Achieving its highest ranking ever, Siebert Cisneros Shank & Co. L.L.C. climbed into second place overall as a co-manager of municipal bond issues in 2018, according to information company Thomson Reuters. As a co-manager, the black investment bank finished last year with $53.9 billion in par amount, outranking several larger firms including Bank of America, Merrill Lynch, and Morgan Stanley.
Siebert checked in at 22.6% market share, just two-tenths of 1% behind JP Morgan Securities, the nation’s leader in that category.
Siebert is No. 5 in taxable securities and No. 1 in tax-exempt securities on the BE Investment Banks list of the nation’s largest black-owned investment banks. By serving as lead manager on 50 issues – six more than in 2017 – totaling $5.8 billion in par amount, Siebert retained title as the nation’s No. 1 minority/woman-owned bond firm for a record 20th year.
The firm also moved up in multiple other individual categories, coming in fourth nationally in senior managed airport deals with $1.3 billion in par amount; more than double its total from 2017. It jumped to No. 6 in water and sewer rankings with $1.2 billion in par amount
“2018 was once again a very strong year for the firm, achieving a level of success against our competitors that in some cases was unprecedented, a clear indication that we remain among the strongest performers when it comes to structuring, pricing, and distribution,” said CEO and chairwoman Suzanne Shank
“I am proud of our team for their dedicated efforts in serving our clients, helping to ensure that we are not just an outstanding minority-owned firm but one of the best firms, period. We will not stop here. We plan to reach for even greater heights in 2019.”
Gary Hall, partner and head of Investment Banking at Siebert, added, “This is one of the most talented, aggressive and competitive teams, state-by-state, region-by-region, in the industry. Our bankers can stand toe-to-toe with anyone, structuring and executing deals that lead the market and put our clients in the best possible position. I look forward to continuing to work with our outstanding teams to carry the momentum into 2019.”
Last summer, Hall was elected chairman of the Municipal Securities Rulemaking Board (MSRB). He is the first African American to hold the significant position of leading the top regulator which supervises the nation’s multi-trillion dollar municipal securities market.
With dual headquarters in New York, and Oakland, California, Siebert Cisneros Shank & Co. has 17 offices nationwide. It has transacted more than $1.4 trillion of municipal bonds and $1.1 trillion of corporate bond and equity transactions since its founding in 1996. It earned the distinction, in 2010, of becoming the first minority-owned firm in America to rank among the top 10 senior managers of municipal bonds.