US MUNICIPALS - Bloomberg Professional Services · George K Baum & Co 20 0.748 1,394 59 26 0.623...

US MUNICIPALS LEAGUE TABLES

H1 2017

CONTENTS

1. Total Long Term Tables2. Long Term Negotiated Tables3. Long Term Competitive Tables4. Short Term Notes Tables5. Combined Long & Short Term Tables6. Long Term Fixed Rate Tables7. Table Criteria

DATA SUBMISSIONS AND QUERIES

Email US Municipals

Contact Name

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Bloomberg’s municipal bond database includes nearly one million active securities, and another four million that are matured or expired, associated with over 45,000 municipal issuers who reside in the United States, Mariana Islands, U.S. Virgin Islands, Puerto Rico, and Guam.

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H1 2017

US MUNICIPALS

© 2017 Bloomberg Finance L.P. All rights reserved.

Bloomberg USMunicipalLeagueTables|H12017

BloombergLeagueTableReports Page1

USMunicipalLongTerm

USMunicipalLongTerm(EconomicCredit)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofAmericaMerrillLynch 1 14.204 26,480 237 1 15.895 -1.691

Citi 2 12.795 23,855 220 2 13.126 -0.331

JPMorgan 3 9.218 17,186 143 3 10.110 -0.892

MorganStanley 4 8.085 15,073 144 4 6.862 1.223

RBCCapitalMarkets 5 7.515 14,010 256 6 5.100 2.415

WellsFargo 6 5.614 10,466 104 5 6.582 -0.968

GoldmanSachs 7 5.256 9,799 33 11 2.966 2.290

Stifel 8 4.883 9,104 393 7 4.426 0.457

PiperJaffray&Co 9 3.785 7,056 210 9 3.758 0.027

Barclays 10 3.320 6,190 38 10 3.347 -0.027

RaymondJames&Associates 11 3.306 6,164 274 8 4.212 -0.906

Jefferies 12 2.537 4,730 29 16 1.088 1.449

RobertWBaird&Co 13 2.531 4,719 386 12 2.924 -0.393

SiebertCisnerosShank&CoLLC

14 1.406 2,622 14 27 0.547 0.859

SamuelARamirez&CoInc 15 1.218 2,271 7 13 1.943 -0.725

LoopCapitalMarketsLLC 16 1.203 2,243 4 15 1.132 0.071

DADavidson 17 1.177 2,195 169 17 0.980 0.197

PNCFinancialServicesGroupInc

18 0.885 1,650 75 14 1.365 -0.480

ZieglerCosInc/The 19 0.769 1,434 21 18 0.815 -0.046

GeorgeKBaum&Co 20 0.748 1,394 59 26 0.623 0.125

TOTAL 100% 186,431 4,419 100%

Thistableconsistsofalllong-termissuance(fixedrate&adjustablerate)fortheUSMunicipalMarketinUSDollars.Remarketeddealsandprivateplacementsarenotincluded.

GeneralObligation20%

SchoolDistrict18%

HigherEducation9%

Hospital8%

Water&Sewer7%

Others38%

MarketShareChange

MunicipalIndustryDistribution

20%

18%

9%8%

7%

38%

BankofAmericaMerrillLynch

Citi

JPMorgan

MorganStanley

RBCCapitalMarkets

WellsFargo

5

10

15

MarketShare(%

)

0

20

2017 2016 2015



USMunicipalLongTerm(LeftLead)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 13.598 25,351 213 2 13.901 -0.303

