US MUNICIPALS - data. · PDF filePNC Financial Services Group Inc 17 0.880 2,384 107 14 1.252...

US MUNICIPALS LEAGUE TABLES

First 3Q 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. Long Term & Muni-Backed Corporates Tables

DATA SUBMISSIONS AND QUERIES

US Municipals

Contact Laura Albright

Sophia Sung

Phone +1 609 279 3011

+1 609 279 3017

Email [email protected]

[email protected]

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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Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

FIRST 3Q 2017

US MUNICIPALS

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

8. Table Criteria

Bloomberg USMunicipalLeagueTables|1st3Q2017

BloombergLeagueTableReports Page1

USMunicipalLongTerm

USMunicipalLongTerm(LeftLead)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofAmericaMerrillLynch 1 16.144 43,728 303 1 15.569 0.575

Citi 2 13.237 35,854 308 2 12.568 0.669

JPMorgan 3 7.539 20,419 177 3 10.472 -2.933

MorganStanley 4 7.532 20,401 196 4 7.307 0.225

GoldmanSachs 5 7.056 19,113 43 9 4.092 2.964

RBCCapitalMarkets 6 6.946 18,815 354 6 5.093 1.853

WellsFargo 7 5.147 13,941 154 5 5.749 -0.602

Stifel 8 4.463 12,088 541 8 4.208 0.255

PiperJaffray&Co 9 3.818 10,341 301 11 3.662 0.156

RaymondJames&Associates 10 3.720 10,076 419 10 3.842 -0.122

Barclays 11 3.114 8,435 58 7 4.349 -1.235

RobertWBaird&Co 12 2.536 6,870 552 12 2.841 -0.305

Jefferies 13 2.258 6,117 41 16 1.041 1.217

SiebertCisnerosShank&CoLLC

14 1.401 3,795 20 17 1.020 0.381

LoopCapitalMarketsLLC 15 1.314 3,558 7 18 0.991 0.323

DADavidson 16 1.165 3,156 248 15 1.044 0.121

PNCFinancialServicesGroupInc

17 0.880 2,384 107 14 1.252 -0.372

ZieglerCosInc/The 18 0.749 2,030 33 19 0.838 -0.089

Roosevelt&CrossInc 19 0.717 1,941 235 21 0.729 -0.012

GeorgeKBaum&Co 20 0.667 1,807 90 23 0.674 -0.007

TOTAL 100% 270,862 6,410 100%

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

GeneralObligation20%

SchoolDistrict16%

HigherEducation8%

Hospital7%

Water&Sewer6%

Others42%

MarketShareChange

MunicipalIndustryDistribution

20%

16%

8%7%

6%

42%

Banko

fAmeri

caM

errill

Lync

hCiti

JPM

organ

Morgan

Stan

ley

RBCCap

italM

arkets

Goldman

Sac

hs

5

10

15

Mar

ketS

hare

(%)

0

20

2017 2016 2015



USMunicipalLongTerm(EconomicCredit)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 12.768 34,585 321 2 12.077 0.691

JPMorgan 3 8.594 23,278 191 3 10.108 -1.514

MorganStanley 4 7.667 20,767 206 4 7.230 0.437


GoldmanSachs 6 5.731 15,524 50 8 4.100 1.631

WellsFargo 7 5.106 13,830 158 5 6.272 -1.166

Stifel 8 4.893 13,254 544 7 4.360 0.533

PiperJaffray&Co 9 3.806 10,309 301 11 3.683 0.123


Barclays 11 3.132 8,484 61 10 3.995 -0.863

RobertWBaird&Co 12 2.536 6,870 552 12 2.851 -0.315

Jefferies 13 2.257 6,113 43 17 1.041 1.216


14 1.603 4,342 23 14 1.225 0.378


DADavidson 16 1.165 3,156 248 16 1.044 0.121


17 0.880 2,384 107 15 1.152 -0.272

SamuelARamirez&CoInc 18 0.876 2,372 10 13 1.956 -1.080


Roosevelt&CrossInc 20 0.717 1,941 235 21 0.696 0.021

TOTAL 100% 270,867 6,412 100%

RankedbyDealCount(EconomicCredit)

