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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?
Rating agencyUnder $5M$3.561,765$3.301,302$4.3813$3.453,080
Rating agency$5M to $10M$2.041,663$1.851,405$1.565$1.953,073
Rating agency$10M to $25M$1.431,072$1.331,178$0.9216$1.372,266
Rating agency$25M to $50M$1.02431$1.01926$0.6415$1.011,372
Rating agency$50M to $100M$0.93179$0.91761$0.479$0.91949
Rating agencyOver $100M$0.9397$0.81855$0.1012$0.82964
Bond insurance and liquidityAll sizes$0.251,117$0.184,030$0.44154$0.205,301
Bond insurance and liquidityUnder $5M$1.18332$3.06937$1.0091$2.641,360
Bond insurance and liquidity$5M to $10M$0.22396$0.26980$0.2147$0.251,423
Bond insurance and liquidity$10M to $25M$0.11182$0.11610$0.1413$0.11805
Bond insurance and liquidity$25M to $50M$0.04113$0.04533$0.043$0.04649
Bond insurance and liquidity$50M to $100M$0.0266$0.02470Not reportedNot reported$0.02536
Bond insurance and liquidityOver $100M$0.0128$0.01500Not reportedNot reported$0.01528
Paying agent, trustee and escrowAll sizes$0.102,859$0.155,990$0.122,277$0.1211,126
Paying agent, trustee and escrowUnder $5M$0.21964$0.851,352$0.211,524$0.303,840
Paying agent, trustee and escrow$5M to $10M$0.09870$0.491,461$0.09378$0.182,709
Paying agent, trustee and escrow$10M to $25M$0.04557$0.131,104$0.04206$0.061,867
Paying agent, trustee and escrow$25M to $50M$0.02274$0.06766$0.0296$0.031,136
Paying agent, trustee and escrow$50M to $100M$0.01120$0.04624$0.0134$0.03778
Paying agent, trustee and escrowOver $100M$0.0174$0.01683$0.0139$0.01796
State review and filing feesAll sizes$1.006,808$0.706,998$1.003,109$1.0016,915
State review and filing feesUnder $5M$3.502,709$1.001,506$1.002,125$1.006,340
State review and filing fees$5M to $10M$1.002,166$1.001,607$1.00481$1.004,254
State review and filing fees$10M to $25M$0.791,218$0.601,289$0.76283$0.672,790
State review and filing fees$25M to $50M$0.30440$0.27963$0.31125$0.281,528
State review and filing fees$50M to $100M$0.15179$0.13773$0.1549$0.141,001
State review and filing feesOver $100M$0.0696$0.05860$0.0546$0.051,002
Printing, disclosure and data servicesAll sizes$0.386,518$0.166,743$0.281,704$0.2714,965
Printing, disclosure and data servicesUnder $5M$0.822,569$0.811,419$0.411,149$0.705,137
Printing, disclosure and data services$5M to $10M$0.352,066$0.361,526$0.16272$0.333,864
Printing, disclosure and data services$10M to $25M$0.171,176$0.141,249$0.09157$0.142,582
Printing, disclosure and data services$25M to $50M$0.07431$0.06931$0.0378$0.061,440
Printing, disclosure and data services$50M to $100M$0.04180$0.03759$0.0223$0.03962
Printing, disclosure and data servicesOver $100M$0.0296$0.01859$0.0125$0.01980
Engineers, accountants and other consultantsAll sizes$7.304,021$0.121,207$0.23276$4.615,504
Engineers, accountants and other consultantsUnder $5M$12.431,868$0.43306$0.37155$10.282,329
Engineers, accountants and other consultants$5M to $10M$6.991,338$0.28271$0.1054$6.071,663
Engineers, accountants and other consultants$10M to $25M$3.88643$0.05207$0.0638$2.65888
Engineers, accountants and other consultants$25M to $50M$0.07125$0.02123$0.0414$0.03262
Engineers, accountants and other consultants$50M to $100M$0.0128$0.0191$0.034$0.01123
Engineers, accountants and other consultantsOver $100M<$0.0119$0.03209<$0.0111$0.02239
Other costsAll sizes$0.754,656$0.255,658$0.761,762$0.4612,076
Other costsUnder $5M$1.891,868$1.051,183$1.091,192$1.354,243
Other costs$5M to $10M$0.731,447$0.571,335$0.51296$0.633,078
Other costs$10M to $25M$0.30830$0.271,085$0.20158$0.272,073
Other costs$25M to $50M$0.11318$0.11768$0.1268$0.111,154
Other costs$50M to $100M$0.06117$0.06605$0.0829$0.06751
Other costsOver $100M$0.0376$0.03682$0.0119$0.03777

Rows 51–98 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 10/8/2026.

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.