JPMorgan 3 8.171 15,233 135 3 10.469 -2.298

MorganStanley 4 7.590 14,151 135 4 6.982 0.608


GoldmanSachs 6 6.776 12,633 29 12 2.417 4.359

WellsFargo 7 5.563 10,370 101 5 6.003 -0.440

Stifel 8 4.937 9,204 392 7 4.336 0.601

PiperJaffray&Co 9 3.785 7,056 210 10 3.747 0.038


Barclays 11 3.064 5,711 35 9 3.835 -0.771

Jefferies 12 2.774 5,172 28 15 1.088 1.686

RobertWBaird&Co 13 2.531 4,719 386 11 2.909 -0.378


14 1.390 2,591 13 34 0.238 1.152


DADavidson 16 1.177 2,195 169 17 0.980 0.197


17 0.885 1,650 75 14 1.531 -0.646

ZieglerCosInc/The 18 0.769 1,434 21 23 0.728 0.041


GeorgeKBaum&Co 20 0.748 1,394 59 26 0.623 0.125

TOTAL 100% 186,426 4,417 100%

RankedbyDealCount

Firm RankMkt

Share(%)DealCount

Stifel 1 4.88 393

RobertWBaird&Co 2 2.53 386

RaymondJames&Associates 3 3.31 274

RBCCapitalMarkets 4 7.51 256

BankofAmericaMerrillLynch 5 14.20 237

Citi 6 12.80 220

PiperJaffray&Co 7 3.78 210

DADavidson 8 1.18 169

Roosevelt&CrossInc 9 0.60 149

MorganStanley 10 8.09 144

JPMorgan 11 9.22 143

UMBBankNA 12 0.20 108

WellsFargo 13 5.61 104

BOKFinancialCorp 14 0.33 96

FTNFinancial 14 0.45 96

JanneyMontgomeryScottLLC 16 0.65 92

AmeritasInvestmentCorp 17 0.24 88

HutchinsonShockeyErley&Co

18 0.57 85

NorthlandSecuritiesGroupLLC

19 0.18 76


20 0.89 75



USMunicipalLongTermNegotiated

USMunicipalLongTermNegotiated(EconomicCredit)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

Citi 1 12.857 18,324 125 2 12.791 0.066



JPMorgan 4 8.786 12,521 78 3 9.383 -0.597

MorganStanley 5 7.391 10,534 70 5 6.550 0.841

GoldmanSachs 6 6.849 9,761 32 11 3.845 3.004

Stifel 7 6.197 8,832 354 7 5.598 0.599

WellsFargo 8 4.458 6,354 47 6 6.145 -1.687

PiperJaffray&Co 9 4.304 6,134 151 8 4.269 0.035

Barclays 10 4.286 6,109 37 10 4.016 0.270


Jefferies 12 3.010 4,290 19 17 1.087 1.923


13 1.840 2,622 14 23 0.723 1.117



DADavidson 16 1.474 2,101 151 15 1.267 0.207


GeorgeKBaum&Co 18 0.978 1,394 59 21 0.802 0.176

RobertWBaird&Co 19 0.825 1,176 117 16 1.228 -0.403


20 0.498 709 45 14 1.343 -0.845

TOTAL 100% 142,520 2,630 100%

Thistableconsistsofalllong-termissuance(fixed&adjustablerate)fortheUSMunicipalMarketinUSDollarsthatwerebroughttomarketbynegotiatedunderwriting.Remarketeddealsandprivateplacementsarenotincluded.

SchoolDistrict16%


HigherEducation11%

Hospital10%

Water&Sewer8%

Others44%

MarketShareChange


16%

12%

11%

10%8%

44%

Citi


RBCCapitalMarkets

JPMorgan

MorganStanley

GoldmanSachs

5

10

MarketShare(%

)

0

15

2017 2016 2015



USMunicipalLongTermNegotiated(LeftLead)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

