MEMPHIS, Tenn. (Feb. 11, 2010) – 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, one of the nation’s leading municipal bond information services. The firm was the 10th leading underwriter in 2008.
“Our continued growth in municipal bond underwriting is a result of our concentrated focus on meeting the needs of our issuer clients,” said Rob Baird, president of Morgan Keegan’s Fixed Income Capital Markets division. “Through building relationships and providing idea-oriented investment banking services to issuers throughout the country, we expect to further increase our market share and remain a top ten underwriter in 2010.”
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 17th 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.
Other notable achievements in 2009:*
- #1 underwriter in Louisiana, Mississippi and Tennessee;
- #1 underwriter in Georgia and South Carolina, in terms of number of transactions;
- Top 10 underwriter in Alabama, Arkansas, Connecticut, Kentucky, Maryland, Massachusetts, Minnesota, Missouri, New Hampshire, North Carolina, Texas, and Virginia;
- Underwriter of first Recovery Zone Economic Development Bond (RZEDB) issue in the nation (La. issue). Like BABs, these bonds were created by the Stimulus Act;
- Underwriter of first RZEDB issue in Mississippi and Virginia;
- Underwriter of first BAB issue in Arkansas and Louisiana;
- #1 underwriter of Taxable competitive issues: 95 issues with a par amount of $1.1 billion;
- #1 underwriter of Bank Qualified competitive issues: 175 issues with a par amount of $1.7 billion;
- 17 percent market share as Co-manager of negotiated issues as compared to 12.2 percent in 2008.
*Source: Thomson Reuters
About Morgan Keegan & Company Inc.
Morgan Keegan & Company Inc., one of the nation’s largest regional full-service brokerage and investment banking firms, is the securities brokerage arm of Regions Financial Corporation (NYSE: RF). Headquartered in Memphis, Tenn., Morgan Keegan serves individual and institutional investors in over 300 offices in 19 states. Additional information about Morgan Keegan and Regions — a member of the S&P 100 Index — can be found at www.morgankeegan.com and www.regions.com.
About Regions
Regions Financial Corporation, with $140 billion in assets, is a member of the S&P 100 Index and one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.
Contact:
Melinda Rutland
901-531-3259
melinda.rutland@morgankeegan.com
