Fourth quarter gains push Far West muni bond volume out of doldrums

Municipal bond issuance in the Far West region in 2023 was up 13.1% year-over-year to $75.2 billion, spurred in part by a fourth quarter rally, boosting sales 45% compared to the same period in 2022, according to data from LSEG, formerly Refinitiv.

“There has been a tremendous rally, starting in December when the Federal Reserve said they were done with rate hikes,” said Raul Amezcua, a senior director at Samuel A. Ramirez & Co. “The market has improved by over 100 basis points.”

California sales propelled the nine-state region as usual with $54.1 billion in bonds sold by issuers in the Golden State, compared to $9.3 billion from Washington and $4.9 billion from Oregon, the states with the second- and third-highest volume.

Idaho issuance grew nearly 50% to $1.3 billion, putting it in range of Hawaii, where issuers sold $1.7 billion. Nevada volume was up 17% to $2.7 billion.

In the region, only Alaska and Montana, neither big players in the muni market, were down year-over-year.

The Golden State was the from municipal bond underwriting in December, was fourth in the Far West at $5.9 billion.

PFM Financial Advisors topped the financial advisor rankings, credited with $15 billion in 97 issues, trailed by Public Resources Advisory Group with $13.5 billion in 31 issues and KNN Public Finance with $6.4 billion in 53 issues.

Orrick, Herrington & Sutcliffe continued its long reign atop the Far West bond counsel table, credited with $26.3 billion in 160 issues, followed by Stradling Yocca Carlson & Rauth with $9.4 billion in 148 issues and Hawkins Delafield & Wood with $7.1 billion in 54 issues.