Citi 1 13.907 19,820 118 2 13.815 0.092



GoldmanSachs 4 8.838 12,595 28 11 3.120 5.718

JPMorgan 5 7.415 10,568 70 3 9.858 -2.443

MorganStanley 6 6.744 9,612 61 4 6.708 0.036

Stifel 7 6.267 8,932 353 6 5.480 0.787

WellsFargo 8 4.391 6,258 44 7 5.379 -0.988

PiperJaffray&Co 9 4.304 6,134 151 9 4.255 0.049

Barclays 10 3.950 5,630 34 8 4.659 -0.709


Jefferies 12 3.320 4,731 18 17 1.087 2.233


13 1.818 2,591 13 27 0.314 1.504


DADavidson 15 1.474 2,101 151 15 1.267 0.207



GeorgeKBaum&Co 18 0.978 1,394 59 21 0.802 0.176

RobertWBaird&Co 19 0.825 1,176 117 16 1.208 -0.383


20 0.498 709 45 13 1.563 -1.065

TOTAL 100% 142,520 2,630 100%

RankedbyDealCount

Firm RankMkt

Share(%)DealCount

Stifel 1 6.20 354





Citi 6 12.86 125




JPMorgan 10 8.79 78


GeorgeKBaum&Co 12 0.98 59


LJHart&Co 14 0.09 46


15 0.50 45

Barclays 16 4.29 37


16 0.26 37

WilliamBlair&CoLLC 18 0.47 36

FirstMidstate 19 0.05 34




USMunicipalLongTermCompetitive

USMunicipalLongTermCompetitive(EconomicCredit)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofAmericaMerrillLynch 1 23.586 10,357 128 1 22.007 1.579

Citi 2 12.594 5,530 95 2 14.168 -1.574

JPMorgan 3 10.623 4,665 65 3 12.375 -1.752

MorganStanley 4 10.337 4,539 74 6 7.835 2.502

WellsFargo 5 9.365 4,113 57 5 7.947 1.418

RobertWBaird&Co 6 8.070 3,544 269 4 8.214 -0.144



8 2.143 941 30 12 1.432 0.711

PiperJaffray&Co 9 2.100 922 59 9 2.165 -0.065

JanneyMontgomeryScottLLC 10 1.832 805 67 11 1.620 0.212

Roosevelt&CrossInc 11 1.816 798 115 13 1.385 0.431

FTNFinancial 12 1.736 762 88 10 1.698 0.038

HutchinsonShockeyErley&Co 13 1.565 687 48 8 2.372 -0.807

MesirowFinancialInc 14 1.382 607 12 15 1.229 0.153

Jefferies 15 1.003 440 10 17 1.090 -0.087

FidelityCapitalMarkets 16 0.912 400 33 16 1.099 -0.187

RBCCapitalMarkets 17 0.863 379 18 24 0.505 0.358

UBS 18 0.834 366 32 20 0.709 0.125

Stifel 19 0.620 272 39 19 0.771 -0.151

NorthlandSecuritiesGroupLLC 20 0.611 268 55 33 0.172 0.439

TOTAL 100% 43,911 1,793 100%

Thistableconsistsofalllong-termissuance(fixed&adjustablerate)fortheUSMunicipalMarketinUSDollarsthatwerebroughttomarketbycompetitiveunderwriting.Remarketeddealsandprivateplacementsarenotincluded.


SchoolDistrict24%

Water&Sewer6%

IncomeTax5%

Others20%

MarketShareChange


45%

24%

6%

5%

20%


Citi

JPMorgan

MorganStanley

WellsFargo

RobertWBaird&Co

5

10

15

20

MarketShare(%

)

0

25

2017 2016 2015



USMunicipalLongTermCompetitive(LeftLead)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 12.595 5,530 95 2 14.168 -1.573

