BofA Securities was the top underwriter for 2025 by a wide margin, almost $40 billion more than the par amount of the No. 2 underwriter, J.P. Morgan. The firm ranked first for both negotiated and competitive underwriting.

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Overall, the top underwriters saw minor shuffling last year, and no new firms entered the top 10.

Stifel Nicolaus underwrote the most deals in the fourth quarter of 2025, at 280 deals, followed by Baird, which ranked 13th, at 233 transactions.

For negotiating underwriting, Stifel Nicolaus participated in the most deals, while Baird underwrote the most deals for competitive underwriting.

BofA Securities had the largest market share in Q4, followed by J.P. Morgan in second and Jefferies in third.

BofA Securities has remained the No. 1 underwriter for many years, gaining a foothold as the top firm as Citi fell in the rankings.

Quinn Aitchison contributed to this piece.