana-lyst at Cumberland Advisors said.

Meanwhile, the significant municipal mutual fund inflows in the first half of the year prompted a rise in note demand on the buy side — especially among rated paper, according to Burgess.

“Notes generally offer a more attractive yield than short-term bonds in a serial is-sue, so for an investor they are an attractive short-term option,” he said.

This year’s trend is in contrast to recent years when rate volatility — namely the potential for rising rates and ongoing aus-terity among state and local municipalities resulted in a steady decline in short-term note volume.

While sources say austerity is a reality for municipalities, current market tech-nicals prompted the noticeable uptick in 2019’s first half, sources said.

General issuer psychology and short-term structural mechanics have elevat-ed note issuance throughout the first six months of 2019, according to Jeffrey Lip-ton, managing director and head of munic-ipal research and strategy and municipal capital markets at Oppenheimer & Co.

“Our sense is that borrowing activity is moving in lock-step with Fed policy where concerns over higher interest rates have abated — for now,” he said.

The data proves that to be true as tax-ex-empt note issuance jumped by 20.7% to $19.88 billion among 1,014 deal, versus $16.47 billion in 981 deals in the prior first half.

Taxable note sales dropped, however, by 48.7% to $359.4 million among 60 deals, down from $700.2 among 63 deals.

A flatter yield curve relative to the same period last year also helped to lift note issuance year-to-date, according to Lipton, who said a number of issuers were recog-nizing value on the short-end of the curve.

In fact, issuers accessed the market most in April when they sold $3.19 billion among 136 deals, up from $1.04 billion in 125 deals in the prior first half.

“Although we believe that austerity measures still apply and that the overall national economic profile remains firm during this late-cycle recovery — albeit with slower growth performance — issu-ers are now more comfortable marketing

short-term notes for specific purposes,” Lipton explained.

A 19.1% increase in new-money notes in the first half help reinforce his point, as volume grew to $20.16 million in 1,066 deals, versus $16.92 million in 1,030 fi-nancings.

State agencies also demonstrated a sig-nificant boost in note issuance, with $3.37 billion sold among 17 deals, up from just $519.5 million among 12 deals the prior first half.

Elsewhere, meanwhile, note issuance surged in the electric power sector where the number of deals remained unchanged at nine — but the volume rose substan-tially to $276.8 million from just $23.4 million in 2018.

The healthcare sector also grew to $30.7 million among four issues, up from $100,000 in one deal the prior year. At the same time, issuance in the transportation sector drove up to $2.89 billion among 32 issues, compared with $482.1 million among 41 deals in 2018.

Lipton noted that certain issuers are less motivated now to convert to long-term, fixed-rate structures than they have in the past given the relative comfort that borrow-ing costs will be lower when notes retire or renew.

“For others, it is a matter of having a need to fund a backlog of projects while keeping in notes during construction peri-ods so as to accommodate timing irregular-ities of state aid payments,” he said.

Lipton suggested that some issuers are also making up for a drop in note issuance in 2018 and cash flow needs may have increased for some — particularly those issuers experiencing declines in state aid payments.

“Generally, now with stronger revenue growth, improved expenditure controls, and consistent allocations to rainy day funds already made, issuers have more capacity to cover their note borrowings,” he explained.

Growth in other segments of the note market supported that concept.

Notes backed by revenue debt rose by 20.1% to $1.57 million among 37 issues, versus $1.31 million among 30 deals.

General obligation notes, on the other hand, rose 17.8% to $18.67 million among 1,038 issuance, versus $15.85 million in 1,015 deals, the data showed.

Back at Cumberland, managers have been more active in new-issue notes this year, according to Burgess, who said the firm is taking advantage of the opportunity to park some funds short-term while still receiving better rates than money market instruments.

“We believe we will continue to see notes come to market until longer yields rise and we see more than 125 basis points between one year and 30-year paper,” Bur-gess added.

“Given our view that rates are likely to trend lower through year-end, a stable eco-nomic profile, and similar issuer psycholo-gy, we would expect note issuance for the second half of the year to be up from the same period of last year,” Lipton added. q

Low yields, high demand prompt uptick in notes

By Christine AlBAno

006_BB08191901 6 8/16/2019 4:11:46 PM


DevelopmentSenior Managers: First Half 2019

Manager Amt ($mill)1 BA Merrill Lynch $679.02 Goldman Sachs 508.13 Stifel Nicolaus 424.14 FMSbonds Inc 279.15 Piper Jaffray 190.46 Citi 169.07 Robert W Baird 126.28 MBS Capital Mkt 119.39 Siebert Cisneros Shank 91.3

10 Hilltop Securities 64.2Private 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: Thomson Reuters (Jul. 2)

EducationFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $6,321.72 Hilltop Securities 4,684.33 Piper Jaffray 1,671.34 Baker Tilly Muni Adv 1,242.95 Fieldman Rolapp 1,238.06 KNN Public Finance 1,208.57 Urban Futures 1,156.08 Ehlers & Asso 960.09 RBC Capital Mkts 886.9

10 Samco Capital Mkts 867.7 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: Thomson Reuters (Jul. 2)

Education: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $48,401.8 1,967 $46,201.2 1,882 +4.8%First Quarter 23,207.6 803 20,044.5 774 +15.8Second Quarter 25,194.2 1,164 26,156.7 1,108 –3.7K-12 Education 34,792.8 1,722 32,039.1 1,601 +8.6Higher Education 12,510.5 200 13,029.0 242 –4.0Student Loans 1,011.2 17 750.9 8 +34.7Other Education 87.3 28 382.2 31 –77.2Tax-Exempt 43,848.7 1,742 42,486.2 1,651 +3.2Taxable 3,894.8 212 3,158.2 225 +23.3Minimum-Tax 658.3 13 556.8 6 +18.2New-Money 37,377.7 1,612 36,320.1 1,545 +2.9Refunding 7,160.1 285 5,631.4 247 +27.1Combined 3,864.0 70 4,249.7 90 –9.1Negotiated 32,454.2 1093 32,744.7 944 –0.9Competitive 15,419.7 811 11,963.7 813 +28.9Private Placements 527.9 63 1,492.8 125 –64.6Revenue 16,063.5 442 18,016.5 492 –10.8General Obligation 32,338.3 1,525 28,184.7 1,390 +14.7Fixed Rate 47,041.4 1,929 44,712.9 1,842 +5.2Variable Rate (Short Put) 44.7 3 198.4 7 –77.5Variable Rate (Long/No Put) 792.2 9 319.3 8 +148.1Zero Coupon 261.3 23 343.5 19 –23.9Linked Rate 262.2 3 567.3 5 –53.8Convertible 0.0 0 59.8 1 –100.0Bond Insurance 4,685.2 313 3,272.6 260 +43.2Letter of Credit 0.0 0 0.0 0 n.m.Standby Purchase Agreements 92.2 1 1.3 1 +6,992.3Insured Mortgages 0.0 0 0.0 0 n.m.Guaranties 14,074.5 553 13,780.1 559 +2.1Other Enhancements 60.6 2 0.0 0 n.m.State Governments 454.5 8 652.1 9 –30.3State Agencies 8,995.5 176 8,286.7 147 +8.6Counties & Parishes 717.0 28 1,071.7 35 –33.1Cities & Towns 377.9 17 307.6 10 +22.9District 30,587.9 1,575 26,514.3 1,465 +15.4Local Authorities 2,408.0 91 3,008.7 116 –20.0Colleges & Universities 4,755.0 68 6,272.8 94 –24.2Direct Issuer 106.0 4 87.3 6 +21.4Bank Qualified 3,113.5 721 3,006.2 729 +3.6Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


Development: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $3,317.6 154 $3,452.8 207 –3.9%First Quarter 1,094.1 64 1,780.4 84 –38.5Second Quarter 2,223.5 90 1,672.4 123 +33.0Economic Development 1,819.8 139 2,565.5 181 –29.1Industrial Development 1,261.4 13 864.7 25 +45.9Office Building 236.4 2 22.6 1 +946.0Tax-Exempt 1,799.7 120 2,137.0 145 –15.8Taxable 532.0 29 1,037.4 58 –48.7Minimum-Tax 985.9 5 278.4 4 +254.1New-Money 2,560.3 133 2,228.8 141 +14.9Refunding 628.5 17 931.5 53 –32.5Combined 128.8 4 292.5 13 –56.0Negotiated 2,827.1 119 2,273.3 134 +24.4Competitive 241.5 21 244.2 20 –1.1Private Placements 249.0 14 935.3 53 –73.4Revenue 3,109.8 130 3,247.1 180 –4.2General Obligation 207.8 24 205.7 27 +1.0Fixed Rate 2,879.8 153 3,367.4 201 –14.5Variable Rate (Short Put) 0.0 0 85.4 6 –100.0Variable Rate (Long/No Put) 437.8 1 0.0 0 n.m.Zero-Coupon 0.0 0 0.0 0 n.m.Linked Rate 0.0 0 0.0 0 n.m.Convertible 0.0 0 0.0 0 n.m.Bond Insurance 138.1 15 312.9 28 –55.9Letter of Credit 0.0 0 17.2 2 –100.0Guaranties 0.0 0 0.0 0 n.m.Other Enhancements 0.0 0 0.0 0 n.m.State Governments 0.0 0 14.3 1 –100.0State Agencies 966.5 21 511.1 15 +89.1Counties & Parishes 38.0 2 364.3 13 –89.6Cities & Towns 654.5 37 612.6 58 +6.8District 515.5 58 597.1 53 –13.7Local Authorities 915.2 35 1,299.9 66 –29.6Colleges & Universities 0.0 0 0.0 0 n.m.Direct Issuer 227.9 1 0.0 0 n.m.Tibal Government 0.0 0 53.5 1 –100.0Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 36.0 12 52.9 15 –31.9Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


DevelopmentFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $258.4

2* Montague DeRose 113.92* Piper Jaffray 113.9

4 Hilltop Securities 92.25 Backstrom McCarley 78.76 Urban Futures Inc 72.37 Davenport & Co 70.78 Baker Tilly Municipal Adv 61.19 Fieldman Rolapp 40.9

