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Cost of issuance

The median a local government issue paid in each role, per $1,000 of par, by the size of the issue and how it was sold. Use it to see whether a fee is high for an issue of its kind.

Bond counsel: median per $1,000 of par

  • Competitive
  • Negotiated
  • Private placement
Bars show the median one-time fee for bond counsel per $1,000 of par in each par size band, one bar per sale type. The table on this page has the same figures. $0$5$10$15$20$25 Under $5M, Competitive: $25.00 per $1,000 (2,720 issues)Under $5M, Negotiated: $10.00 per $1,000 (1,518 issues)Under $5M, Private placement: $9.61 per $1,000 (2,136 issues)Under$5M1$5M to $10M, Competitive: $20.00 per $1,000 (2,177 issues)$5M to $10M, Negotiated: $3.29 per $1,000 (1,623 issues)$5M to $10M, Private placement: $3.42 per $1,000 (486 issues)$5M to$10M2$10M to $25M, Competitive: $5.16 per $1,000 (1,232 issues)$10M to $25M, Negotiated: $1.88 per $1,000 (1,301 issues)$10M to $25M, Private placement: $2.42 per $1,000 (283 issues)$10M to$25M3$25M to $50M, Competitive: $1.41 per $1,000 (442 issues)$25M to $50M, Negotiated: $1.37 per $1,000 (965 issues)$25M to $50M, Private placement: $2.11 per $1,000 (127 issues)$25M to$50M4$50M to $100M, Competitive: $1.15 per $1,000 (180 issues)$50M to $100M, Negotiated: $1.19 per $1,000 (773 issues)$50M to $100M, Private placement: $1.55 per $1,000 (49 issues)$50M to$100M5Over $100M, Competitive: $1.03 per $1,000 (97 issues)Over $100M, Negotiated: $0.95 per $1,000 (872 issues)Over $100M, Private placement: $1.19 per $1,000 (47 issues)Over$100M6
  • 1. Under $5M
  • 2. $5M to $10M
  • 3. $10M to $25M
  • 4. $25M to $50M
  • 5. $50M to $100M
  • 6. Over $100M