Firm RankMkt

Share(%)DealCount

RobertWBaird&Co 1 2.54 552

Stifel 2 4.89 544

RaymondJames&Associates 3 3.78 426

RBCCapitalMarkets 4 6.63 357

Citi 5 12.77 321

BankofAmericaMerrillLynch 6 15.83 319

PiperJaffray&Co 7 3.81 301

DADavidson 8 1.17 248

Roosevelt&CrossInc 9 0.72 235

MorganStanley 10 7.67 206

JPMorgan 11 8.59 191

WellsFargo 12 5.11 158

AmeritasInvestmentCorp 13 0.21 142

FTNFinancial 14 0.48 141

BOKFinancialCorp 15 0.40 139

UMBBankNA 16 0.18 138

JanneyMontgomeryScottLLC 17 0.66 126

HutchinsonShockeyErley&Co

18 0.63 116

NorthlandSecuritiesGroupLLC

19 0.17 109


20 0.88 107



USMunicipalLongTermNegotiated

USMunicipalLongTermNegotiated(LeftLead)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofAmericaMerrillLynch 1 13.707 28,005 143 1 13.994 -0.287

Citi 2 13.180 26,929 177 2 12.158 1.022

GoldmanSachs 3 8.995 18,378 40 6 5.336 3.659


MorganStanley 5 7.119 14,545 92 4 6.610 0.509

JPMorgan 6 6.911 14,120 90 3 10.073 -3.162

Stifel 7 5.736 11,720 489 7 5.272 0.464

PiperJaffray&Co 8 4.465 9,124 225 10 4.169 0.296

Barclays 9 4.088 8,354 57 9 5.077 -0.989

RaymondJames&Associates 10 3.950 8,070 258 11 3.684 0.266

WellsFargo 11 3.692 7,544 66 8 5.219 -1.527

Jefferies 12 2.505 5,117 26 19 1.077 1.428


13 1.857 3,795 20 14 1.342 0.515


DADavidson 15 1.489 3,043 224 13 1.349 0.140

RobertWBaird&Co 16 0.995 2,033 174 17 1.162 -0.167


GeorgeKBaum&Co 18 0.879 1,795 87 20 0.872 0.007



20 0.654 1,337 72 16 1.163 -0.509

TOTAL 100% 204,318 3,885 100%

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

SchoolDistrict14%


HigherEducation10%

Hospital9%

Water&Sewer7%

Others47%

MarketShareChange


14%

13%

10%

9%7%

47%

Banko

fAmeri

caM

errill

Lync

hCiti

JPM

organ

RBCCap

italM

arkets

Morgan

Stan

ley

Goldman

Sac

hs

5

10

Mar

ketS

hare

(%)

0

15

2017 2016 2015



USMunicipalLongTermNegotiated(EconomicCredit)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofAmericaMerrillLynch 1 13.291 27,157 159 1 13.574 -0.283