10 First Tryon Securities 39.3Private 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: Thomson Reuters (Jul. 2)

EducationSenior Managers: First Half 2019

Manager Amt ($mill)1 BA Merrill Lynch $5,431.52 Citi 4,484.23 Stifel Nicolaus 3,933.24 RBC Capital Mkts 3,834.85 Piper Jaffray 3,276.66 Robert W Baird 3,184.57 Morgan Stanley 2,771.98 Raymond James 2,459.69 J P Morgan 2,413.8

10 Wells Fargo 1,553.8Private 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: Thomson Reuters (Jul. 2)

Largest Development IssuesDate Issuer Amt ($mill) Manager(s)May-21 Arkansas Development Fin Auth, (amt) $487.0 Goldman SachsMay-30 Chandler Industrial Dev Auth, (amt) 437.9 BA Merrill LynchFeb-12 FYI Properties, (ref) 227.9 BA Merrill LynchFeb-7 San Francisco City/Co-California, (tax) 191.0 Stifel Nicolaus Mar-26 Iowa Finance Authority, (ref) 120.0 CitiMay-8 Maryland Eco Dev Corp (MEDCO), (amt) 103.2 Piper JaffrayJun-12 West Palm Beach Comm Redev Agy, (nm/ref) 91.3 Siebert Cisneros Shank Apr-4 United Nations Development Corp, (ref) 42.1 Goldman Sachs/Morgan StanleyApr-10 Fulton Co Urban Redev Agency, (cpt) 39.3 Robert W Baird & Co IncFeb-27 River Islands Public Fin Auth 38.5 Hilltop SecuritiesKey to abbreviations: amt – alternative minimum tax; nm – new-money; ref – refunding; tax – taxable. Source: Thomson Reuters (Jul. 2)

Largest Education IssuesDate Issuer Amt ($mill) Manager(s)Feb-13 NYS Dorm Authority, (tax/te) $862.8 Various firmsMar-12 Regents of the Univ of California, (tax/te) (nm/ref) 653.1 UBS Financial/BarclaysMay-7 Los Angeles USD, GOs (cpt) (ref) 594.6 BA Merrill LynchMay-15 Virginia College Building Auth, (cpt) 513.2 BA Merrill LynchMay-9 PA Commonwealth Financing Auth, (tax) 498.5 CitiMay-16 NYS Dorm Authority 482.4 Roosevelt & CrossJun-20 Montgomery Co Hghr Ed & Hlth Au 449.7 BA Merrill LynchMar-21 California Educational Facs Auth 441.8 Goldman SachsMar-19 Florida State BOE, GOs (cpt) (ref) 438.9 J P MorganMar-27 Santa Clara USD, GOs (cpt) (ref) 422.6 Various firmsKey to abbreviations: nm – new money; ref – refunding; tax – taxable; te – tax exempt. Source: Thomson Reuters (Jul. 2)

midyear review

007_BB08191901 7 8/16/2019 4:11:46 PM


Electric PowerSenior Managers: First Half 2019

Manager Amt ($mill)1 J P Morgan $732.22 Goldman Sachs 661.43 Citi 628.74 Wells Fargo 316.15 Barclays 293.46 RBC Capital Mkts 100.57 BA Merrill Lynch 67.58 Piper Jaffray 57.29 US Bancorp 55.0

10 Raymond James 18.7Private 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: Thomson Reuters (Jul. 2)

Electric Power: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $3,061.0 39 $3,491.8 54 –12.3%

First Quarter 1,544.7 18 1,182.5 21 +30.6

Second Quarter 1,516.3 21 2,309.3 33 –34.3

Tax-Exempt 2,389.2 32 3,428.6 46 –30.3

Taxable 671.8 7 63.2 8 +963.0

Minimum-Tax 0.0 0 0.0 0 n.m.

New-Money 1,449.3 20 615.5 22 +135.5

Refunding 849.1 11 2,356.3 25 –64.0

Combined 762.6 8 520.0 7 +46.7

Negotiated 2,979.4 30 3,147.6 42 –5.3

Competitive 64.7 4 35.0 5 +84.9

Private Placements 16.9 5 309.2 7 –94.5

Revenue 2,831.5 35 3,473.8 52 –18.5

General Obligation 229.5 4 18.0 2 +1,175.0

Fixed Rate 2,837.5 37 3,225.9 51 –12.0

Variable Rate (Short Put) 55.0 1 0.0 0 n.m.

Variable Rate (Long/No Put) 168.5 1 151.3 2 +11.4

Zero Coupon 0.0 0 0.0 0 n.m.

Linked Rate 0.0 0 114.6 1 –100.0

Bond Insurance 51.1 6 168.5 7 –69.7

Letter of Credit 0.0 0 0.0 0 n.m.

Guaranties 0.0 0 0.0 0 n.m.

State Governments 0.0 0 0.0 0 n.m.

State Agencies 15.5 1 251.3 7 –93.8

Counties & Parishes 0.0 0 0.0 0 n.m.

Cities & Towns 1,137.0 16 724.8 23 +56.9

District 71.4 3 191.6 5 –62.7

Local Authorities 1,531.8 14 1,290.4 13 +18.7

Direct Issuer 305.3 5 1,033.7 6 –70.5

Cooperative Utilities 0.0 0 0.0 0 n.m.

Bank Qualified 43.0 12 44.7 13 –3.8


Other Stimulus Program 0.0 0 0.0 0 n.m.


Electric PowerFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $1,218.82 Public Resources Adv 654.73 Specialized Public Fin 434.64 Ramirez & Co Inc 223.75 Hilltop Securities 147.66 Phoenix Advisors 56.77 NW Financial 18.78 Public Advisory Consult 16.79 Omnicap Group 15.5

10 Robert W Baird 5.7Private 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: Thomson Reuters (Jul. 2)

Largest Electric Power IssuesDate Issuer Amt ($mill) Manager(s)May-22 Austin City-Texas, (tax) $464.5 J P MorganMar-13 Lower Colorado River Authority (LCRA), (nm/ref) 393.0 CitiJan-17 Los Angeles Dept of Wtr & Power 345.8 Barclays/Goldman SachsApr-25 Los Angeles Dept of Wtr & Power 308.9 Goldman SachsFeb-6 Riverside City-California, (ref) 283.3 Goldman SachsMay-8 Energy Northwest, (tax/te) (nm/ref) 269.9 J P Morgan/BA Merrill LynchJan-29 American Municipal Power Inc, GOs (ref) 168.5 Wells Fargo & CoFeb-5 Garland City-Texas, (ref) 147.6 Wells Fargo & CoJun-25 Port of Morrow-Oregon, (tax) 98.2 CitiJun-20 Modesto Irrigation Dt Fin Au, (nm/ref) 95.9 CitiKey to abbreviations: nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Thomson Reuters (Jul. 2)

midyear review

EnvironmentalSenior Managers: First Half 2019

Manager Amt ($mill)1 BA Merrill Lynch $866.32 Citi 466.93 Morgan Stanley 397.14 Goldman Sachs 185.05 Westhoff Cone 179.06 KeyBanc Capital Mkts 167.77 Raymond James 64.58 Robert W Baird 28.09 Ziegler 25.0

10 Jefferies 7.0Private 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: Thomson Reuters (Jul. 2)

Environmental Facilities: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $2,399.4 25 $368.1 12 +551.8%First Quarter 1,288.6 11 45.5 4 +2,732.1Second Quarter 1,110.8 14 322.6 8 +244.3Pollution Control 1,694.2 13 280.9 5 +503.1Solid Waste Disposal 391.9 10 87.2 7 +349.4Recycling 313.3 2 0.0 0 n.m.Tax-Exempt 1,482.2 15 263.5 9 +462.5Taxable 0.0 0 0.0 0 n.m.Minimum-Tax 917.2 10 104.6 3 +776.9New-Money 1,570.8 17 139.9 8 +1,022.8Refunding 828.6 8 213.3 3 +288.5Combined 0.0 0 14.9 1 –100.0Negotiated 2,365.4 22 365.8 10 +546.6Competitive 34.0 3 2.3 2 +1,378.3Private Placements 0.0 0 0.0 0 n.m.Revenue 2,386.6 22 340.1 9 +601.7General Obligation 12.8 3 28.0 3 –54.3Fixed Rate 1,983.1 21 189.1 7 +948.7Variable Rate (Short Put) 65.0 2 10.5 1 +519.0Variable Rate (Long/No Put) 351.3 2 168.5 4 +108.5Linked Rate 0.0 0 0.0 0 n.m.Bond Insurance 42.6 2 0.0 0 n.m.Letter of Credit 0.0 0 10.5 1 –100.0Guaranties 0.0 0 15.5 2 –100.0Other Enhancement 0.0 0 0.0 0 n.m.State Governments 0.0 0 0.0 0 n.m.State Agencies 1,848.5 13 123.2 5 +1,400.4Counties & Parishes 156.9 3 1.1 1 +14,163.6Cities & Towns 296.4 4 27.0 2 +997.8District 42.7 2 0.0 0 n.m.Local Authorities 54.9 3 216.8 4 –74.7Direct Issuer 0.0 0 0.0 0 n.m.Bank Qualified 12.8 3 1.2 1 +966.7Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


EnvironmentalFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $716.72 KNN Public Finance 48.83 CTBH Partners 46.54 Baker Tilly Muni Adv 28.05 Zions Bank 17.76 Phoenix Advisors 15.77 Capital Markets Adv 6.28 Ehlers & Associates 6.1

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: Thomson Reuters (Jul. 2)