JPMorgan 3 10.624 4,665 65 3 12.375 -1.751

MorganStanley 4 10.338 4,539 74 6 7.835 2.503

WellsFargo 5 9.367 4,113 57 5 7.947 1.420

RobertWBaird&Co 6 8.071 3,544 269 4 8.214 -0.143



8 2.143 941 30 12 1.432 0.711

PiperJaffray&Co 9 2.100 922 59 9 2.165 -0.065

JanneyMontgomeryScottLLC 10 1.833 805 67 11 1.620 0.213

Roosevelt&CrossInc 11 1.817 798 115 13 1.385 0.432

FTNFinancial 12 1.736 762 88 10 1.698 0.038

HutchinsonShockeyErley&Co 13 1.566 687 48 8 2.372 -0.806

MesirowFinancialInc 14 1.382 607 12 15 1.229 0.153

Jefferies 15 1.003 440 10 17 1.090 -0.087

FidelityCapitalMarkets 16 0.912 400 33 16 1.099 -0.187


UBS 18 0.834 366 32 20 0.709 0.125

Stifel 19 0.620 272 39 19 0.771 -0.151

NorthlandSecuritiesGroupLLC 20 0.611 268 55 33 0.172 0.439

TOTAL 100% 43,906 1,791 100%

RankedbyDealCount

Firm RankMkt

Share(%)DealCount




UMBBankNA 4 0.60 98


Citi 6 12.59 95









14 0.61 55


15 1.57 48

JJBHilliardWLLyonsInc 16 0.55 41

SamcoCapitalMarkets 16 0.51 41

Stifel 18 0.62 39

FidelityCapitalMarkets 19 0.91 33

UBS 20 0.83 32



USMunicipalLongTermFixedRate

USMunicipalLongTermFixedRate(EconomicCredit)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 12.652 22,730 209 2 13.276 -0.624

JPMorgan 3 8.994 16,158 137 3 9.929 -0.935

MorganStanley 4 8.172 14,681 140 4 6.816 1.356


WellsFargo 6 5.762 10,352 103 5 6.684 -0.922

GoldmanSachs 7 5.370 9,647 33 12 3.025 2.345

Stifel 8 4.980 8,947 384 7 4.497 0.483

PiperJaffray&Co 9 3.917 7,036 209 9 3.824 0.093


Barclays 11 2.984 5,360 33 10 3.093 -0.109

RobertWBaird&Co 12 2.627 4,719 386 11 3.042 -0.415

Jefferies 13 2.454 4,408 28 16 1.107 1.347


14 1.459 2,622 14 27 0.569 0.890



DADavidson 17 1.219 2,189 169 17 1.019 0.200


18 0.919 1,650 75 14 1.328 -0.409


GeorgeKBaum&Co 20 0.765 1,375 58 26 0.638 0.127

TOTAL 100% 179,650 4,346 100%

Thistableconsistsofalllong-termfixed-rateissuancefortheUSMunicipalMarketinUSDollarsthatwerebroughttomarket.Remarketeddealsandprivateplacementsarenotincluded.


SchoolDistrict18%

HigherEducation9%

Hospital7%

Water&Sewer7%

Others38%

MarketShareChange


20%

18%

9%7%

7%

38%


Citi

JPMorgan

MorganStanley

RBCCapitalMarkets

WellsFargo

5

10

15

MarketShare(%

)

0

20

2017 2016 2015



USMunicipalLongTermFixedRate(LeftLead)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 13.533 24,311 202 2 14.022 -0.489

JPMorgan 3 7.878 14,152 130 3 10.381 -2.503

MorganStanley 4 7.669 13,778 131 4 6.929 0.740


GoldmanSachs 6 6.821 12,254 29 12 2.515 4.306

WellsFargo 7 5.720 10,275 100 5 6.061 -0.341

Stifel 8 5.036 9,047 383 7 4.404 0.632

PiperJaffray&Co 9 3.917 7,036 209 9 3.813 0.104


Barclays 11 2.728 4,900 30 10 3.460 -0.732

Jefferies 12 2.700 4,850 27 15 1.107 1.593

RobertWBaird&Co 13 2.627 4,719 386 11 3.026 -0.399


14 1.442 2,591 13 33 0.248 1.194


DADavidson 16 1.219 2,189 169 17 1.019 0.200


17 0.919 1,650 75 14 1.501 -0.582



GeorgeKBaum&Co 20 0.765 1,375 58 26 0.638 0.127

TOTAL 100% 179,645 4,344 100%

RankedbyDealCount

Firm RankMkt

Share(%)DealCount


Stifel 2 4.98 384




Citi 6 12.65 209













18 0.59 85


19 0.19 76


20 0.92 75



USMunicipalShortTermNotes

USMunicipalShortTermNotes(EconomicCredit)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 20.222 2,688 77 2 13.442 6.780


