Takeaways
- RBC Capital Markets has reclaimed its position as the second-biggest municipal underwriter in the first half of 2025, with a market share of about 10.5% of the $278.5 billion total long-term muni sales.
- RBC’s gains in sectors such as higher education, K-12 schools, and transportation have helped it expand market share, with debt sales for colleges and local school districts jumping nearly 40%.
- RBC estimates total issuance could rise 6% year-over-year to as much as $535 billion, and sees opportunities in health care and transportation, with plans to potentially add headcount, including a senior banker.
RBC Capital Markets has ridden the wave of record US state and local debt sales in the first half of this year to reclaim its position as the second-biggest municipal underwriter.
The Canadian bank’s market share rose to about 10.5% of the $278.5 billion total long-term muni sales for the first six months of 2025, according to data compiled by Bloomberg. It first reached the No. 2 rank in 2023 but ceded that spot to JPMorgan Chase & Co. last year and slipped to third place, according to first-half data going back to 2013. Bank of America Corp. continues to hold the top spot.
A JPMorgan spokesperson declined to comment on the shift in market share. Representatives for Bank of America didn’t immediately respond to emails seeking comment.
Bloomberg Markets
By Shruti Singh
July 3, 2025