For the past decade, Citigroup has lead municipal underwriting each year, according to Thomson Reuters. In 2009, Citi ran the books on nearly 400 issues, totaling more than $58 billion. The result was a 14.3% share of the municipal-underwriting market. Bank of America Merrill Lynch came in a close second, with 13.6% of the market. JPMorgan Chase came in third, with a market share of 11.5%, up from 9.8% in 2008.
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