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Participants

The firms paid on local government bond issues in fiscal years 2015 to 2025, by role: bond counsel, financial advisors, underwriters and the rest, with the issues each worked on and the fees reported.

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796 firms in 1,235 firm and role rows, paid $4,139,524,647 where BRB's row names the firm. Select a firm to see its issues.

Fees with no firm named

Many of BRB's fee rows name no firm. Those fees count in each role's total but under no firm, so the firms below add up to less than the role. In these roles, $2,353,324,848 of $6,492,849,495 in fees name no firm.

  • $2.29 billion of $2.38 billion in underwriter fees name no firm.
  • $56.32 million of $170.33 million in engineers, accountants and other consultants fees name no firm.
Role?Firm named?No firm named?Fees paid, all rows?No firm named, share?
RoleUnderwriterFirm named$90,642,120No firm named$2,289,869,630Fees paid, all rows$2,380,511,749No firm named, share96.2%
RolePlacement agentFirm named$8,205,467No firm named$375,512Fees paid, all rows$8,580,979No firm named, share4.4%
RoleFinancial advisorFirm named$1,424,808,056No firm named$433,445Fees paid, all rows$1,425,241,501No firm named, shareUnder 0.1%
RoleBond counselFirm named$1,351,898,497No firm named$268,037Fees paid, all rows$1,352,166,533No firm named, shareUnder 0.1%
RoleDisclosure counselFirm named$78,118,937No firm named$107,444Fees paid, all rows$78,226,381No firm named, share0.1%
RoleUnderwriter's counselFirm named$179,345,929No firm named$1,712,993Fees paid, all rows$181,058,923No firm named, share0.9%
RoleOther counselFirm named$46,976,073No firm named$618,448Fees paid, all rows$47,594,521No firm named, share1.3%
RoleRating agencyFirm named$411,762,836No firm named$0Fees paid, all rows$411,762,836No firm named, share0.0%
RoleBond insurance and liquidityFirm named$358,595,953No firm named$684,577Fees paid, all rows$359,280,531No firm named, share0.2%
RolePaying agent, trustee and escrowFirm named$33,665,050No firm named$208,564Fees paid, all rows$33,873,614No firm named, share0.6%
RolePrinting, disclosure and data servicesFirm named$41,496,095No firm named$2,723,526Fees paid, all rows$44,219,621No firm named, share6.2%
RoleEngineers, accountants and other consultantsFirm named$114,009,633No firm named$56,322,673Fees paid, all rows$170,332,306No firm named, share33.1%
RoleAll these rolesFirm named$4,139,524,647No firm named$2,353,324,848Fees paid, all rows$6,492,849,495No firm named, share

Download this table (CSV). The firm list's CSV carries each role's total and its fees with no firm named on every row.