Citi 2 12.559 25,661 190 2 11.511 1.048

JPMorgan 3 8.310 16,979 104 3 9.593 -1.283


MorganStanley 5 7.298 14,910 102 5 6.508 0.790

GoldmanSachs 6 7.238 14,790 47 8 5.347 1.891

Stifel 7 6.307 12,886 492 7 5.473 0.834

PiperJaffray&Co 8 4.450 9,092 225 10 4.197 0.253

Barclays 9 4.112 8,402 60 9 4.610 -0.498

RaymondJames&Associates 10 4.029 8,231 265 11 3.921 0.108

WellsFargo 11 3.638 7,433 70 6 5.908 -2.270

Jefferies 12 2.503 5,113 28 18 1.077 1.426


13 2.125 4,342 23 13 1.612 0.513


DADavidson 15 1.489 3,043 224 14 1.349 0.140


RobertWBaird&Co 17 0.995 2,033 174 17 1.175 -0.180


GeorgeKBaum&Co 19 0.879 1,795 87 20 0.872 0.007


20 0.654 1,337 72 19 1.031 -0.377

TOTAL 100% 204,318 3,885 100%


Firm RankMkt

Share(%)DealCount

Stifel 1 6.31 492





Citi 6 12.56 190






GeorgeKBaum&Co 12 0.88 87


13 0.65 72



LJHart&Co 16 0.09 62

Barclays 17 4.11 60


18 0.33 55

FifthThirdBancorp 19 0.38 47

GoldmanSachs 19 7.24 47



USMunicipalLongTermCompetitive

USMunicipalLongTermCompetitive(LeftLead)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 13.411 8,925 131 2 13.869 -0.458

WellsFargo 3 9.613 6,397 88 6 7.425 2.188

JPMorgan 4 9.466 6,299 87 3 11.737 -2.271

MorganStanley 5 8.801 5,857 104 4 9.516 -0.715

RobertWBaird&Co 6 7.269 4,837 378 5 8.160 -0.891


JanneyMontgomeryScottLLC 8 1.874 1,247 94 12 1.636 0.238

PiperJaffray&Co 9 1.829 1,217 76 9 2.056 -0.227



FTNFinancial 12 1.608 1,070 126 11 1.733 -0.125


13 1.573 1,047 35 13 1.533 0.040

HutchinsonShockeyErley&Co 14 1.547 1,029 61 8 2.296 -0.749

MesirowFinancialInc 15 1.522 1,013 22 16 0.964 0.558

Jefferies 16 1.503 1,000 15 17 0.925 0.578

FidelityCapitalMarkets 17 1.176 783 52 15 1.279 -0.103

GoldmanSachs 18 1.104 735 3 33 0.152 0.952

UBS 19 1.057 703 54 19 0.860 0.197

JJBHilliardWLLyonsLLC 20 0.740 493 70 22 0.632 0.108

TOTAL 100% 66,543 2,531 100%

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


SchoolDistrict22%

IncomeTax6%

Sales&ExciseTax5%

Others24%

MarketShareChange


43%

22%

6%

5%

24%

Banko

fAmeri

caM

errill

Lync

hCiti

Well

sFarg

o

JPM

organ

Morgan

Stan

ley

Robert

WB

aird&

Co

5

10

15

20

Mar

ketS

hare

(%)

0

25

2017 2016 2015



USMunicipalLongTermCompetitive(EconomicCredit)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 13.410 8,925 131 2 13.868 -0.458