Jefferies 3 13.685 1,819 188 5 9.208 4.477

Citi 4 8.711 1,158 12 18 0.839 7.872

TDSecurities 5 7.223 960 93 3 13.342 -6.119

Oppenheimer&Co 6 6.384 849 113 9 3.388 2.996

MorganStanley 7 6.356 845 15 1 19.962 -13.606

WellsFargo 8 6.288 836 9 4 9.268 -2.980


EasternBankCorp 10 1.681 223 54 13 1.629 0.052

PiperJaffray&Co 11 1.583 210 11 6 5.325 -3.742

Stifel 12 0.950 126 22 8 3.451 -2.501

PNCFinancialServicesGroupInc 13 0.886 118 6 12 1.819 -0.933

RaymondJames&Associates 14 0.697 93 7 15 1.279 -0.582

WilmingtonTrustCo 15 0.514 68 2 22 0.455 0.059

BackstromMcCarleyBerry&CoLLC

16 0.497 66 1 - - 0.497

FifthThirdBancorp 17 0.493 66 16 23 0.371 0.122

WilliamBlair&CoLLC 18 0.488 65 14 17 0.875 -0.387

KeyBancCapitalMarkets 19 0.427 57 11 20 0.494 -0.067

Barclays 20 0.402 53 2 31 0.148 0.254

TOTAL 100% 13,292 730 100%

Thistableconsistsofallshort-termNoteissuance(BANs,TANs,RANs,TRANs,GANsetc)fortheUSMunicipalMarketinUSDollars.Remarketeddealsandprivateplacementsarenotincluded.


SchoolDistrict17%

PublicTransportation9%

Others15%

MarketShareChange


59%17%

9%

15%

JPMorgan


Jefferies

Citi

TDSecurities

Oppenheimer&Co

5

10

15

20

MarketShare(%

)

0

25

2017 2016 2015



USMunicipalShortTermNotes(LeftLead)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 20.222 2,688 77 2 13.442 6.780


Jefferies 3 13.685 1,819 188 5 9.208 4.477

Citi 4 8.711 1,158 12 18 0.839 7.872

TDSecurities 5 7.223 960 93 3 13.342 -6.119

Oppenheimer&Co 6 6.384 849 113 9 3.388 2.996

MorganStanley 7 6.356 845 15 1 19.962 -13.606

WellsFargo 8 6.288 836 9 4 9.268 -2.980


EasternBankCorp 10 1.681 223 54 13 1.629 0.052

PiperJaffray&Co 11 1.583 210 11 6 5.325 -3.742

Stifel 12 0.950 126 22 8 3.451 -2.501

PNCFinancialServicesGroupInc 13 0.886 118 6 12 1.819 -0.933

RaymondJames&Associates 14 0.697 93 7 15 1.279 -0.582

WilmingtonTrustCo 15 0.514 68 2 22 0.455 0.059

BackstromMcCarleyBerry&CoLLC

16 0.497 66 1 - - 0.497

FifthThirdBancorp 17 0.493 66 16 23 0.371 0.122

WilliamBlair&CoLLC 18 0.488 65 14 17 0.875 -0.387

KeyBancCapitalMarkets 19 0.427 57 11 20 0.494 -0.067

Barclays 20 0.402 53 2 31 0.148 0.254

TOTAL 100% 13,292 730 100%

RankedbyDealCount

Firm RankMkt

Share(%)DealCount

Jefferies 1 13.68 188

Oppenheimer&Co 2 6.38 113

TDSecurities 3 7.22 93

JPMorgan 4 20.22 77

EasternBankCorp 5 1.68 54


Stifel 7 0.95 22

FifthThirdBancorp 8 0.49 16


WilliamBlair&CoLLC 10 0.49 14



Citi 12 8.71 12

KeyBancCapitalMarkets 14 0.43 11






19 0.89 6




USMunicipalLong&ShortTerm

USMunicipalLong&ShortTerm(EconomicCredit)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 12.512 25,012 230 2 12.389 0.123

