Jefferies Climbs Muni Underwriter Rankings on Texas Bond Boom

Jefferies Financial Grouphas vaulted up the rankings of municipal bond underwriters in 2023, primarily because of its proclivity to manage bonds for Texas and its municipalities.

Texas state and local government bond deals, led by a $3.5 billion mega-deal that allowed natural gas utilities to securitize costs from a 2021 winter storm, account for about 70% of Jefferies total muni underwriting volume so far this year, according to data compiled by Bloomberg. Jefferies is the top-ranked underwriter in Texas with 31% of the market.

The New York-based bank has managed $7.2 billion of deals so far this year, ranking ...