WellsFargo 3 9.612 6,397 88 6 7.425 2.187

JPMorgan 4 9.466 6,299 87 3 11.736 -2.270

MorganStanley 5 8.800 5,857 104 4 9.515 -0.715

RobertWBaird&Co 6 7.269 4,837 378 5 8.160 -0.891


JanneyMontgomeryScottLLC 8 1.874 1,247 94 12 1.636 0.238

PiperJaffray&Co 9 1.829 1,217 76 9 2.056 -0.227



FTNFinancial 12 1.608 1,070 126 11 1.733 -0.125


13 1.573 1,047 35 13 1.533 0.040

HutchinsonShockeyErley&Co 14 1.547 1,029 61 8 2.296 -0.749

MesirowFinancialInc 15 1.522 1,013 22 16 0.964 0.558

Jefferies 16 1.502 1,000 15 17 0.925 0.577

FidelityCapitalMarkets 17 1.176 783 52 15 1.279 -0.103

GoldmanSachs 18 1.104 735 3 33 0.152 0.952

UBS 19 1.057 703 54 19 0.860 0.197

JJBHilliardWLLyonsLLC 20 0.740 493 70 22 0.632 0.108

TOTAL 100% 66,549 2,533 100%


Firm RankMkt

Share(%)DealCount





Citi 5 13.41 131







JPMorgan 12 9.47 87



14 0.51 74

JJBHilliardWLLyonsLLC 15 0.74 70

SamcoCapitalMarkets 16 0.60 67


17 1.55 61

UBS 18 1.06 54

FidelityCapitalMarkets 19 1.18 52

Stifel 19 0.55 52



USMunicipalLongTermFixedRate

USMunicipalLongTermFixedRate(LeftLead)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 13.336 34,840 295 2 12.654 0.682

MorganStanley 3 7.549 19,720 190 4 7.223 0.326

JPMorgan 4 7.369 19,250 170 3 10.449 -3.080

GoldmanSachs 5 7.130 18,626 42 8 4.216 2.914


WellsFargo 7 5.272 13,772 151 5 5.686 -0.414

Stifel 8 4.508 11,777 527 7 4.268 0.240

PiperJaffray&Co 9 3.910 10,214 299 11 3.746 0.164


Barclays 11 2.872 7,502 50 9 4.069 -1.197

RobertWBaird&Co 12 2.630 6,870 552 12 2.950 -0.320

Jefferies 13 2.210 5,772 39 17 1.006 1.204


14 1.453 3,795 20 16 1.059 0.394


DADavidson 16 1.198 3,131 247 15 1.081 0.117


17 0.913 2,384 107 14 1.238 -0.325



GeorgeKBaum&Co 20 0.684 1,788 89 23 0.693 -0.009

TOTAL 100% 261,244 6,299 100%

Thistableconsistsofalllong-termfixed-rateissuancefortheUSMunicipalMarketinUSDollarsthatwerebroughttomarket.Remarketeddealsandprivateplacementsarenotincluded.


SchoolDistrict17%

HigherEducation8%

Hospital7%

Water&Sewer6%

Others41%

MarketShareChange


21%

17%

8%7%

6%

41%

Banko

fAmeri

caM

errill

Lync

hCiti

JPM

organ

Morgan

Stan

ley

RBCCap

italM

arkets

Goldman

Sac

hs

5

10

15

Mar

ketS

hare

(%)

0

20

2017 2016 2015



USMunicipalLongTermFixedRate(EconomicCredit)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 12.817 33,486 308 2 12.138 0.679

JPMorgan 3 8.483 22,163 183 3 10.019 -1.536

MorganStanley 4 7.681 20,067 200 4 7.154 0.527


GoldmanSachs 6 5.843 15,265 49 8 4.184 1.659

WellsFargo 7 5.222 13,642 155 5 6.243 -1.021

Stifel 8 4.955 12,944 530 7 4.426 0.529


PiperJaffray&Co 10 3.898 10,183 299 11 3.767 0.131

Barclays 11 2.883 7,532 53 10 3.794 -0.911

RobertWBaird&Co 12 2.630 6,870 552 12 2.960 -0.330

Jefferies 13 2.208 5,768 41 17 1.006 1.202


14 1.662 4,342 23 14 1.272 0.390


DADavidson 16 1.198 3,131 247 16 1.081 0.117


17 0.913 2,384 107 15 1.135 -0.222




TOTAL 100% 261,249 6,301 100%


Firm RankMkt

Share(%)DealCount


Stifel 2 4.95 530




Citi 6 12.82 308













18 0.63 115


19 0.18 109


20 0.91 107



USMunicipalShortTermNotes

USMunicipalShortTermNotes(LeftLead)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 19.780 4,435 114 2 15.035 4.745

