- RBC rose three spots, managing $32 billion in debt this year
- Resumes hit muni head Spangler’s inbox amid industry upheaval
RBC Capital Markets is having its best year on record, propelling the Canadian bank to become the No. 2 underwriter of US state and local debt.
Its public finance team led by Bob Spangler has risen three spots this year on Bloomberg’s ranking of underwriters to its highest position ever and the best performance of a foreign bank. The top slots have been historically reserved for American behemoths including Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc.
RBC has been credited with managing over $32 billion of long-term municipal bonds this year, amounting to more than 9% of overall sales, according to data compiled by Bloomberg. That’s up 2.7 percentage points from last year, one of the largest gains of any bank, the data shows.
Bloomberg Markets
By Danielle Moran and Amanda Albright
December 7, 2023