(Reuters) - The sale of debt by states, cities, schools and other issuers in the U.S. municipal bond market totaled $86.5 billion in 2017's first quarter, a drop of 9.5 percent from the same period in 2016, according to Thomson Reuters data on Monday.
Citigroup Inc (NYSE:C) was the top underwriter of muni bonds during the first three months of 2017 with $14.25 billion of debt in 123 deals.
Bank of America Merrill Lynch (NYSE:BAC) ranked second with $11 billion of debt in 118 deals, while J.P. Morgan Securities was third with $7.77 billion in 86 deals.
California was the first quarter's top issuer, selling $2.79 billion of debt, followed by two New York issuers. The Empire State Development Corp sold $1.8 billion and the Triborough Bridge and Tunnel Authority sold $1.2 billion.