Goldman, Sachs & Co. tightened its grip on the top ranking for senior managers of municipal bonds in the third quarter of 1991, pushing its year-to-date total to 211 issues totaling $16.25 billion, according to Securities Data Co./Bond Buyer figures.
Orrick, Herrington & Sutcliffe took a commanding lead in the bond counsel rankings, with 179 issues totalling $10.03 billion, and Public Financial Management Inc. was the top financial adviser, with 166 issues totaling $6.73 billion, according to the rankings. The rankigns were compiled by The Bond Buyer from Securities Data's data base.
Goldman, Sachs, which was the second-biggest senior manager in 1990 behind Merrill Lynch Capital Markets, jumped into the top spot in the first quarter of this year and lengthened its lead in the second and third quarters. It was the top manger in each quarter -- $5.42 billion in the first, $6.03 billion in the second, and $4.82 billion in the third -- although its share of the market has declined from 17.7% in the first quarter to 13.9% in the second and 11% in the third.
The firm is the leading manager in all four major categories of bonds -- revenue issues ($12.3 billion), general obligation issues (3.95 billion), negotiated issues ($13 billion), and competitive issues ($3.25 billion).
Trailing Goldman Sachs in the rankings were Merrill Lynch, with $10.03 billion; First Boston Corp., with $7.55 billin; Lehman Brothers, with $7.01 billion; Smith Barney, Harris Upham & Co., with $6.93 billion; Bear, Stearns & Co., with $5.09 billion; PaineWebber Inc., with $4.28 billion; Prudential Securities Inc., with $3.93 billion; Morgan Stanley & Co., with $3.75 billion; and Bank of America, with $2.88 billion.
Merrill LYnch was the top municipal bond manager, however, when full credit is given to each manager of an issue, participating in 750 issues totaling $35.06 billion. It was followed by Goldman Sachs, with $34.3 billion; Smith Barney, with $28.99 billion; Lehman Brothers, with $28.35 billion; and PaineWebber, with $24.61 billion.
Orrick Herrington, which was the leading bond counsel in 1990 added substantially to its lead for 1991 during the third quarter. The law firm was counsel for 179 issues totaling $10.03 billion, or 8.5% of the market. It was counsel for the year's two larget issues to date: California's February sale of $1.26 billion and its August issue of $1.2 billion.
Orrick Herrington's total was almost as much as the next two firms combined -- Mudge, Rose, Guthrie, Alexander & Ferdon, with $5.46 billion, and Brown & Wood, with $5.32 billion. They were followed by Chapman & Cutler, with $5.25 billion, and Hawkins, Delafield & Wood, with $4.45 billion.
Public Financial Management, which was the leading adviser for all of 1990, held the top spot throughout the first three quarters of this year, advising issuers on 166 issued totaling $6.73 billion. It was followed by Public Resources Advisory Group, with $5.14 billion; P.G. Corbin & Co., with $3.92 billion; Lazard Freres & Co., with $2.8 billion; and First Southwest Co., with $2.43 billion.
California was the leading issuer of municipal bonds in the first three quarters of 1991, with four issues totaling $3.58 billion. New York City was second, with $2.49 billion, followed by the New York State Local Government Assistance Corp., with $1.92 billion; Connecticut, with $1.53 billion; and Washington, with $1.09 billion.
In the short-term note market, Lehman Brothers was the top senior manager, with 146 issues totaling $9.89, billion, followed by Merrill Lynch, with $5.5 billion, and Morgan Stanley, with $2.91 billion.
O'Melveny & Myers led all bond counsel firms for municipal notes, with nine issue totaling $7.29 billion. The firm was followed by the New York State Attorney general with $3.9 billion and Brown & Wood with $3.15 billion.
Public Resources Advisory Group was the top financial adviser for notes, with 17 issues totaling $7.86 billion. Next came P.G. Corbin, with $2.85 billion, and Rauscher Pierce Refsnes Inc., with $872 million.
Lehman Brothers, O'Melveny & Myers, and Public Resources achieved their top rankings through their work on $5.75 billion of California note sales in the third quarter -- a $1.65 billion sale on July 22 and a $4.1 billion issue, the year's largest, on Aug. 6.
The two sales made California the top issuer for the year to date, followed by New York, with its $3.9 billion spring borrowing, New York City with $2.43 billion, New Jersey with $1.6 billion, and Los Angeles County with $1.3 billion.
The long-term bond rankings were compiled on Oct. 5 and Oct. 6, and the short-term rankings were compiled on Oct. 11. They exclude private placements and remarketings, but they include $883 million of municipal forward contracts. Excluding the forwards does not change the rankings.