The top municipal underwriters accounted for $359.725 billion in 7,896 issues in 2022, down from $457.080 billion in 11,860 transactions in 2021.

BofA Securities remained in the top spot despite accounting for considerably fewer transactions and market share than in 2021.

Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with only Barclays entering the Top 10, knocking Piper Sandler to 11th.