{"id":687,"date":"2019-12-23T12:00:00","date_gmt":"2019-12-23T17:00:00","guid":{"rendered":"https:\/\/buymuni.com\/?p=687"},"modified":"2019-12-23T13:03:08","modified_gmt":"2019-12-23T18:03:08","slug":"bofa-tops-ny-league-table-wells-fargo-shut-out-head-of-public-finance-seconded-to-bill-daleys-fire-fighting-gov-affairs-a-team","status":"publish","type":"post","link":"https:\/\/buymuni.com\/?p=687","title":{"rendered":"BofA Tops NY League Table. Wells Fargo Shut Out – Head of Public Finance Seconded To Bill Daley’s Government Affairs “A-Team”"},"content":{"rendered":"\n

December 23, 2019 – Based on Thomson Reuters data released this morning, BofA Securities retained its traditional lead atop the New York league tables, underwriting nearly $8 billion in the Empire State for a 17.7% market share.<\/p>\n\n\n\n

Morgan Stanley, not traditionally a Top 3 underwriter in New York, surged to #2 on the back of a massive $2 billion transaction for the Dormitory Authority of the State of New York (DASNY) last week. The bonds were backed by state personal income tax revenues. Morgan underwrote $6B for the year.<\/p>\n\n\n\n

Rounding out the Top 5 were JP Morgan ($5.3B), Goldman sachs ($4.4B) and Citi ($3.8B). Siebert Williams missed the Top 5 by under a $1 billion, but has improved its ranking from previous years.<\/p>\n\n\n\n

In terms of issues, New York State entities dominated – with DASNY ranked the #1 issuer, the MTA at #3, Empire State Development Corp at #7 and New York State Thruway Authority at #10.<\/p>\n\n\n\n

New York City – which enjoyed its first upgrade in many years after Moody’s uplifted the G.O. rating to Aa1 earlier this year – issued over $10 billion across its three primary credits – General Obligation, Transitional Finance Authority (TFA) and New York Water.<\/p>\n\n\n\n

A notable absence among the Top 10 underwriters is Wells Fargo, which has reportedly been banned by New York City from managing its negotiated issues as a book-running manager, due to governance and CRA concerns.<\/p>\n\n\n\n

As reported by Bloomberg last week<\/a>, Charles Peck – Wells’ newly-minted Head of Public Finance – was seconded to Wells Fargo’s public affairs unit to assist Bill Daley, former Secretary of Commerce to Bill Clinton and Chief of Staff for Barack Obama, <\/p>\n\n\n\n

In November, Wells Fargo tapped Bill Daley to head public affairs, in a concerted effort to repair the bank’s fractured relationships with its regulators and the Federal Reserve. <\/p>\n\n\n\n

\n\n\n\n

Contact Kyle Skinner at KSkinner@buymuni.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

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