Largest Environmental Facility IssuesDate Issuer Amt ($mill) Manager(s)Feb-26 Ohio Water Development Authority $450.0 BA Merrill LynchJun-26 Ohio Air Quality Dev Authority, (amt) 307.2 Citi/Morgan StanleyJan-9 Indiana Finance Authority 266.7 CitiJun-25 Whiting City-Indiana, (amt) (ref) 252.7 BA Merrill LynchMar-27 Indiana Finance Authority 185.0 Goldman Sachs May-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 ConeJun-10 Maryland Eco Dev Corp (MEDCO), (ref) 109.5 Morgan StanleyJun-20 New Hampshire National Fin Auth, (amt) (ref) 98.5 BA Merrill LynchKey to abbreviations: amt – alternative minimum tax; GOs – general obligation bonds; nm – new-money; ref – refunding; te – tax-exempt. ource: Thomson Reuters (Jul. 2)

008_BB08191901 8 8/16/2019 4:11:47 PM


General PurposeFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 Public Resources Adv $11,413.52 PFM Financial Adv 9,564.43 Hilltop Securities 2,697.54 Acacia Financial Grp 2,217.05 Columbia Capital Mngt 1,047.56 RBC Capital Mkts 933.07 Davenport & Co 735.08 Piper Jaffray 674.89 Ehlers & Associates 600.8

10 Capital Markets Adv 482.3Private 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: Thomson Reuters (Jul. 2)

General Purpose: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $44,203.1 1,298 $43,602.5 1,227 +1.4%First Quarter 23,409.7 500 17,274.4 456 +35.5Second Quarter 20,793.4 798 26,328.1 771 –21.0General Purpose 44,203.1 1,298 43,600.5 1,226 +1.4Agriculture 0.0 0 0.0 0 n.m.Veterans 0.0 0 0.0 0 n.m.Tax-Exempt 38,220.6 1,182 38,033.6 1,107 +0.5Taxable 5,793.7 111 5,511.5 118 +5.1Minimum-Tax 188.8 5 57.4 2 +228.9New-Money 27,234.5 980 27,371.6 977 –0.5Refunding 7,982.1 244 6,587.0 183 +21.2Combined 8,986.5 74 9,643.9 67 –6.8Negotiated 21,234.8 496 21,309.3 392 –0.3Competitive 22,217.7 750 21,023.8 717 +5.7Private Placements 750.6 52 1,269.4 118 –40.9Revenue 12,727.7 235 14,705.1 219 –13.4General Obligation 31,475.4 1,063 28,897.4 1,008 +8.9Fixed Rate 43,742.0 1,289 42,955.7 1,211 +1.8Variable Rate (Short Put) 351.9 3 411.5 8 –14.5Variable Rate (Long/No Put) 0.0 0 2.0 1 –100.0Zero Coupon 23.2 3 0.4 1 +5700.0Linked Rate 0.0 0 229.7 5 –100.0Convertible 86.0 3 3.2 1 +2587.5Bond Insurance 1,667.9 145 2,480.7 108 –32.8Letter of Credit 0.0 0 0.0 0 n.m.Standby Purchase Agreements 150.0 1 100.0 1 +50.0Insured Mortgages 0.0 0 0.0 0 n.m.Guaranties 161.3 11 222.7 13 –27.6State Governments 14,937.9 55 13,001.2 49 +14.9State Agencies 7,404.9 68 11,148.4 55 –33.6Counties & Parishes 6,403.8 173 5,144.3 165 +24.5Cities & Towns 12,251.6 876 12,231.8 826 +0.2District 1,016.5 73 822.6 77 +23.6Local Authorities 2,081.4 52 1,209.9 53 +72.0Colleges & Universities 107.0 1 0.0 0 n.m.Indian Tribal 0.0 0 0.0 0 n.m.Direct Issuer 0.0 0 44.3 2 –100.0Tribal Government 0.0 0 0.0 0 n.m.Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 1,933.4 484 1,838.4 473 +5.2Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


General PurposeSenior Managers: First Half 2019

Manager Amt ($mill)1 BA Merrill Lynch $7,808.42 Citi 5,634.63 Morgan Stanley 4,938.64 Barclays 3,031.15 Goldman Sachs 2,856.86 Wells Fargo 2,783.57 J P Morgan 2,778.98 Robert W Baird 1,907.59 RBC Capital Mkts 1,284.9

10 Siebert Cisneros Shank 969.0Private 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: Thomson Reuters (Jul. 2)

Largest General Purpose IssuesDate Issuer Amt ($mill) Manager(s)Mar-6 California (State), GOs (nm/ref) $2,291.9 Citi/BA Merrill LynchApr-11 California (State), GOs (nm/ref) 2,024.0 Morgan Stanley/Goldman SachsJun-20 NYS Dorm Authority, (tax/te) (cpt) 1,626.5 Various firmsJan-8 Empire State Development Corp, (tax/te) (cpt) 1,543.8 Various firmsMar-26 NYC Transitional Finance Auth, (tax/te) (cpt) 1,450.0 Various firmsMar-29 Connecticut (State), GOs (tax/te) 1,000.0 BarclaysMar-6 New York City-New York, GOs (tax/te) (cpt) (ref) 993.7 J P Morgan/Siebert Cisneros ShankJun-19 Georgia (State), GOs (tax/te) (cpt) (nm/ref) 950.6 Various firmsFeb-13 District of Columbia (State), GOs (nm/ref) 937.8 BA Merrill LynchJan-8 Massachusetts (State), GOs (tax) 918.3 BA Merrill LynchKey to abbreviations: GOs – general obligation bonds; nm – new money; ref – refunding. Source: Thomson Reuters (Jul. 2)

midyear review

Health CareSenior Managers: First Half 2019

Manager Amt ($mill)1 BA Merrill Lynch $2,169.72 J P Morgan 1,640.53 Morgan Stanley 1,533.94 Citi 1,025.35 RBC Capital Mkts 846.76 Barclays 696.47 Goldman Sachs 664.58 Ziegler 563.99 Wells Fargo 410.3

10 Piper Jaffray 254.8Private 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: Thomson Reuters (Jul. 2)

Health Care: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $12,147.9 153 $10,805.0 158 +12.4%First Quarter 4,191.7 63 4,152.7 42 +0.9Second Quarter 7,956.2 90 6,652.3 116 +19.6General Acute-Care Hosps 9,821.7 89 8,953.6 91 +9.7Single-SpecialityHospitals 240.0 5 66.5 3 +260.9Pediatric Hospitals 555.4 7 430.7 4 +29.0Hospitals Equipment Loans 0.0 0 0.0 0 n.m.General Medical 10.9 2 13.1 1 –16.8Continuing Care 839.3 26 1,042.3 33 –19.5Nursing Homes 4.4 2 55.8 4 –92.1Life Care/Retirement 676.2 22 243.0 22 +178.3Tax-Exempt 11,856.9 138 9,789.3 132 +21.1Taxable 291.0 15 1015.7 26 –71.3Minimum-Tax 0.0 0 0.0 0 n.m.New-Money 7,323.4 98 7,710.1 88 –5.0Refunding 2,195.1 32 2,235.3 53 –1.8Combined 2629.4 23 859.6 17 +205.9Negotiated 11,171.1 115 8,918.6 111 +25.3Competitive 144.2 5 64.0 3 +125.3Private Placements 832.6 33 1,822.4 44 –54.3Revenue 11,702.5 137 10,177.3 143 +15.0General Obligation 445.4 16 627.7 15 –29.0Fixed Rate 9,719.0 127 8,645.4 132 +12.4Variable Rate (Short Put) 1,373.1 14 1,484.6 13 –7.5Variable Rate (Long/No Put) 538.3 7 554.8 11 –3.0Zero Coupon 51.8 1 0.0 0 n.m.Linked Rate 465.7 4 120.2 2 +287.4Convertible 0.0 0 0.0 0 n.m.Bond Insurance 84.3 2 237.0 4 –64.4Letter of Credit 215.1 3 133.9 2 +60.6Standby Purchase Agreements 473.5 3 204.6 2 +131.4Insured Mortgages 134.4 4 187.2 2 –28.2Guaranties 83.5 2 0.0 0 n.m.State Governments 89.4 1 50.0 1 +78.8State Agencies 6,075.5 73 6,482.6 64 –6.3Counties & Parishes 669.7 14 564.4 11 +18.7Cities & Towns 711.4 13 333.0 13 +113.6District 284.3 7 579.5 14 –50.9Local Authorities 4,275.1 44 2,747.5 53 +55.6Colleges & Universities 42.5 1 32.7 1 +30.0Direct Issuer 0.0 0 0.0 0 n.m.Tribal Governments 0.0 0 15.3 1 –100.0Bank Qualified 20.7 8 13.2 2 +56.8Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


Health CareFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 Ponder & Co $1,852.52 Kaufman Hall 1,772.83 Melio & Company 1,533.34 Hammond Hanlon Camp 365.75 Swap Financial Grp 345.36 Columbia Capital Mngnt 318.97 Public Resources Adv 259.78 Wulff Hansen 195.69 Raymond James 169.0

10 RBC Capital Mkts 150.0Private 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: Thomson Reuters (Jul. 2)

Largest Health Care IssuesDate Issuer Amt ($mill) Manager(s)May-15 Allegheny Co Hospital Dev Auth $726.7 RBC Capital MktsJun-11 Michigan Finance Authority 600.0 J P MorganFeb-6 Massachusetts Dev Finance Agcy, (tax/te) (nm/ref) 429.5 BA Merrill LynchApr-2 Lee Memorial Health System, (nm/ref) 421.4 BA Merrill LynchMar-8 Arizona Industrial Dev Auth 380.2 BA Merrill LynchMay-8 Ohio Higher Ed Fac Commission 380.2 Various firmsJun-18 Indiana Finance Authority 345.3 CitiJun-27 North Carolina Medical Care Commiss 307.0 J P MorganJun-20 San Bernardino Co-California, (tax/te) (nm/ref) 259.7 Morgan StanleyApr-16 Ohio Higher Ed Fac Commission 250.3 Barclays/Citiissues were for general acute-care hospitals. Key to abbreviations: nm – new money; ref – refunding; Source: Thomson Reuters (Jul. 2)

