(Adds refunding volume, underwriter and issuer rankings,
insured and private placement totals)
Jan 3 U.S. states, cities, schools and other
issuers sold $423.8 billion of debt in the municipal market in
2016, a 12.2 percent increase over 2015 and the largest annual
supply since 2010's record $430.4 billion, according to Thomson
Reuters data on Tuesday.
Refundings of outstanding bonds, which accounted for nearly
$261 billion of 2016's total, outpaced new bond sales as issuers
took advantage of market rates that hit all-time lows last
Bank of America Merrill Lynch was the top muni underwriter
with 518 deals totaling nearly $66 billion, followed by
Citigroup with 529 deals totaling $49 billion. J.P. Morgan
Securities came in third with 402 deals totaling $41.5 billion.
The three firms had the same rankings in 2015.
California was the biggest issuer with 13 deals totaling
$8.9 billion. New York's Dormitory Authority and Metropolitan
Transportation Authority rounded out the top three.
Insured bonds totaled $25.3 billion, up only 0.5 percent
from 2015. The amount of privately placed muni debt fell by 15.4
percent to $21.3 billion, Thomson Reuters data showed.
(Reporting by Karen Pierog; Editing by Leslie Adler and Grant