Moves into Top-Ten Rank as Underwriter of Large Issues ($100 Million+)
MEMPHIS, Tenn. (July 8, 2010) — Morgan Keegan & Company, Inc. was the eighth leading underwriter of municipal bonds in the U.S. for the first half of 2010, serving as senior manager on 326 issues with a par amount of $7.7 billion, according to Thomson Reuters, a leading municipal bond information services.
Morgan Keegan continues to be a leading underwriter of Build America Bonds (BABs). Nationally, Morgan Keegan was the second largest firm in completed transactions as senior manager of 47 issues with a par amount of $1.8 billion. BABs, a category of bonds created by the 2009 Stimulus Act, are taxable bonds that help broaden the market for municipal debt and provide an efficient subsidy to governmental capital investment.
Morgan Keegan was ninth nationally in the large issues ($100 million or more) ranking, as senior manager of 14 issues with a par amount of $2.4 billion, including a $554 million transaction for the New York City Municipal Water Finance Authority and a $464 million transaction for Memphis Light, Gas and Water.
“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 Investment Banking division. “We continue to broaden our investment banking platform through strong relationships and by providing financing solutions to issuers throughout the country. And we continue to grow our market share with issues of larger size as indicated by our top 10 ranking in this category.”
In rankings by state, Morgan Keegan moved into the top 10 in states beyond its traditional footprint, including Connecticut, Florida, Kentucky, Maryland, New Hampshire and Rhode Island. Top 10 state rankings in the firm’s footprint include Alabama, Arkansas, Georgia, Louisiana, Mississippi, South Carolina, Tennessee, Texas and Virginia. Morgan Keegan is the number one ranked firm in Louisiana, New Hampshire, Tennessee, Virginia and Georgia (in number of issues).
“We’re always looking for opportunities to better serve our issuer clients and to expand the services we offer. One way we’ve done that is by attracting the best of the best to the Morgan Keegan team,” Baird said. “Our respected and experienced group of professionals shares a commitment to the municipal market and to the clients we serve.”
Regionally, Morgan Keegan was the top municipal bond underwriter, in number of completed transactions, in the 10-state Southeast region of the country. The firm senior managed 139 issues with a par value of $3.2 billion. In the six-state South Central region, Morgan Keegan dominated municipal bond underwriting as senior manager of 114 issues with a par amount of $2.2 billion and capturing a 20.5 percent market share.
Summary of Morgan Keegan’s First Half 2010 Rankings — Municipal Bond Underwriting:*
- Overall - 8th leading firm in the nation as senior manager of 326 issues with a par amount of $7.7 billion;
- #1 underwriter in Southeast U.S. (number of completed transactions) and in South Central U.S.;
- Top-ten underwriter in Northeast region;
- Top-ten underwriter of large issues ($100 million or more);
- #1 underwriter in Louisiana, New Hampshire, Tennessee, Virginia and Georgia (in number of issues);
- #2 underwriter in Texas (full credit to each);
- Top-ten underwriter in Alabama, Arkansas, Connecticut, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, New Hampshire, Rhode Island, South Carolina, Tennessee, Texas and Virginia;
- #2 underwriter of Build America Bonds (number of completed transactions);
- Top-ten underwriter in industry sectors including Airports, Higher Education, Housing, Public Power, Schools, Single Family Housing, Transportation and Water/Sewer/Gas;
- #1 underwriter of Bank Qualified issues.
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.
*Source: Thomson Reuters
Contact:
Melinda Rutland
901.531.3259
melinda.rutland@morgankeegan.com
