An Outpost No Longer

O'Leary, Christopher
April 2003
Investment Dealers' Digest;4/28/2003, Vol. 69 Issue 17, p26
Trade Publication
When the state of California introduced itself to the municipal markets with a 1.85 billion dollars worth of negotiated bonds April 24, 2003 perhaps the biggest surprise was the Golden State's choice of Merrill Lynch & Co. to lead the deal. Merrill ranked eighth in negotiated deals in 2002. Merrill's nabbing of the California deal instead of other, more established, negotiated bond leaders like UBS Warburg LLC and Citigroup Inc.-is an indication of just how important negotiated deals have become. Banks don't disclose how much they earn from their municipal operations, but bankers say that fees on the whole have steadily eroded in the past decade, and that overall underwriting fees from municipals have declined since the tax reforms of the 1980s.


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