009_BB08191901 9 8/16/2019 4:11:47 PM


HousingFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 CSG Advisors Incorp $1,739.92 Caine Mitter & Asso 1,503.53 Piper Jaffray 707.34 George K Baum 524.75 Lamont Fin Services 245.06 Hilltop Securities 230.27 RBC Capital Mkts 150.08 People First Fin Adv 122.29 Government Consult 115.3

10 Columbia Capital Mgnt 112.5Private 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: Thomson Reuters (Jul. 2)

Housing: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $11,159.1 264 $9,468.2 258 +17.9%First Quarter 5,378.3 130 2,521.6 76 +113.3Second Quarter 5,780.8 134 6,946.6 182 –16.8Single-Family 6,249.6 122 4,242.0 92 +47.3Multifamily 4,909.5 142 5,226.2 166 –6.1Tax-Exempt 9,282.5 225 7,304.4 213 +27.1Taxable 1,566.2 30 1,489.2 30 +5.2Minimum-Tax 310.4 9 674.6 15 –54.0New-Money 9,585.7 241 7,738.3 211 +23.9Refunding 1,328.5 19 780.0 24 +70.3Combined 244.9 4 949.9 23 –74.2Negotiated 9,563.6 211 7,066.1 174 +35.3Competitive 765.6 7 559.5 13 +36.8Private Placements 829.9 46 1,842.6 71 –55.0Revenue 9,584.2 237 7,980.3 232 +20.1General Obligation 1,574.9 27 1,487.9 26 +5.8Fixed Rate 9,354.1 200 7,272.1 182 +28.6Variable Rate (Short Put) 1,073.1 28 1,410.8 36 –23.9Variable Rate (Long/No Put) 706.9 35 517.6 33 +36.6Linked Rate 25.0 1 267.7 7 –90.7Bond Insurance 0.0 0 0.0 0 n.m.Letter of Credit 119.0 5 212.1 5 –43.9Standby Purchase Agreements 588.1 14 700.3 13 –16.0Insured Mortgages 506.6 19 502.5 20 +0.8Guaranties 0.0 0 0.0 0 n.m.State Governments 40.2 1 40.2 1 unch State Agencies 8,441.1 207 6,700.3 179 +26.0Counties & Parishes 58.7 2 241.6 2 –75.7Cities & Towns 243.1 13 568.4 14 –57.2District 7.0 1 3.6 1 +94.4Local Authorities 2,369.0 40 1,914.1 61 +23.8Colleges & Universities 0.0 0 0.0 0 n.m.Direct Issuer 0.0 0 0.0 0 n.m.Bank Qualified 9.7 1 7.6 2 +27.6Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


HousingSenior Managers: First Half 2019

Manager Amt ($mill)1 RBC Capital Mkts $2,862.02 J P Morgan 1,405.23 BA Merrill Lynch 1,257.14 Citi 1,100.55 Jefferies LLC 914.66 Morgan Stanley 663.97 Stifel Nicolaus 626.08 Wells Fargo 235.79 Barclays 196.4

10 Raymond James 172.5Private 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: Thomson Reuters (Jul. 2)

Largest Housing IssuesDate Issuer Amt ($mill) Manager(s)Jun-13 NYC Housing Dev Corp, (tax/te) $710.6 Various firmsMay-1 Metro City-Oregon, GOs (tax) (cpt) 652.8 BA Merrill LynchFeb-13 Oregon (State), GOs (tax) 526.1 Citi/Morgan StanleyApr-5 NYC Housing Dev Corp, (ref) 312.3 Various firmsApr-5 NYC Housing Dev Corp 312.2 J P MorganFeb-14 New Jersey Hsg & Mtg Fin Agency, (amt) (ref) 256.9 RBC Capital MktsApr-5 Texas Veterans Land Board 250.0 J P MorganMar-14 Michigan St Housing Dev Auth, GOs 233.9 RBC Capital MktsMay-23 Maryland Dept Hsg & Com Dev (DHCD) 210.0 J P Morgan Mar-13 NYS Housing Fin-Mortgage Agcy 203.3 Various firmsKey to abbreviations: amt – alternative minimum tax; cpt – competitive; nm – new money; ref – refunding; tax – taxable; te – tax exempt. Source: Thomson Reuters (Jul. 2)

midyear review

Environmental facilities and housing were the municipal bond sectors with the fastest growth in the first half com-pared to the first half of 2018.

The environmental facilities sector was up 551.8%, housing was up 17.9%, and health care was up 12.4% in the first half of 2019 compared to a year earlier. These increases compare to a 2.0% increase for municipal issuance overall.

All percentages are for par value unless otherwise stated and are com-parisons from the figures for the first half of 2019 to the figures for first half of 2018. All dollar-value and num-ber-of-issues statistics are from Ref-initiv.

The biggest sectors by par were ed-ucation (about $48.4 billion), general purpose ($44.2 billion), and transpor-tation ($23 billion).

The sectors with the biggest dollar value increases were education with $2.2 billion and environmental facili-ties with $2 billion.

The sectors with the biggest percent declines were public facilities with 49.9% and electric power with 12.3%.

The growth in environmental facil-ities is due to increases in “climate consciousness,” said Jack Muller, vice president in the Citi Municipal Strate-gies Team.

“That includes waste disposal and renewable energy, which is still grow-ing as a proportion of power production in the U.S. every year,” Muller said.

Justin Hoogendoorn, managing di-rector at Piper Jaffray, said, “munici-palities highlighted the importance of bringing aging infrastructure around water and air quality into the modern age with healthier plants and updated facilities.”

Within environmental facilities, new-money issuance was up 1022.8%. Muller said this could be the result of a few large green bond issues.

“Green bonds are a sector quickly growing in popularity with issuers, though it has not gotten as much of a shine from investors just yet,” he said.

Asked why public facilities declined 49.9%, Muller said it “had an outsized year for issuance in 2018 on the back of a handful of large stadium deals, and correctional facilities as well. As a result, the pipeline was very dry by the time we started 2019.”

Within public facilities, the cor-rectional facilities subsector declined 91.4% and the stadiums and sports complexes subsector declined 96.1%. By contrast , the parks, zoos, and beaches subsector was up 54.2%.

“Correctional is down in part be-cause of an aging population and the troubles in the private correctional are-na,” John Hallacy, contributing editor at The Bond Buyer, said. To explain the decline in stadium and sports complex issuance, Hallacy pointed to distaste

for the required municipal disclosure and the close call on losing the private activity bonds.

Electric power declined by 12.3% because “load growth on the system is not really expanding too quickly so base load projects are not being constructed,” Hallacy said. He added that “alternative energy projects do not command quite as much investment required.”

In the first half issuance from col-leges and universities was down 22.2% from a year earlier. Hoogendoorn said “challenging demographics leading to declining enrollments and rising pen-sion liabilities have begun to take a se-rious toll on many institutions beyond the most … endowed universities.”

“The number of students enrolled in public and private colleges declined from a record high of 21.02 million in 2010 following the financial crisis to 19.66 million in 2017,” Hoogendoorn continued.

Hallacy agreed that the schools were under enrollment pressure. He said that research grants had not kept pace with needs. “Many of the amenity-laden projects that were done to attract stu-dents are struggling.”

While health care issuance was up 12.4%, within this sector single spe-cialty hospital issuance was up 260.9%. Hallacy said this was due to a “greater demand for very specialized institu-tions that attract an outsized number of patients. These facilities usually re-quire different specs and equipment than the average healthcare facility.”

While total issuance in the housing sector was up 17.9%, within this sin-gle-family issuance was up 47.3%.

“Single-family is mostly run at the state level,” Muller said.

“These are the issuers that have the biggest balance sheets and therefore the best ability to retain mortgages. They are also very sophisticated agen-cies who stay on top of yield curve opportunities and take advantage when appropriate.”

While the transportation sector was down 6.9%, the mass transportation subsector was up 52.9% from a year earlier.

“This is probably the result of states taking infrastructure funding into their own hands as the prospects of a big federal bill and the grants they had hoped would follow, dims,” Muller said.

“Some legislatures are passing large programs with big sums attached in hopes of financing new projects and it looks like it’s been working.”

The New York City Metropolitan Transportation Authority was active in the first half, Hallacy said.

Within the transportation sector, the seaport subsector was down 83.9%.

“[Reduced] trade has affected the port outlook and capital investments come in spurts traditionally,” Hallacy said. q

Environmental facilities and housing led sectors in 1H

By RoBeRt Slavin

010_BB08191901 10 8/16/2019 4:11:48 PM


Public FacilitiesSenior Managers: First Half 2019

Manager Amt ($mill)1 BA Merrill Lynch $339.12 UBS Financial Sers 312.23 Robert W Baird 241.14 J P Morgan 238.75 Stifel Nicolaus 229.06 Wells Fargo 211.37 Piper Jaffray 159.78 Raymond James 125.19 Morgan Stanley 77.3

