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April 3 (Reuters) - The sale of debt by states, cities, schools and other issuers in the U.S. municipal bond market totaled $86.5 billion in 2017's first quarter, a drop of 9.5 percent from the same period in 2016, according to Thomson Reuters data on Monday.
Citigroup was the top underwriter of muni bonds during the first three months of 2017 with $14.25 billion of debt in 123 deals. California was the top issuer, selling $2.79 billion of debt. (Reporting By Karen Pierog; Editing by Andrew Hay)