Jefferies 2 15.350 3,441 327 4 11.101 4.249


TDSecurities 4 8.706 1,952 173 3 12.923 -4.217

MorganStanley 5 8.471 1,899 26 1 17.765 -9.294

Citi 6 6.695 1,501 19 15 1.580 5.115

Oppenheimer&Co 7 5.129 1,150 183 8 3.268 1.861

WellsFargo 8 4.727 1,060 11 6 6.788 -2.061

RBCCapitalMarkets 9 3.702 830 17 9 2.373 1.329

GoldmanSachs 10 2.701 606 5 12 2.092 0.609

EasternBankCorp 11 1.583 355 82 16 1.525 0.058

PiperJaffray&Co 12 1.005 225 20 7 3.282 -2.277

RaymondJames&Associates 13 0.927 208 10 14 1.581 -0.654

Stifel 14 0.836 187 32 11 2.226 -1.390

Barclays 15 0.707 158 6 19 0.630 0.077


16 0.535 120 1 - - 0.535


17 0.525 118 6 10 2.307 -1.782

FifthThirdBancorp 18 0.487 109 30 21 0.368 0.119

RobertWBaird&Co 19 0.438 98 19 13 1.685 -1.247

Roosevelt&CrossInc 20 0.432 97 65 17 0.995 -0.563

TOTAL 100% 22,420 1,205 100%

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


SELFAPP29%

SchoolDistrict17%

Others15%

MarketShareChange


38%

29%

17%

15%

JPM

organ

Jeffe

ries

Banko

fAmeri

caM

errill

Lync

h

TDS

ecuri

ties

Morgan

Stan

ley Citi

5

10

15

Mar

ketS

hare

(%)

0

20

2017 2016 2015



USMunicipalShortTermNotes(EconomicCredit)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

JPMorgan 1 19.774 4,435 114 2 15.035 4.739

Jefferies 2 15.345 3,441 327 4 11.101 4.244


TDSecurities 4 8.703 1,952 173 3 12.923 -4.220

MorganStanley 5 8.469 1,899 26 1 17.765 -9.296

Citi 6 6.693 1,501 19 15 1.580 5.113

Oppenheimer&Co 7 5.136 1,152 184 8 3.268 1.868

WellsFargo 8 4.726 1,060 11 6 6.788 -2.062

RBCCapitalMarkets 9 3.701 830 17 9 2.373 1.328

GoldmanSachs 10 2.700 606 5 12 2.092 0.608

EasternBankCorp 11 1.607 360 83 16 1.525 0.082

PiperJaffray&Co 12 1.005 225 20 7 3.282 -2.277

RaymondJames&Associates 13 0.927 208 10 14 1.581 -0.654

Stifel 14 0.836 187 32 11 2.226 -1.390

Barclays 15 0.706 158 6 19 0.630 0.076


16 0.535 120 1 - - 0.535


17 0.525 118 6 10 2.307 -1.782

FifthThirdBancorp 18 0.487 109 30 21 0.368 0.119

RobertWBaird&Co 19 0.437 98 19 13 1.685 -1.248

Roosevelt&CrossInc 20 0.432 97 65 17 0.995 -0.563

TOTAL 100% 22,427 1,206 100%


Firm RankMkt

Share(%) DealCount

Jefferies 1 15.34 327

Oppenheimer&Co 2 5.14 184

TDSecurities 3 8.70 173


EasternBankCorp 5 1.61 83


Stifel 7 0.84 32

FifthThirdBancorp 8 0.49 30




Citi 12 6.69 19



KeyBancCapitalMarkets 15 0.31 15


WilliamBlair&CoLLC 16 0.29 14


PioneerCommercialBank 19 0.12 10

RaymondJames&Associates

19 0.93 10



USMunicipalLong&ShortTerm

USMunicipalLong&ShortTerm(LeftLead)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 12.716 37,355 325 2 11.847 0.869