Every role, size and sale type

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Role?Par size?Competitive: median per $1,000?Competitive: issues?Negotiated: median per $1,000?Negotiated: issues?Private placement: median per $1,000?Private placement: issues?All sale types: median per $1,000?All sale types: issues?
UnderwriterAll sizes$12.196,740$5.696,931$0.709$6.8413,680
UnderwriterUnder $5M$14.172,692$6.901,512$10.506$10.934,210
Underwriter$5M to $10M$12.202,154$6.291,597$0.701$8.033,752
Underwriter$10M to $25M$10.801,201$5.601,273$0.491$6.212,475
Underwriter$25M to $50M$7.02426$5.15952$0.001$5.301,379
Underwriter$50M to $100M$5.41174$4.87753Not reportedNot reported$4.89927
UnderwriterOver $100M$3.0493$4.29844Not reportedNot reported$4.24937
Placement agentAll sizesNot reportedNot reported$0.296$2.00611$2.00617
Placement agentUnder $5MNot reportedNot reported$0.511$2.62428$2.61429
Placement agent$5M to $10MNot reportedNot reported$0.511$0.84115$0.83116
Placement agent$10M to $25MNot reportedNot reportedNot reportedNot reported$0.4549$0.4549
Placement agent$25M to $50MNot reportedNot reported$0.911$0.4114$0.5015
Placement agent$50M to $100MNot reportedNot reported$0.051$0.084$0.085
Placement agentOver $100MNot reportedNot reported$0.042$0.041$0.043
Financial advisorAll sizes$17.506,856$4.606,999$10.432,844$9.3116,699
Financial advisorUnder $5M$20.002,725$10.861,515$14.221,925$16.396,165
Financial advisor$5M to $10M$17.502,181$8.171,621$6.98460$10.004,262
Financial advisor$10M to $25M$7.701,231$4.061,304$3.80255$4.502,790
Financial advisor$25M to $50M$2.31443$2.24960$2.13120$2.261,523
Financial advisor$50M to $100M$1.52179$1.53769$1.4043$1.53991
Financial advisorOver $100M$1.0097$1.03830$0.9741$1.02968
Bond counselAll sizes$19.076,848$2.137,052$7.273,128$4.9417,028
Bond counselUnder $5M$25.002,720$10.001,518$9.612,136$12.686,374
Bond counsel$5M to $10M$20.002,177$3.291,623$3.42486$5.764,286
Bond counsel$10M to $25M$5.161,232$1.881,301$2.42283$2.182,816
Bond counsel$25M to $50M$1.41442$1.37965$2.11127$1.391,534
Bond counsel$50M to $100M$1.15180$1.19773$1.5549$1.191,002
Bond counselOver $100M$1.0397$0.95872$1.1947$0.961,016
Disclosure counselAll sizes$1.604,016$0.58803$0.6936$1.424,855
Disclosure counselUnder $5M$2.601,881$2.3398$1.2111$2.581,990
Disclosure counsel$5M to $10M$1.261,323$1.09127$0.829$1.251,459
Disclosure counsel$10M to $25M$0.65634$0.6595$0.334$0.65733
Disclosure counsel$25M to $50M$0.29108$0.56121$0.527$0.41236
Disclosure counsel$50M to $100M$0.2437$0.50103$0.463$0.43143
Disclosure counselOver $100M$0.2633$0.35259$0.422$0.33294
Underwriter's counselAll sizes$1.2065$0.821,109$2.343$0.851,177
Underwriter's counselUnder $5M$1.7926$2.15281$1.672$2.12309
Underwriter's counsel$5M to $10M$1.1922$1.05259$3.701$1.05282
Underwriter's counsel$10M to $25M$0.5310$0.62213Not reportedNot reported$0.62223
Underwriter's counsel$25M to $50M$0.925$0.50140Not reportedNot reported$0.50145
Underwriter's counsel$50M to $100M$0.392$0.4498Not reportedNot reported$0.44100
Underwriter's counselOver $100MNot reportedNot reported$0.35118Not reportedNot reported$0.35118
Other counselAll sizes$15.00296$1.51635$0.86836$1.301,767
Other counselUnder $5M$15.00165$4.07156$1.23496$2.00817
Other counsel$5M to $10M$15.0090$2.04188$0.50177$1.23455
Other counsel$10M to $25M$12.9936$1.41132$0.3389$0.98257
Other counsel$25M to $50M$2.504$0.5947$0.2142$0.3993
Other counsel$50M to $100M$0.591$0.1743$0.1315$0.1759
Other counselOver $100MNot reportedNot reported$0.0869$0.1417$0.0986
Rating agencyAll sizes$2.085,207$1.376,427$0.7270$1.6611,704

Rows 1–50 of 98

How these medians are made
  • For each issue, the issuer's one-time costs in a role are added up, divided by the issue's par and multiplied by 1,000. The median is the middle of those figures across the issues that report an amount for a one-time cost to the issuer in that role, a reported $0 included; "issues" counts them. Annual fees are left out.
  • Net spread counted once. Takedown, management fee, spread expenses and underwriting risk make up the underwriter's spread. Where an issue reports an amount for any of them, its row for the underwriter's net spread (the same spread as one figure) is shown as a cross-check and not added.
  • Paid by the underwriter: shown, not added to the issuer's costs. Rows BRB's table marks as paid by the underwriter (whether the underwriter paid the fee) are shown and count in the fees paid to that firm and role, but not in the issuer's one-time costs, per-$1,000 figures or medians.
  • The issuer's one-time costs add every other one-time row: not annual fees, not rows paid by the underwriter, not the cross-check. Per $1,000 of par divides them by the issue's par and multiplies by 1,000 (computed here).
  • Missing, zero and negative amounts. A row with no amount shows "Not reported" and is added to nothing. A reported $0 counts as $0, in sums and medians. A negative amount is added as reported; where a role's or firm's one-time costs on an issue come to less than $0, that issue is left out of the medians.
  • Par size bands: Under $5M; $5M to $10M; $10M to $25M; $25M to $50M; $50M to $100M; Over $100M. Each band takes in its lower bound and stops below its upper one.
  • Roles group BRB's fee names (the role map). The underwriter's spread counts once, and structuring counts under the underwriter or the financial advisor by who paid it.
  • Local issues only: BRB's local issuance fee table.

EMMA links appear after review.

Source: Local Issuance Fee By Year (updated by the publisher 10/6/2026). Loaded here 10/9/2026.

Texas fiscal years run September 1 to August 31.

Issuer names are shown as BRB publishes them, spellings included.

Figures are as reported to the agency and have not been independently verified.