The top municipal underwriters accounted for $340.99 billion in 9,082 transactions in the first three quarters of 2021 compared to $330.71 billion in 8,577 deals in 2020 over the same time period.

BofA Securities led with $48.85 billion of deals, while Goldman Sachs jumped into the top five and Morgan Stanley moved up one spot from where it was at this point last year.

Out of the top five, BofA Securities, Morgan Stanley, Goldman Sachs, Stifel Nicolaus & Co. and Jefferies were the only firms to increase market share year-over-year.

Stifel Nicolas & Co. moved into the top 10, while Raymond James & Associates fell to 11th.