10 Fifth Third Securities 63.0Private 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: Thomson Reuters (Jul. 2)

Public Facilities: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $2,466.3 165 $4,922.2 231 –49.9%First Quarter 1,219.0 70 2,568.3 123 –52.5Second Quarter 1,247.3 95 2,353.9 108 –47.0Libraries & Museums 239.1 17 291.1 27 –17.9Government Buildings 855.1 16 948.2 26 –9.8Fire Stations & Equipment 159.5 43 193.5 47 –17.6Correctional Facilities 52.0 4 606.1 18 –91.4Police Stations & Equipment 62.5 6 122.5 11 –49.0Civic & Convention Centers 429.3 8 737.3 15 –41.8Stadium & Sports Complexes 55.0 2 1,416.8 11 –96.1Theaters 44.5 2 144.0 3 –69.1Park, Zoos & Beaches 378.0 49 245.2 50 +54.2Other Recreation 191.3 18 217.5 23 –12.0Tax-Exempt 2,337.5 155 4,231.1 201 –44.8Taxable 128.8 10 691.1 30 –81.4Minimum-Tax 0.0 0 0.0 0 n.m.New-Money 1,268.0 137 3,977.4 201 –68.1Refunding 284.0 20 691.2 24 –58.9Combined 914.3 8 253.6 6 +260.5Negotiated 2,013.0 101 3,890.6 115 –48.3Competitive 435.4 52 864.7 90 –49.6Private Placements 17.9 12 166.9 26 –89.3Revenue 1,681.2 46 3,300.3 93 –49.1General Obligation 785.1 119 1,621.9 138 –51.6Fixed Rate 2,313.5 162 4,922.2 231 –53.0Variable Rate (Short Put) 36.0 1 0.0 0 n.m.Variable Rate (Long/No Put) 0.0 0 0.0 0 n.m.Zero Coupon 29.6 1 0.0 0 n.m.Linked Rate 87.2 1 0.0 0 n.m.Convertible 0.0 0 0.0 0 n.m.Bond Insurance 215.1 37 819.8 42 –73.8Letter of Credit 0.0 0 0.0 0 n.m.Standby Purchase Agreements 36.0 1 0.0 0 n.m.Guaranties 5.0 1 12.4 2 –59.7State Governments 35.0 1 145.7 3 –76.0State Agencies 250.3 7 749.2 12 –66.6Counties & Parishes 275.3 15 1,403.8 26 –80.4Cities & Towns 496.3 30 976.9 62 –49.2District 369.0 83 278.8 80 +32.4Local Authorities 1,040.4 29 1,365.3 47 –23.8Direct Issuer 0.0 0 2.5 1 –100.0Bank Qualified 241.4 89 392.8 112 –38.5Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


Public FacilitiesFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 Sycamore Adv $624.42 PFM Financial Adv 213.33 Acacia Financial Grp 123.24 DEC Associates Inc 121.05 PMA Securities Inc 97.36 Baker Tilly Muni Adv 93.87 Speer Financial 80.18 Hilltop Securities 74.99 Columbia Capital Mgnt 67.8

10 Masterson Advisors 62.4Private 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: Thomson Reuters (Jul. 2)

Largest Public Facility IssuesDate Issuer Amt ($mill) Manager(s)Mar-21 Indianapolis Loc Pub Imp Bond Bank, (nm/ref) $610.6 BA Merrill Lynch/UBS Financial Apr-11 Charlotte City-North Carolina, (nm/ref) 121.0 Wells Fargo Apr-9 Houston City-Texas, (nm/ref) 106.3 J P MorganJun-6 Ashwaubenon Comm Dev Auth 97.3 Robert W BairdMay-29 Illinois Finance Authority, (ref) 87.2 J P MorganMar-13 St Paul City-Minnesota, (tax) (nm/ref) 69.9 Piper JaffrayMar-11 Will Co-Illinois, GOs 62.5 Wells FargoMay-7 Maryland Stadium Authority, (tax/te) 55.0 Raymond JamesMar-25 Potter Co-Texas, GOs 50.4 Frost BankApr-23 Denver City and Co-Colorado, GOs (cpt) (ref) 50.1 Morgan StanleyKey to abbreviations: GOs – general obligation bonds; nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Thomson Reuters (Jul. 2)

midyear review

TransportationSenior Managers: First Half 2019

Manager Amt ($mill)1 BA Merrill Lynch $4,824.42 Morgan Stanley 4,305.03 Citi 3,491.94 J P Morgan 2,382.45 Goldman Sachs 2,278.76 Wells Fargo 2,206.17 Raymond James 715.18 Ramirez & Co 601.59 Jefferies 379.8

10 Siebert Cisneros Shank 330.7Private 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: Thomson Reuters (Jul. 2)

Transportation: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $23,254.6 222 $24,716.5 242 –5.9%First Quarter 10,293.5 96 8,591.1 91 +19.8Second Quarter 12,961.1 126 16,125.4 151 –19.6Airport 6,914.8 42 7,295.3 31 –5.2Seaport 336.9 12 2,093.7 19 –83.9Toll Roads, Hwys & Streets 6,343.5 105 8,716.3 136 –27.2Bridges 537.7 5 768.4 5 –30.0Tunnels 0.0 0 0.0 0 n.m.Parking Facilities 434.2 13 160.0 13 +171.4Mass Transportaions 8,687.5 45 5,682.8 38 +52.9Tax-Exempt 15,088.8 182 17,023.2 202 –11.4Taxable 1,458.3 20 649.2 22 +124.6Minimum-Tax 6,707.5 20 7,044.1 18 –4.8New-Money 14,066.2 157 17,625.5 189 –20.2Refunding 3,702.9 46 3,792.5 42 –2.4Combined 5,485.5 19 3,298.5 11 +66.3Negotiated 17,645.0 133 18,186.3 129 –3.0Competitive 4,972.5 74 5,995.4 96 –17.1Private Placements 637.1 15 534.8 17 +19.1Revenue 19,653.2 126 18,140.6 112 +8.3General Obligation 3,601.4 96 6,575.9 130 –45.2Fixed Rate 19,336.7 212 23,204.5 228 –16.7Variable Rate (Short Put) 139.8 1 468.9 5 –70.2Variable Rate (Long/No Put) 2,891.4 5 638.8 3 +352.6Zero Coupon 92.4 1 74.8 2 +23.5Linked Rate 794.3 3 329.5 4 +141.1Convertible 0.0 0 0.0 0 n.m.Bond Insurance 660.3 28 549.5 27 +20.2Letter of Credit 139.8 1 276.3 2 –100.0Standby Purch Agreements 0.0 0 191.2 2 –97.4Guaranties 5.0 1 0.0 0 n.m.State Governments 1,829.5 10 2,801.1 13 –34.7State Agencies 10,471.4 46 11,497.3 44 –8.9Counties & Parishes 1,577.1 25 1,523.6 22 +3.5Cities & Towns 1,855.5 60 1,726.1 94 +7.5District 208.7 24 343.8 23 –39.3Local Authorities 7,312.4 57 6,815.9 45 +7.3Direct Issuer 0.0 0 8.7 1 –100.0Bank Qualified 143.0 53 221.4 81 –35.4Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


TransportationFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $5,102.52 Hilltop Securities 3,007.13 Public Resources Adv 2,805.44 Larson Consulting Sers 2,700.05 Backstrom McCarley 1,531.16 Frasca & Associates 1,371.27 Moody Reid 443.18 Omnicap Group 437.29 Estrada Hinojosa 414.7

10 Sperry Capital Inc 376.7Private 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: Thomson Reuters (Jul. 2)

Largest Transportation IssuesDate Issuer Amt ($mill) Manager(s)Jan-11 San Francisco City & Co Airport 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 StanleyMay-16 Metropolitan Transport Auth (MTA), GOs (cpt) (nm/ref) 1,200.0 Various firmsJun-13 Florida Development Fin Corp, (amt) 950.0 Morgan StanleyJun-12 Kansas City Industrial Dev Au, (amt) 886.3 Morgan StanleyJan-9 New Jersey Trans Trust Fund Au 750.0 Wells Fargo Mar-12 Metropolitan Transport Auth (MTA), GOs (cpt) 750.0 Various firmsJun-19 Pennsylvania Turnpike Commission 723.0 CitiFeb-5 Washington (State), GOs (cpt) 638.5 BA Merrill LynchMay-23 North Carolina (State) 600.0 BA Merrill LynchKey to abbreviations: amt – alternative minimum tax; GOs – general obligation bonds; nm – new-money; ref – refunding; tax – taxable; te – tax-exempt. Source: Thomson Reuters (Jul. 2)

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UtilitiesFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $3,135.92 Municipal Capital Mkts 2,420.43 Hilltop Securities 1,510.24 Public Resources Adv 1,373.05 Lamont Fin Services 1,065.06 Drexel Hamilton 925.17 The Majors Grp 916.38 Montague DeRose 553.09 Mohanty Gargiulo 545.0

10 Acacia Financial Grp 459.0Private 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: Thomson Reuters (Jul. 2)

Utilities: First Half 2019 2018 Percent Volume ($ mill) # Issues Volume ($ mill) # Issues Change

Total $18,827.6 614 $18,649.6 541 +1.0%First Quarter 6,579.7 218 7,403.4 218 –11.1Second Quarter 12,247.9 396 11,246.2 323 +8.9Water & Sewer 12,625.5 502 12,240.8 420 +3.1Gas 4,584.3 18 5,265.6 18 –12.9Telephone 92.5 4 173.9 8 –46.8Sanitation 135.6 37 96.2 37 +41.0Food Control 375.1 17 244.1 29 +53.7Combined-Utilities 1,014.6 36 629.0 29 +61.3Tax-Exempt 18,287.4 595 18,306.1 520 –0.1Taxable 334.3 15 330.5 18 +1.1Minimum-Tax 205.9 4 13.0 3 +1,483.8New-Money 13,313.5 386 14,496.6 380 –8.2Refunding 3,486.6 203 2,674.4 119 +30.4Combined 2,027.5 25 1,478.6 42 +37.1Negotiated 14,560.9 361 13,445.9 272 +8.3Competitive 3,734.2 230 3,814.3 226 –2.1Private Placements 532.5 23 1,389.4 43 –61.7Revenue 16,174.2 288 16,546.9 297 –2.3General Obligation 2,653.4 326 2,102.7 244 +26.2Fixed Rate 14,505.7 598 13,235.1 522 +9.6Variable Rate (Short Put) 67.4 1 337.6 4 –80.0Variable Rate (Long/No Put) 4,088.7 10 3,824.7 6 +6.9Zero Coupon 0.8 3 15.9 4 –95.0Linked Rate 165.0 2 1,236.3 5 –86.7Convertible 0.0 0 0.0 0 n.m.Bond Insurance 2,154.5 250 1,217.3 149 +77.0Letter of Credit 67.4 1 0.0 0 n.m.Standby Purchase Agreements 0.0 0 210.0 2 –100.0Guaranties 35.3 7 17.5 9 +101.7State Governments 480.6 4 85.0 1 +465.4State Agencies 3,698.6 38 3,033.1 27 +21.9Counties & Parishes 911.7 19 570.2 24 +59.9Cities & Towns 3,431.7 183 4,625.3 220 –25.8District 3,061.7 299 4,294.3 188 –28.7Local Authorities 6,083.8 67 6,004.2 80 +1.3Direct Issuer 614.5 2 37.5 1 +1,538.7Cooperative Utilities 545.0 2 0.0 0 n.m.Bank Qualified 1,258.9 328 789.2 240 +59.5Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