Skip the firms by role table
Role?Firm?Issues?Par of those issues?Fees paid?Median cost per $1,000?Paid by the underwriter?Negotiated?Competitive?Private placement?First FY?Last FY?
UnderwriterHuntington Securities Inc5$636,335,000$75,652Not reported$75,65241020252025
UnderwriterGMS Group LLC1$3,700,000$74,653$20.18$001020252025
UnderwriterMunicipal Advisory Council (MAC) of Texas6$984,100,000$61,827$0.09$060020202022
UnderwriterTruist Securities Inc.4$631,560,000$58,939Not reported$58,93940020252025
UnderwriterJanney Montgomery Scott LLC1$8,795,000$55,274Not reported$55,27410020252025
UnderwriterSouthstate Duncan-Williams, Inc1$4,335,000$52,826$12.19$001020252025
UnderwriterMuniCap Inc1$17,398,000$52,500$3.02$010020252025
UnderwriterTexas Water Development Board1$2,410,000$47,255$19.61$000120252025
UnderwriterCrews & Associates Inc1$5,955,000$32,527Not reported$32,52710020252025
UnderwriterWinstead PC2$71,725,000$28,824$0.44$020020172025
UnderwriterPerez Law Firm PLLC1$24,740,000$12,370$0.50$010020252025
UnderwriterBaseFund2$333,455,000$10,500$0.50$020020252025
UnderwriterThe Depository Trust Company9$2,093,050,000$7,722<$0.01$1,94790020202025
UnderwriterCUSIP Global Services8$2,061,175,000$7,177<$0.01$1,16071020222025
UnderwriterSidley Austin LLP1$18,695,000$6,543Not reported$6,54310020252025
UnderwriterHuntington Bancshares Inc1$8,230,000$4,887$0.59$001020252025
UnderwriterRoadshow1$206,350,000$4,750$0.02$010020222022
UnderwriterBank of New York Mellon Trust Co3$207,685,000$4,000$0.02$030020182023
UnderwriterUS Bank7$838,770,000$3,300$0.03$070020152022
UnderwriterJ Cruz & Associates LLC1$3,290,000$2,773$0.84$010020172017
UnderwriterImageMaster LLC1$1,100,000,000$2,500<$0.01$010020252025
UnderwriterMuniHub1$4,820,000$2,500$0.52$001020252025
UnderwriterTravel1$322,180,000$2,000$0.01$010020222022
UnderwriterLumesis Inc2$1,131,045,000$1,675$0.01$020020202025
UnderwriterDAC Engineering Inc3$566,855,000$1,350<$0.01$030020222022
UnderwriterWilmington Trust NA3$293,630,000$1,200Not reported$030020182024
UnderwriterZions Bancorporation NA1$12,240,000$650$0.04$010020212021
UnderwriterUBS Financial Services1$100,000,000$0Not reported$010020202020
Placement agentRaymond James Financial Inc14$82,647,000$1,439,655$20.16$0201220152023
Placement agentTexas Water Development Board6$75,770,000$1,396,132$20.08$000620152025
Placement agentLancaster Pollard & Co LLC3$60,500,000$909,913$18.41$000320172018
Placement agentFHN Financial168$1,128,043,000$784,750$1.57$00016820202025
Placement agentOREC Securities LLC1$75,000,000$675,000$9.00$000120202020
Placement agentHuntington Bancshares Inc50$298,570,000$391,486$1.97$0005020152025
Placement agentFTN Financial Capital Assets Corp82$254,545,000$379,000$2.37$0008220182022
Placement agentCrews & Associates Inc4$26,413,000$294,500$6.72$000420152025
Placement agentFrost Bank67$150,379,000$268,038$2.00$0006720152021
Placement agentNorth American Development Bank1$20,800,000$208,000$10.00$000120232023
Placement agentHilltop Securities Inc11$104,662,830$151,000$4.00$0001120162023
Placement agentStifel Financial Corp12$71,940,000$102,823$1.99$0001220152016
Placement agentGMS Group LLC4$12,310,000$100,500$8.50$000420182023
Placement agentRobert W Baird & Co2$9,440,000$92,400$9.69$000220152016
Placement agentSWBC Investment Services LLC23$68,187,000$79,000$1.95$0002320222025
Placement agentCoastal Securities Inc19$42,878,000$71,000$2.08$0001920162017
Placement agentEstrada Hinojosa & Co Inc11$100,910,000$68,000$0.81$0001120212025
Placement agentThe Baker Group LP2$12,320,000$67,820$5.17$000220212021
Placement agentRBC Capital Markets LLC11$74,758,000$59,825$1.27$0001120172022
Placement agentWilliam Blair & Co LLC11$43,997,000$59,000$1.50$0001120162017
Placement agentBC Ziegler & Co1$1,665,000$49,950$30.00$000120182018
Placement agentMorgan Stanley1$24,078,000$48,156$2.00$000120162016
Total, all 1,235$4,139,524,647$433,539,941

Rows 51–100 of 1,235

Totals only

These costs are paid to state offices or are not one firm's work, so no firm list is shown for them.

Role?BRB fee names?Issues?Fees paid?
RoleState review and filing feesBRB fee namesAttorney General review, TCEQ, TCEQ bond application fee, TWDB, IRS Form 8038 filing feeIssues16,916Fees paid$226,322,592
RoleOther costsBRB fee namesMiscellaneous, Contingency, Travel, Issuer fee, Other general COI, Additional COI, Rounding, Private activityIssues12,092Fees paid$245,035,129
How this table is made: roles, firm names and the counting rules

BRB's tables name 71 kinds of fee. We group them into 14 roles so you can find a firm's work; the grouping is ours, and the table below lists the BRB fee names each role includes (role map 0.4).

