Top 25 Rankings of 2004

Competitive Long-Term Municipal New Issues

Rank

Firm

Principal
Amount (000s)

Number of
Issues

1.       

Merrill Lynch & Co.......................................................................

14,146,700

124

Citigroup Global Markets Inc....................................................

12,880,800

283

UBS Financial Services Inc........................................................

5,477,200

265

Morgan Stanley...............................................................................

4,619,100

91

Goldman, Sachs & Co.................................................................

3,915,000

34

Lehman Brothers.............................................................................

3,781,700

27

J.P. Morgan Securities Inc..........................................................

3,221,400

149

Banc of America Securities LLC..............................................

2,041,500

59

Roosevelt & Cross Inc.................................................................

1,516,800

292

ABN AMRO Inc...........................................................................

1,508,300

83

Wachovia Securities Inc..............................................................

1,433,900

148

Morgan Keegan & Co.................................................................

1,341,400

180

Piper Jaffray & Co.........................................................................

1,136,100

140

RBC Dain Rauscher Inc..............................................................

979,000

98

Legg Mason Wood Walker Inc...............................................

862,700

113

First Albany Capital Inc...............................................................

625,500

19

Harris Trust & Savings Bank.....................................................

610,900

133

Stone & Youngberg LLC............................................................

496,900

31

Griffin, Kubik, Stephens & Thompson, Inc................

494,000

89

A.G. Edwards & Sons Inc.........................................................

485,200

69

BB&T Capital Markets................................................................

478,600

19

Bear, Stearn & Co.........................................................................

398,200

3

Wells Fargo Bank...........................................................................

361,400

108

Commerce Capital Markets Inc...............................................

317,400

54

First Southwest Co. ......................................................................

317,100

74

Source:  The Bond Buyer/Thomson Financial 2005 Yearbook, page 59.  (These rankings reflect updates from the Yearbook staff on 4-25-2005.)

Note:  Full credit to Senior Manager.  (Except in rare cases where there are multiple Senior Managers.)

Revised:  April 2005