UtilitiesSenior Managers: First Half 2019

Manager Amt ($mill)1 Morgan Stanley $2,717.02 RBC Capital Mkts 2,309.73 J P Morgan 1,871.04 BA Merrill Lynch 1,796.95 Goldman Sachs 962.76 Wells Fargo 960.97 Raymond James 835.48 Barclays 826.89 Robert W Baird 747.7

10 TD Securities 683.5Private 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: Thomson Reuters (Jul. 2)

Largest Utility IssuesDate Issuer Amt ($mill) Manager(s)Apr-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 SecuritiesJun-11 New Mexico Muni Energy Acqui Auth, (nm/ref) 616.2 RBC Capital MktsMay-22 PEFA Inc 614.5 Goldman SachsFeb-8 Tennergy Corporation 545.0 RBC Capital MktsApr-10 NYC Municipal Water Fin Auth, (nm/ref) 500.0 Siebert Cisneros ShankFeb-28 Baltimore Co-Maryland, GOs (cpt) 491.0 J P Morgan Jan-17 NYC Municipal Water Fin Auth 475.0 BarclaysJun-26 NYC Municipal Water Fin Auth 459.6 Raymond JamesKey to abbreviations: amt – alternative minimum tax; cpt – competitive; nm – new money; pvt – private placement; ref – refunding; te – tax exempt. Source: Thomson Reuters (Jul. 2)

Bank-Qualified BondsFinancial Advisors: First Half 2019

Advisor Amt ($mill)1 PFM Financial Adv $831.22 Ehlers & Associates 376.73 Robert W Baird 335.74 Masterson Advisors 294.45 Baker Tilly Muni Adv 214.66 Hilltop Securities 184.77 Urban Futures Inc 167.48 Piper Jaffray 144.99 Speer Financial 110.1

10 Samco Capital Mkts 104.3Private 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: Thomson Reuters (Jul. 2)

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

Total $6,812.4 1,711 $6,367.6 1,668 +7.0%First Quarter 2,548.8 616 2,651.7 679 –3.9Second Quarter 4,263.6 1,095 3,715.9 989 +14.7Development 36.0 12 52.9 15 –31.9Education 3,113.5 721 3,006.2 729 +3.6Electric Power 43.0 12 44.7 13 –3.8Environmental Facilities 12.8 3 1.2 1 +966.7Healthcare 20.7 8 13.2 2 +56.8Housing 9.7 1 7.6 2 +27.6Public Facilities 241.4 89 392.8 112 –38.5Transportation 143.0 53 221.4 81 –35.4Utilities 1,258.9 328 789.2 240 +59.5General Purpose 1,933.4 484 1,838.4 473 +5.2Tax-Exempt 6,812.4 1,711 6,367.6 1,668 +7.0Taxable 0.0 0 0.0 0 n.m.Minimum-Tax 0.0 0 0.0 0 n.m.New-Money 5,203.5 1,330 5,122.0 1,394 +1.6Refunding 1,371.5 332 936.6 216 +46.4Combined 237.4 49 309.0 58 –23.2Negotiated 3,373.2 801 2,641.1 638 +27.7Competitive 3,390.8 883 3,577.6 973 –5.2Private Placements 48.4 27 148.9 57 –67.5Revenue 815.8 207 997.3 256 –18.2General Obligation 5,996.6 1,504 5,370.3 1,412 +11.7Fixed Rate 6,788.7 1,695 6,352.7 1,660 +6.9Variable Rate (Short Put) 0.0 0 0.0 0 n.m.Variable Rate (Long/No Put) 0.0 0 0.0 0 n.m.Zero Coupon 23.7 16 11.7 7 +102.6Linked Rate 0.0 0 0.0 0 n.m.Convertible 0.0 0 3.2 1 –100.0Bond Insurance 2,151.3 456 1,438.8 289 +49.5Letter of Credit 0.0 0 0.0 0 n.m.Standby Purch Agreements 0.0 0 1.3 1 –100.0Insured Mortgages 4.3 1 0.0 0 n.m.Guaranties 1,170.3 244 1,175.1 261 –0.4Other Enhancements 0.0 0 0.0 0 n.m.State Governments 0.0 0 0.0 0 n.m.State Agencies 30.7 6 36.3 12 –15.4Counties & Parishes 266.1 56 409.9 87 –35.1Cities & Towns 2,025.1 557 2,035.5 579 –0.5District 4,114.2 1,016 3,543.9 917 +16.1Local Authorities 356.7 73 304.1 65 +17.3Colleges & Universities 19.6 3 37.6 7 –47.9Direct Issuer 0.0 0 0.3 1 –100.0Cooperative Utilities 0.0 0 0.0 0 n.m.Bank Qualified 6,812.4 1,711 6,367.6 1,668 +7.0Qualified Sch Construction 0.0 0 0.0 0 n.m.Other Stimulus Program 0.0 0 0.0 0 n.m.


Bank-Qualified BondsSenior Managers: First Half 2019

Manager Amt ($mill)1 Robert W Baird $1,059.32 RBC Capital Mkts 592.73 Raymond James 485.04 Piper Jaffray 391.35 Samco Capital Mkts 332.96 Stifel Nicolaus 325.07 Baker Group LP 296.68 Janney Montgomery 281.59 D A Davidson 260.5

10 Roosevelt & Cross 239.8Private 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: Thomson Reuters (Jul. 2)

midyear review

012_BB08191901 12 8/16/2019 4:11:49 PM


Top Co-Managers: All IssuesFirst Half 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues1 J P Morgan Securities LLC $5,091.1 3.1% 1352 Bank of America Merrill Lynch 4,629.2 2.8 1293 Ramirez & Co Inc 4,463.9 2.7 3384 Raymond James 4,434.3 2.7 2445 RBC Capital Markets 4,142.3 2.5 1796 Wells Fargo & Co 3,956.7 2.4 1387 Morgan Stanley 3,720.6 2.3 1988 Piper Jaffray & Co 3,522.4 2.1 1089 Citi 3,500.3 2.1 135

10 Siebert Cisneros Shank & Co LLC 3,184.2 1.9 138This is Thomson Reuters’s AT12” league table. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. This table divides the par amount of an issue equally among the co-managers. Bookrunners are excluded. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Issuers: All IssuesFirst Half 2019

Rank Firm Volume Market Share Issues1 California $5,158.7 3.1% 52 NYS Dorm Authority 3,381.0 2.1 163 Florida Development Fin Corp 2,843.5 1.7 74 Metropolitan Transport Auth (MTA) 2,381.3 1.5 125 Massachusetts 1,892.3 1.2 86 San Francisco City & Co Airport Comm 1,888.6 1.2 57 NYC Municipal Water Fin Auth 1,850.2 1.1 78 NYC Transitional Finance Auth 1,600.0 1.0 49 Empire State Development Corp 1,543.8 0.9 5

10 Michigan Finance Authority 1,402.7 0.9 8This is Thomson Reuters’s AT15” league table. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Senior Managers: All IssuesFirst Half 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues1 Bank of America Merrill Lynch $25,239.8 15.3% 1972 Citi 17,517.3 10.6 1933 Morgan Stanley 17,455.2 10.6 1864 J P Morgan Securities LLC 13,480.7 8.2 1545 RBC Capital Markets 11,489.8 7.0 2886 Goldman Sachs & Co LLC 9,626.6 5.8 587 Wells Fargo & Co 8,688.2 5.3 1018 Robert W Baird & Co Inc 6,328.6 3.8 4819 Stifel Nicolaus & Co Inc 6,275.4 3.8 305

10 Barclays 6,058.4 3.7 56This is Thomson Reuters’s AT1” league table. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s 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: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Financial Advisors: All IssuesFirst Half 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues1 PFM Financial Advisors LLC $26,692.5 19.4% 4932 Public Resources Advisory Group 16,574.6 12.1 633 Hilltop Securities 12,546.0 9.1 2894 Acacia Financial Group Inc 3,602.7 2.6 605 Piper Jaffray & Co 3,333.5 2.4 966 Larson Consulting Services LLC 2,700.0 2.0 37 RBC Capital Markets 2,490.1 1.8 598 Municipal Capital Markets Group Inc 2,420.4 1.8 99 Baker Tilly Municipal Advisors 2,153.6 1.6 128

10 CSG Advisors Incorporated 1,953.9 1.4 44This is Thomson Reuters’s AT7” league table. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Thomson Reuters. For more Top Rankings see next page.” Source: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Senior Managers: Negotiated IssuesFirst Half 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues1 Bank of America Merrill Lynch $15,193.5 13.0% 1182 Morgan Stanley 12,509.2 10.7 953 Citi 12,020.6 10.3 1144 RBC Capital Markets 10,375.1 8.9 2675 Goldman Sachs & Co LLC 8,911.6 7.6 486 J P Morgan Securities LLC 8,641.1 7.4 937 Stifel Nicolaus & Co Inc 6,140.6 5.3 2928 Wells Fargo & Co 5,585.1 4.8 669 Barclays 5,348.4 4.6 53

10 Raymond James 4,321.7 3.7 168This is Thomson Reuters’s AT3” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, pri-vate placements and deals not meeting Thomson Reuters’s 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: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Financial Advisors: Negotiated IssuesFirst Half 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues1 PFM Financial Advisors LLC $19,767.4 21.7% 2912 Hilltop Securities 9,224.3 10.1 1363 Public Resources Advisory Group 7,821.7 8.6 214 Larson Consulting Services LLC 2,700.0 3.0 35 Acacia Financial Group Inc 2,665.0 2.9 406 Municipal Capital Markets Group Inc 2,420.4 2.7 97 RBC Capital Markets 2,237.6 2.5 448 CSG Advisors Incorporated 1,953.9 2.2 449 Ponder & Co 1,852.5 2.0 17