JPMorgan 3 8.532 25,063 292 3 10.780 -2.248

MorganStanley 4 7.592 22,301 222 4 7.970 -0.378

GoldmanSachs 5 6.713 19,719 48 9 3.959 2.754


WellsFargo 7 5.106 15,001 164 5 5.827 -0.721

Stifel 8 4.182 12,284 571 8 4.075 0.107

PiperJaffray&Co 9 3.600 10,577 320 11 3.635 -0.035


Jefferies 11 3.264 9,587 369 14 1.688 1.576

Barclays 12 2.925 8,593 64 7 4.149 -1.224

RobertWBaird&Co 13 2.372 6,968 568 12 2.764 -0.392


14 1.333 3,915 21 17 0.953 0.380


DADavidson 16 1.075 3,158 252 16 0.979 0.096


17 0.852 2,502 113 15 1.318 -0.466

TDSecurities 18 0.702 2,061 176 19 0.855 -0.153



TOTAL 100% 293,756 7,526 100%

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


SchoolDistrict16%

HigherEducation7%

Hospital6%

Water&Sewer6%

Others42%

MarketShareChange


22%

16%

7%6%

6%

42%

Banko

fAmeri

caM

errill

Lync

hCiti

JPM

organ

Morgan

Stan

ley

RBCCap

italM

arkets

Goldman

Sac

hs

5

10

15

Mar

ketS

hare

(%)

0

20

2017 2016 2015



USMunicipalLong&ShortTerm(EconomicCredit)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)


Citi 2 12.284 36,086 338 2 11.388 0.896

JPMorgan 3 9.505 27,922 306 3 10.440 -0.935

MorganStanley 4 7.716 22,666 232 4 7.897 -0.181


GoldmanSachs 6 5.491 16,130 55 8 3.966 1.525

WellsFargo 7 5.068 14,890 168 5 6.316 -1.248

Stifel 8 4.579 13,451 574 7 4.217 0.362

PiperJaffray&Co 9 3.590 10,545 320 11 3.654 -0.064


Jefferies 11 3.262 9,583 371 14 1.688 1.574

Barclays 12 2.942 8,642 67 10 3.817 -0.875

RobertWBaird&Co 13 2.372 6,968 568 12 2.773 -0.401


14 1.519 4,462 24 16 1.145 0.374


DADavidson 16 1.075 3,158 252 17 0.979 0.096


17 0.852 2,502 113 15 1.224 -0.372


TDSecurities 19 0.702 2,061 176 19 0.855 -0.153


TOTAL 100% 293,769 7,529 100%


Firm RankMkt

Share(%)DealCount

Stifel 1 4.58 574


RaymondJames&Associates

3 3.56 432


Jefferies 5 3.26 371

Citi 6 12.28 338



JPMorgan 9 9.50 306




Oppenheimer&Co 13 0.52 209

TDSecurities 14 0.70 176






JanneyMontgomeryScottLLC

20 0.61 127



USMunicipalLongTerm+Muni-BackedCorporates

USMunicipalLongTerm+Muni-BackedCorporates(LeftLead)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofAmericaMerrillLynch 1 16.144 43,728 6,183 1 15.569 0.575

