JPMorgan Chase & Co. is the clear winner this year in an increasingly competitive municipal-bond market, encroaching on Bank of America Corp.’s stranglehold on the top slot of underwriting rankings.
The New York-based bank managed $38.2 billion of long-term state and local government debt as of Dec. 15, or roughly 11% of the overall issuance, according to data compiled by Bloomberg. That marks a nearly 3 percentage point jump from the bank’s share last year, the biggest increase among the 91 managers who have run at least one deal this year, the data shows.