10 Kaufman Hall & Associates Inc 1,772.8 2.0 11This is Thomson Reuters’s AT7b” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

midyear review

Top Senior Managers: Competitive IssuesFirst Half 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues1 Bank of America Merrill Lynch $10,046.2 20.9% 792 Citi 5,496.7 11.5 793 Morgan Stanley 4,946.0 10.3 914 J P Morgan Securities LLC 4,839.7 10.1 615 Robert W Baird & Co Inc 4,657.3 9.7 3406 Wells Fargo & Co 3,103.1 6.5 357 Jefferies LLC 1,497.3 3.1 118 Mesirow Financial Inc 1,201.5 2.5 379 RBC Capital Markets 1,114.7 2.3 21

10 Raymond James 1,110.9 2.3 108This is Thomson Reuters’s AT4” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s 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: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Financial Advisors: Competitive IssuesFirst Half 2019 - Equal Credit to Each Firm


1 Public Resources Advisory Group $8,752.9 18.9% 422 PFM Financial Advisors LLC 6,925.1 14.9 2023 Hilltop Securities 3,321.7 7.2 1534 Piper Jaffray & Co 2,627.4 5.7 805 Ehlers & Associates 1,654.2 3.6 1666 Baker Tilly Municipal Advisors 1,200.0 2.6 1027 Davenport & Company LLC 1,063.6 2.3 238 Acacia Financial Group Inc 937.7 2.0 209 Phoenix Advisors LLC 868.0 1.9 51

10 Capital Markets Advisors LLC 839.6 1.8 64

This is Thomson Reuters’s AT7c” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Senior Managers: Small IssuesFirst Half 2019 - True Economics to Book-Runners

Rank Firm Volume Market Share Issues1 Robert W Baird & Co Inc $1,358.9 13.7% 2972 Raymond James 734.0 7.4 1493 Stifel Nicolaus & Co Inc 697.8 7.0 1284 RBC Capital Markets 689.7 7.0 1185 Piper Jaffray & Co 580.9 5.9 976 Samco Capital Markets 411.2 4.2 947 D A Davidson & Co 377.1 3.8 1058 Roosevelt & Cross Inc 334.7 3.4 739 Janney Montgomery Scott LLC 321.6 3.2 41

10 Baker Group LP 308.5 3.1 95This is Thomson Reuters’s AT2” league table for issues with composite amounts of $10 million or less. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s 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: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

Top Financial Advisors: Small IssuesFirst Half 2019 - Equal Credit to Each Firm


1 PFM Financial Advisors LLC $991.4 13.5% 1622 Hilltop Securities 564.6 7.7 1033 Ehlers & Associates 497.3 6.8 1354 Robert W Baird & Co Inc 417.5 5.7 975 Baker Tilly Municipal Advisors 357.4 4.9 736 Masterson Advisors LLC 353.1 4.8 857 Urban Futures Inc 219.3 3.0 538 Piper Jaffray & Co 196.0 2.7 419 Capital Markets Advisors LLC 168.4 2.3 37

10 Speer Financial Inc 148.6 2.0 39

This is Thomson Reuters’s AT7a” league table for issues with composite amounts of $10 million or less. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018. Short-term notes, private placements and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Issues with multiple advisors divide the par amount equally among the advisors. Source: Thomson Reuters (as recompiled by The Bond Buyer on Jul. 2)

013_BB08191901 13 8/16/2019 4:11:50 PM


Top Trustee Banks: All IssuesFirst Half 2019 - Ranked by Dollar Volume

Rank Firm Volume Market Share Issues1 US Bank NA $31,118.1 37.9% 4262 The Bank of New York Mellon 28,840.9 35.1 2683 Wells Fargo Bank 5,962.4 7.3 674 Wilmington Trust NA 4,070.4 5.0 835 UMB Bank NA 2,047.1 2.5 856 Zions Bank 2,008.2 2.5 657 BOKF NA 1,422.2 1.7 238 Regions Bank 1,387.7 1.7 359 Huntington National Bank 1,284.9 1.6 29

10 Amalgamated Bank of Chicago 1,177.7 1.4 3 This is Thomson Reuters’s “AT8” league table. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018 Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Source: Thomson Reuters (Jul. 13)

Top Bond Counsel: All IssuesFirst Half 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues1 Orrick Herrington & Sutcliffe LLP $17,393.2 10.6% 1982 Hawkins Delafield & Wood LLP 7,948.8 4.9 1563 Kutak Rock LLP 7,827.0 4.8 1994 Squire Patton Boggs 6,370.5 3.9 765 Norton Rose Fulbright 5,550.3 3.4 1336 Greenberg Traurig LLP 4,385.2 2.7 547 Nixon Peabody LLP 4,315.8 2.6 518 McCall Parkhurst & Horton LLP 4,138.3 2.5 1299 Stradling Yocca Carlson & Rauth 3,630.0 2.2 76

10 Gilmore & Bell PC 3,316.4 2.0 177This is Thomson Reuters’s “AT5” league table. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jul. 13)

Top Underwriter’s Counsel: All IssuesFirst Half 2019 - Equal Credit to Each Firm

Rank Firm Volume Market Share Issues1 Hawkins Delafield & Wood LLP $11,151.3 10.6% 562 Orrick Herrington & Sutcliffe LLP 10,281.8 9.8 1073 Norton Rose Fulbright 6,253.8 6.0 854 Chapman and Cutler LLP 5,468.6 5.2 525 Kutak Rock LLP 4,538.8 4.3 1136 Nixon Peabody LLP 3,812.7 3.6 507 Stradling Yocca Carlson & Rauth 3,520.7 3.4 578 Katten Muchin Rosenman LLP 3,377.2 3.2 209 Mayer Brown LLP 2,700.0 2.6 3

10 Ballard Spahr LLP 2,669.2 2.5 46This is Thomson Reuters’s “AT6” league table. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jul. 13)

Top Bond Counsel: All IssuesFirst Half 2019 - Full Credit to Each Firm

Rank Firm Volume Market Share Issues1 Orrick Herrington & Sutcliffe LLP $17,393.2 10.6% 1982 Hawkins Delafield & Wood LLP 7,948.8 4.9 1563 Kutak Rock LLP 7,827.0 4.8 1994 Squire Patton Boggs 6,370.5 3.9 765 Norton Rose Fulbright 5,550.3 3.4 1336 Greenberg Traurig LLP 4,385.2 2.7 547 Nixon Peabody LLP 4,315.8 2.6 518 McCall Parkhurst & Horton LLP 4,138.3 2.5 1299 Stradling Yocca Carlson & Rauth 3,630.0 2.2 76

10 Gilmore & Bell PC 3,316.4 2.0 177This is a modified version of Thomson Reuters’s “AT5” league table. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, each firm is credited with the full par amount of the issue. Source: Thomson Reuters (Jul. 13)

Top Underwriter’s Counsel: All IssuesFirst Half 2019 - Full Credit to Each Firm

Rank Firm Volume Market Share Issues1 Hawkins Delafield & Wood LLP $11,151.3 10.7% 562 Orrick Herrington & Sutcliffe LLP 10,281.8 9.8 1073 Norton Rose Fulbright 6,253.8 6.0 854 Chapman and Cutler LLP 5,468.6 5.2 525 Kutak Rock LLP 4,538.8 4.3 1136 Nixon Peabody LLP 3,812.7 3.7 507 Stradling Yocca Carlson & Rauth 3,520.7 3.4 578 Katten Muchin Rosenman LLP 3,377.2 3.2 209 Mayer Brown LLP 2,700.0 2.6 3

10 Ballard Spahr LLP 2,669.2 2.6 46This is a modified version of Thomson Reuters’s “AT6” league table. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018 . Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, each firm is credited with the full par amount of the issue. Source: Thomson Reuters (Jul. 13)

midyear review

Top Bond Counsel: Negotiated IssuesFirst Half 2019 - Equal Credit to Each Firm


1 Orrick Herrington & Sutcliffe LLP $14,634.4 12.6% 1492 Kutak Rock LLP 6,752.3 5.8 1773 Squire Patton Boggs 5,638.8 4.8 624 Hawkins Delafield & Wood LLP 5,540.5 4.8 855 Norton Rose Fulbright 4,155.8 3.6 766 Greenberg Traurig LLP 3,531.2 3.0 467 McCall Parkhurst & Horton LLP 3,361.8 2.9 748 Stradling Yocca Carlson & Rauth 2,954.4 2.5 649 Ballard Spahr LLP 2,615.8 2.3 43

10 Miller Canfield 2,593.3 2.2 33

This is Thomson Reuters’s “AT5a” league table for negotiated offerings. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018 Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jul. 13)

Top Disclosure Counsel: All IssuesFirst Half 2019 - Equal Credit to Each Firm


1 Orrick Herrington & Sutcliffe LLP $7,235.1 12.3% 772 Stradling Yocca Carlson & Rauth 5,756.5 9.8 823 Hawkins Delafield & Wood LLP 4,727.7 8.0 334 Nixon Peabody LLP 4,490.7 7.6 175 Chapman and Cutler LLP 2,936.4 5.0 906 McCall Parkhurst & Horton LLP 2,485.5 4.2 837 Mintz Levin Cohn Ferris Glovsky & Popeo PC 1,943.7 3.3 118 Kutak Rock LLP 1,908.6 3.2 489 Greenberg Traurig LLP 1,573.5 2.7 21

10 Butler Snow LLP 1,395.6 2.4 19

This is Thomson Reuters’s “AT23” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018 . Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, each firm is credited with the full par amount of the issue. Source: Thomson Reuters (Jul. 13)