Citi 2 13.237 35,854 5,517 2 12.568 0.669

JPMorgan 3 7.539 20,419 2,777 3 10.472 -2.933

MorganStanley 4 7.532 20,401 3,428 4 7.307 0.225

GoldmanSachs 5 7.056 19,113 742 9 4.092 2.964

RBCCapitalMarkets 6 6.946 18,815 5,447 6 5.093 1.853

WellsFargo 7 5.147 13,941 2,756 5 5.749 -0.602

Stifel 8 4.463 12,088 7,871 8 4.208 0.255

PiperJaffray&Co 9 3.818 10,341 4,539 11 3.662 0.156

RaymondJames&Associates 10 3.720 10,076 6,329 10 3.842 -0.122

Barclays 11 3.114 8,435 913 7 4.349 -1.235

RobertWBaird&Co 12 2.536 6,870 7,999 12 2.841 -0.305

Jefferies 13 2.258 6,117 547 16 1.041 1.217


14 1.401 3,795 441 17 1.020 0.381


DADavidson 16 1.165 3,156 2,485 15 1.044 0.121


17 0.880 2,384 1,528 14 1.252 -0.372


Roosevelt&CrossInc 19 0.717 1,941 3,638 21 0.729 -0.012

GeorgeKBaum&Co 20 0.667 1,807 1,091 23 0.674 -0.007

TOTAL 100% 270,862 93,838 100%

Thistableconsistsofalllong-termissuance(fixedrate&adjustablerate)fortheUSMunicipalMarketinUSDollars.Additionally,anydirectissuanceofmunicipalborrowersintothecorporatemarketisincluded.Municipalmarketremarketeddealsandprivateplacementsarenotincluded.Dealcountrepresentsnumberofsecurities.


SchoolDistrict16%

HigherEducation8%

Hospital7%

Water&Sewer6%

Others44%

MarketShareChange


20%

16%

8%7%

6%

44%

Banko

fAmeri

caM

errill

Lync

hCiti

JPM

organ

Morgan

Stan

ley

RBCCap

italM

arkets

Goldman

Sac

hs

5

10

15

Mar

ketS

hare

(%)

0

20

2017 2016 2015



USMunicipalLongTerm+Muni-BackedCorporates(EconomicCredit)

1st3Q2017 1st3Q2016

Firm RankMkt

Share(%)Volume(USD

Mln)DealCount

PrevRank

PrevMktShare(%)

MktShareChg(%)

BankofAmericaMerrillLynch 1 15.790 44,058 6,482 1 15.139 0.651

Citi 2 12.720 35,493 5,784 2 12.015 0.705

JPMorgan 3 8.855 24,707 3,162 3 10.075 -1.220

MorganStanley 4 7.987 22,286 3,799 4 7.512 0.475

RBCCapitalMarkets 5 6.495 18,122 5,525 6 5.239 1.256

GoldmanSachs 6 6.045 16,866 863 7 4.437 1.608

WellsFargo 7 5.118 14,280 2,839 5 6.214 -1.096

Stifel 8 4.751 13,258 7,971 9 4.283 0.468

PiperJaffray&Co 9 3.697 10,315 4,540 11 3.618 0.079

RaymondJames&Associates 10 3.669 10,237 6,478 10 3.975 -0.306

Barclays 11 3.329 9,289 992 8 4.285 -0.956

RobertWBaird&Co 12 2.462 6,870 7,999 12 2.801 -0.339

Jefferies 13 2.191 6,113 612 17 1.022 1.169


14 1.556 4,342 523 14 1.204 0.352


DADavidson 16 1.131 3,156 2,485 16 1.025 0.106


17 0.854 2,384 1,528 15 1.131 -0.277



Roosevelt&CrossInc 20 0.696 1,941 3,638 21 0.684 0.012

TOTAL 100% 279,027 93,892 100%


Firm RankMkt

Share(%)DealCount

RobertWBaird&Co 1 2.46 7,999

Stifel 2 4.75 7,971

BankofAmericaMerrillLynch 3 15.79 6,482

RaymondJames&Associates 4 3.67 6,478

Citi 5 12.72 5,784

RBCCapitalMarkets 6 6.49 5,525

PiperJaffray&Co 7 3.70 4,540

MorganStanley 8 7.99 3,799

Roosevelt&CrossInc 9 0.70 3,638

JPMorgan 10 8.85 3,162

WellsFargo 11 5.12 2,839

DADavidson 12 1.13 2,485

FTNFinancial 13 0.47 2,057

JanneyMontgomeryScottLLC 14 0.64 1,926

AmeritasInvestmentCorp 15 0.21 1,716

SamcoCapitalMarkets 16 0.24 1,595


17 0.85 1,528


18 0.61 1,411

BOKFinancialCorp 19 0.39 1,407

HilltopHoldingsInc 20 0.40 1,279

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>.

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