JPMorgan 3 9.997 19,985 220 3 10.306 -0.309

MorganStanley 4 7.963 15,918 159 4 7.633 0.330


WellsFargo 6 5.654 11,302 112 5 6.765 -1.111

GoldmanSachs 7 4.927 9,849 35 11 2.951 1.976

Stifel 8 4.622 9,239 413 7 4.365 0.257

PiperJaffray&Co 9 3.638 7,273 220 9 3.851 -0.213

Jefferies 10 3.282 6,560 217 14 1.572 1.710


Barclays 12 3.123 6,244 40 10 3.155 -0.032

RobertWBaird&Co 13 2.372 4,742 388 12 2.870 -0.498


14 1.312 2,622 14 28 0.514 0.798



DADavidson 17 1.100 2,200 174 17 0.921 0.179


18 0.884 1,768 81 15 1.391 -0.507


GeorgeKBaum&Co 20 0.698 1,395 60 27 0.586 0.112

TOTAL 100% 199,905 5,099 100%

Thistableconsistsofallissuance(fixed&adjustablerate;long&short-term)fortheUSMunicipalMarketinUSDollarsthatwereunderwritten.Remarketeddealsandprivateplacementsarenotincluded.


SchoolDistrict18%

HigherEducation9%

Hospital7%

Water&Sewer7%

Others37%

MarketShareChange


22%

18%

9%7%

7%

37%


Citi

JPMorgan

MorganStanley

RBCCapitalMarkets

WellsFargo

5

10

15

MarketShare(%

)

0

20

2017 2016 2015



USMunicipalLong&ShortTerm(LeftLead)

H12017 H12016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 13.261 26,508 223 2 13.117 0.144

JPMorgan 3 9.020 18,032 212 3 10.644 -1.624

MorganStanley 4 7.502 14,996 150 4 7.746 -0.244


GoldmanSachs 6 6.345 12,683 31 12 2.434 3.911

WellsFargo 7 5.606 11,206 109 5 6.221 -0.615

Stifel 8 4.672 9,340 412 7 4.281 0.391

PiperJaffray&Co 9 3.638 7,273 220 8 3.841 -0.203

Jefferies 10 3.503 7,002 216 14 1.572 1.931


Barclays 12 2.884 5,765 37 10 3.614 -0.730

RobertWBaird&Co 13 2.372 4,742 388 11 2.856 -0.484


14 1.296 2,591 13 36 0.224 1.072


DADavidson 16 1.100 2,200 174 17 0.921 0.179


17 0.884 1,768 81 15 1.547 -0.663



GeorgeKBaum&Co 20 0.698 1,395 60 27 0.586 0.112

TOTAL 100% 199,900 5,097 100%

RankedbyDealCount

Firm RankMkt

Share(%)DealCount

Stifel 1 4.62 413


RaymondJames&Associates

3 3.13 278



Citi 6 12.51 230



Jefferies 9 3.28 217




Oppenheimer&Co 13 0.55 130






TDSecurities 19 0.52 95

JanneyMontgomeryScottLLC

20 0.60 93

Bloomberg US Municipals - League Table Criteria

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

General Guidelines

Standard published tables will assign deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, 100% will be assigned to the bookrunner.

Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date.

All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. “Tax-exempt” is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified.

Each table has three potential display formats. “Economic Credit” displays rankings based on true economic credit allocations of applicable deals. “Left Lead” assigns 100% credit to the bookrunner and 0% to all other syndicate participants. “Deal Count” displays rankings based on deal quantity rather than aggregate economic credit amounts. US Municipals tables included in the “Global Capital Markets” and “Americas Capital Markets” publications are ranked according to true economic credit. The US Municipals publication displays all three variations for all tables.

A “deal” refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $50 million issuance is split into three series- a $10 million Series A, a $20 million Series B, and a $20 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one “deal” worth $30 million, and Bank 2 would have one “deal” worth $20 million.

Exclusions

Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility.

The full version of Bloomberg’s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>.

US MUNICIPALS - Bloomberg Professional Services · George K Baum & Co 20 0.748 1,394 59 26 0.623...

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Transcript of US MUNICIPALS - Bloomberg Professional Services · George K Baum & Co 20 0.748 1,394 59 26 0.623...