Top Bond Counsel: Competitive IssuesFirst Half 2019 - Equal Credit to Each Firm


1 Orrick Herrington & Sutcliffe LLP $2,758.8 5.8% 492 Hawkins Delafield & Wood LLP 2,408.2 5.1 713 Nixon Peabody LLP 2,393.9 5.1 244 Locke Lord LLP 2,121.4 4.5 945 McKennon Shelton & Henn LLP 1,662.0 3.5 146 Norton Rose Fulbright 1,394.4 2.9 577 D Seaton & Associates 1,190.7 2.5 128 Quarles & Brady LLP 1,189.4 2.5 979 Kutak Rock LLP 1,074.7 2.3 22

10 Gray Pannell & Woodward LLP 950.6 2.0 4

This is Thomson Reuters’s “AT5b” league table for competitive offerings. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018 . Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. In issues with co-counsel, the par amount is divided equally among the firms. Source: Thomson Reuters (Jul. 13)

Top Trustee Banks: All IssuesFirst Half 2019 – Ranked by Number of Issues

Rank Firm Issues Market Share Volume1 US Bank NA $426 36.7% $31,118.12 The Bank of New York Mellon 268 23.1 28,840.93 UMB Bank NA 85 7.3 2,047.14 Wilmington Trust NA 83 7.2 4,070.45 Wells Fargo Bank 67 5.8 5,962.46 Zions Bank 65 5.6 2,008.27 Regions Bank 35 3.0 1,387.78 Huntington National Bank 29 2.5 1,284.99 BOKF NA 23 2.0 1,422.2

10 MUFG 12 1.0 859.5

This is Thomson Reuters’s “AT9” league table. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Source: Thomson Reuters (Jul. 13)

Top Letter-of-Credit Providers: All IssuesFirst Half 2019 - Ranked by Enhanced Amount


1 Barclays $158.1 30.9 12 TD Bank NA 139.8 27.4 13 Bank of America 67.4 13.2 14 US Bank NA 35.0 6.9 25 Citizens Bank 34.7 6.8 16 Royal Bank of Canada 30.0 5.9 17 FHLB of Indianapolis 24.0 4.7 18 PNC Bank NA 22.3 4.4 1- Sumitomo Mitsui Banking Corp - - -- Wells Fargo Bank - - -

This is Thomson Reuters’s “AT29” league table modified to include domestic and foreign banks. Dollar amounts are in millions. Rankings are final as of Jul. 2, 2018 Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Each firm is credited with the actual amount that it enhanced within the issue. Source: Thomson Reuters (Jul. 13)

014_BB08191901 14 8/16/2019 4:11:50 PM

www.bondbuyer.com A15Monday, August 19, 2019 midyear review

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 / NR *Massachusetts. Aa1 / AA / AA+ Pennsylvania. Aa3 / A+/ AA–California Aa3 / AA– / AA– Memphis, Tenn. Aa2 / AA / AA *Phoenix, Ariz Aa1 / AA+ / NR*Denver, Colo. Aaa / AAA / AAA Miami-Dade Co., Fla. Aa2 / AA / AA *Seattle, Wash. Aaa / AAA / AAA*Florida Aaa / 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 FitchArizona Health Facilities Authority, (Banner Health) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NR AA– AA–Atlanta, Ga., airport (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 AA– AA–California Housing Finance Agency, multi-unit rental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ NRConnecticut Housing Finance Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aaa AAA NRDallas-Fort Worth International Airport Board, Tex. (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ AEnergy Northwest (formerly WPPSS), Wash., power revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA– AAIllinois Health Facilities Authority (Northwestern Memorial Hospital) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA+ NRIllinois Housing Development Authority mtg. revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA NRIntermountain Power Agency, Utah . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A1 A+ AAJEA (formerly Jacksonville Electric Authority), Fla. electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA– AAKentucky Turnpike Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa3 A– NRLos Angeles Department of Water and Power, Calif., electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA AAMassachusetts Port Authority (AMT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa2 AA AAMEAG Power (formerly Municipal Electric Authority of Georgia) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 A+ ANebraska 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 AAA NRNew York State Power Authority, general purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aa1 AA AANorth Carolina Municipal Power Agency No. 1, Catawba electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 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 . . . . . . . . . . . . . . . . . . . . . . . . . . Aa AA NRSouth Carolina Public Service Authority, electric revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 A A–Texas Municipal Power Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A2 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 Thomson Reuters quotes as of 3:30 p.m. Eastern time.

Interest Rate Indexes: 2018-19 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

Jul-18 5 126-09 3.73 3.96 3.86 3.34 4.35 0.00 2.84 2.95 12 126-12 3.72 3.96 3.85 3.33 4.34 0.00 2.86 2.95 19 126-13 3.72 3.96 3.83 3.31 4.33 0.00 2.85 2.97 26 125-17 3.83 4.01 3.90 3.38 4.40 0.00 2.99 3.11Aug 2 125-06 3.86 4.02 3.95 3.43 4.45 0.00 2.99 3.12 9 124-27 3.90 4.04 3.98 3.46 4.48 0.00 2.93 3.08 16 125-10 3.84 4.01 3.95 3.43 4.45 0.00 2.87 3.03 23 125-15 3.83 4.01 3.94 3.42 4.44 0.00 2.82 2.97 30 125-04 3.87 4.02 3.96 3.43 4.47 0.00 2.86 3.01Sept 6 124-28 3.90 4.04 3.98 3.45 4.49 0.00 2.89 3.06 13 123-29 4.01 4.08 4.06 3.53 4.57 0.00 2.97 3.11 20 122-24 4.15 4.14 4.15 3.62 4.66 0.00 3.08 3.21 27 122-26 4.14 4.14 4.18 3.65 4.69 0.00 3.06 3.19Oct 4 121-13 4.32 4.21 4.24 3.71 4.75 0.00 3.20 3.35 11 120-02 4.49 4.27 4.37 3.84 4.88 0.00 3.15 3.32 18 120-04 4.49 4.28 4.35 3.82 4.86 0.00 3.18 3.36 25 120-27 4.40 4.24 4.30 3.79 4.80 0.00 3.14 3.35Nov 1 119-25 4.53 4.29 4.33 3.82 4.82 0.00 3.14 3.38 8 119-17 4.57 4.31 4.36 3.85 4.85 0.00 3.24 3.43 15 120-16 4.45 4.26 4.30 3.79 4.79 0.00 3.11 3.36 21 121-09 4.34 4.21 4.26 3.76 4.75 0.00 3.07 3.32 29 121-21 4.30 4.20 4.22 3.73 4.68 0.00 3.03 3.33Dec 6 123-14 4.07 4.11 4.12 3.63 4.58 0.00 2.88 3.14 13 120-20 4.17 4.15 4.18 3.67 4.65 0.00 2.91 3.16 20 123-24 4.03 4.09 4.11 3.60 4.59 0.00 2.80 3.02 27 123-30 4.01 4.08 4.10 3.59 4.58 0.00 2.77 3.06Jan-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 3.75v 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 2.53

12-Month Average 125-02 3.84 4.01 4.00 3.49 4.48 0.00 2.74 3.03

'18

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

Interest Rates: 2009-19

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

'17'16'15'14'13'12'11'10'09 '190

1

2

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4

5

6

Interest Rates: 2018-19

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

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

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2

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JMAMFJ-19DNOSAJ-18

Top Special Tax Counsel: All IssuesFirst Half 2019 - Ranked by Tax Amount

Rank Firm Volume Market Share Issues1 Orrick Herrington & Sutcliffe LLP $1,396.7 35.8% 102 Ballard Spahr LLP 916.3 23.5 43* Soeder & Associates LLC 500.0 12.8 123* Robinson & Cole LLP 500.0 12.8 125 Parker Poe Adams & Bernstein LLP 109.4 2.8 26 Kutak Rock LLP 103.8 2.7 67 McCall Parkhurst & Horton LLP 65.8 1.7 138 Hunton Andrews Kurth LLP 60.0 1.5 39 Bracewell LLP 48.7 1.3 4

10 Stradling Yocca Carlson & Rauth 46.7 1.2 1*Tie. Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Each firm is credited with the actual amount that it enhanced within the issue. Source: Thomson Reuters (Jul. 3)

Top Standby Purchase Agreement Providers: All IssuesFirst Half 2019 - Ranked by Enhanced Amount

Rank Firm Volume Market Share Issues1 US Bank NA $323.9 24.2% 42 J P Morgan Chase 250.0 18.7 23 Barclays 176.8 13.2 24 Royal Bank of Canada 173.0 12.9 55 Bank of America 166.4 12.4 36 PNC Bank NA 130.4 9.7 17 Federal Home Loan Bk of Topeka 41.1 3.1 18 Northern Trust Corp 36.0 2.7 19 Federal Home Loan Bank Chicago 30.0 2.2 1

10 Federal Home Loan Bank of NY 12.3 0.9 1Dollar amounts are in millions. Rankings are final as of Jul. 13, 2018. Short-term notes, private placements, and deals not meeting Thomson Reuters’s T+5 policy rule are excluded. Each firm is credited with the actual amount that it enhanced within the issue. Source: Thomson Reuters (Jul. 3)

015_BB08191901 15 8/16/2019 4:11:52 PM


www.bondbuyer.com/conference/transportation-2019

Registration is Now Open!Make your plans to attend today

The Bond Buyer’s Transportation Finance/P3 Conference is the best way to stay current on the latest innovations and transportation updates. In many cases, private sector financing has become a complement to traditional municipal financing that is accomplished primarily through the issuance of revenue bonds.

This year’s agenda will explore the multiplicity of financing options that exist at a time when additional federal funding is not forthcoming until the reauthorization of the existing federal program next year. We look forward to a lively discussion of how to achieve great outcomes in the current challenging funding environment.

AttendCall Sherrice Green(212) [email protected]

SpeakCall John Hallacy (212) [email protected]

SponsorCall Melissa Kroc(212) [email protected] saver rates available through August 30

November 14-15, 2019 | Denver, CO

016_BB08191901 16 8/16/2019 4:11:54 PM

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