BofA Widens Lead in Muni Business With Almost 20% Market Share
- Bank has bigger chunk of underwriting than any year since 2013
- Lands more than twice the volume of nearest rival, Citigroup
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So far this year, Bank of America Corp. is expanding its dominance in the business of underwriting bonds for America’s states and cities.
The bank has led the sale of $13.2 billion of municipal bonds in 2021, nearly three times as many as its nearest rival, Citigroup Inc., according to data compiled by Bloomberg. That’s 19% of all the long-term state and local government debt that’s been issued -- a bigger market share than Bank of America has had in any full year since at least 2013.