Morgan Keegan holds on to top spot

by Wally Northway

Published: February 15,2010

MEMPHIS — Morgan Keegan & Company Inc. was the eighth leading underwriter of municipal bonds in the country for 2009, serving as book running manager on 578 issues with a par amount of $12.8 billion, according to Thomson Reuters.

The firm was the 10^th leading underwriter in 2008.

Morgan Keegan was also the leading underwriter in the nation in terms of number of issues of Build America Bonds (BABs), a new category of bonds created by the Stimulus Act in 2009. The firm served as senior manager on 85 issues with a par amount of $2.5 billion. BABs are taxable bonds that help broaden the market for municipal debt and provide a more efficient subsidy, rather than tax-exempt debt, to governmental capital investment. Additionally, as underwriter of BABs competitive issues, the firm was number one nationally on 72 issues with a par amount of $1.6 billion.

Regionally, for the 17^th consecutive year, Morgan Keegan dominated municipal bond underwriting in the South Central U.S. in 2009. The six-state region includes Alabama, Arkansas, Kentucky, Louisiana, Mississippi and Tennessee. Serving as senior manager on 232 issues with a par value of $4.9 billion, the firm captured a 22.7 percent market share.

Morgan Keegan was also the leading municipal bond underwriter, in terms of number of transactions, in the 10-state Southeast region of the country that includes Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. The firm senior managed 307 issues with a par value of $7.6 billion, capturing a 10.5 percent market share in 2009 compared to 9.2 percent in 2008.

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