Role map
Role?BRB fee names?Firm list?Fee rows?Issues?Fees paid?Paid by the underwriter?
RoleUnderwriterBRB fee namesUnderwriter's spread: takedown, Underwriter's spread: management fee, Underwriter's spread: expenses, Underwriting risk, Net underwriters spread, Remarketing agent, RemarketingFirm listYesFee rows38,812Issues13,884Fees paid$2,380,511,749Paid by the underwriter$63,980,471
RolePlacement agentBRB fee namesPrivate placementFirm listYesFee rows626Issues618Fees paid$8,580,979Paid by the underwriter$0
RoleFinancial advisorBRB fee namesFinancial advisor, Co-financial advisorFirm listYesFee rows19,830Issues16,795Fees paid$1,425,241,501Paid by the underwriter$0
RoleBond counselBRB fee namesBond counsel, Co-bond counsel, Bond counsel expense, Special tax counsel, Bond preparation feeFirm listYesFee rows21,448Issues17,061Fees paid$1,352,166,533Paid by the underwriter$0
RoleDisclosure counselBRB fee namesDisclosure counsel, Co-disclosure counselFirm listYesFee rows5,061Issues4,880Fees paid$78,226,381Paid by the underwriter$20,000
RoleUnderwriter's counselBRB fee namesUnderwriter's counsel, Co-underwriter's counselFirm listYesFee rows7,484Issues7,067Fees paid$181,058,923Paid by the underwriter$149,801,234
RoleOther counselBRB fee namesIssuer counsel, City attorney, Bank counsel, Trustee counsel, Borrower counsel, Private placement counselFirm listYesFee rows2,084Issues1,790Fees paid$47,594,521Paid by the underwriter$57,000
RoleRating agencyBRB fee namesRating agencyFirm listYesFee rows16,443Issues12,131Fees paid$411,762,836Paid by the underwriter$9,028,320
RoleBond insurance and liquidityBRB fee namesBond insurance, Liquidity, Liquidity providerFirm listYesFee rows8,735Issues8,697Fees paid$359,280,531Paid by the underwriter$243,597,030
RolePaying agent, trustee and escrowBRB fee namesPaying agent and registrar, Prior paying agent, Trustee, Escrow agent, Escrow verification, Redemption feeFirm listYesFee rows29,738Issues16,615Fees paid$33,873,614Paid by the underwriter$600
RoleState review and filing feesBRB fee namesAttorney General review, TCEQ, TCEQ bond application fee, TWDB, IRS Form 8038 filing feeFirm listTotals onlyFee rows20,699Issues16,916Fees paid$226,322,592Paid by the underwriter$59,817
RolePrinting, disclosure and data servicesBRB fee namesPrinting, POS/OS posting, OS preparation, Disclosure, CUSIP, MAC, Advertising notice of sale, Newspaper publication, Electronic biddingFirm listYesFee rows22,179Issues14,987Fees paid$44,219,621Paid by the underwriter$218,207
RoleEngineers, accountants and other consultantsBRB fee namesBond application report, Engineering report, Accountant CPA, Auditor, Bookkeeper, Tax assessor collector, PID administrator, ATR form prep, House photography, Aerial photographerFirm listYesFee rows7,934Issues5,513Fees paid$170,332,306Paid by the underwriter$50,000
RoleOther costsBRB fee namesMiscellaneous, Contingency, Travel, Issuer fee, Other general COI, Additional COI, Rounding, Private activityFirm listTotals onlyFee rows20,140Issues12,092Fees paid$245,035,129Paid by the underwriter$188,902
  • Structuring counts under Underwriter when BRB marks the row as paid by the underwriter, and under Financial advisor otherwise.
  • Computer structuring fee counts under Underwriter when BRB marks the row as paid by the underwriter, and under Financial advisor otherwise.
  • 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.
  • Fees paid adds every amount the firm's or role's rows report, one-time and annual, including rows paid by the underwriter (shown again in their own column), and not the cross-check. Median cost per $1,000 takes the firm's part of the issuer's one-time costs on each issue, divides by the issue's par and multiplies by 1,000, then takes the middle value across the firm's issues (computed here); a firm paid only by the underwriter or only annual fees has none. Par of those issues adds each issue's par once per firm and role.
  • Rows with no firm named count in the role totals above but not under any firm.

Firm names merged

BRB's table spells some firms more than one way. We show spellings as one firm only when they differ in nothing but capital letters, periods, commas or spaces (so "L.L.P." is "LLP" and "Inc." is "Inc"); any other difference keeps them apart. The shown name is the spelling used on the most rows. 13 spellings were merged, leaving 796 firms; every merge is listed here.

Alias table: each spelling in BRB's table and the name shown
Spelling in BRB's table?Shown as?Fee rows?
Aerial ImagingAerial Imaging521
aerial ImagingAerial Imaging1
BLX Group LLCBLX Group LLC58
BLX GROUP LLCBLX Group LLC1
Bracewell LLPBracewell LLP2,359
bracewell LLPBracewell LLP1
DigiColor LLCDigiColor LLC906
digiColor LLCDigiColor LLC137
McCall Parkhurst & Horton LLPMcCall Parkhurst & Horton LLP12,594
MCcall parkhurst & Horton LLPMcCall Parkhurst & Horton LLP2
Mccall parkhurst & Horton LLPMcCall Parkhurst & Horton LLP2
MoodysMoodys6,498
moodysMoodys2
MuniHubMuniHub1,116
MuniHUBMuniHub2
MunihubMuniHub1
Northstar Bank of TexasNorthstar Bank of Texas2
NorthStar Bank of TexasNorthstar Bank of Texas1
SAMCO Capital Markets IncSAMCO Capital Markets Inc1,691
SAMCO Capital Markets INCSAMCO Capital Markets Inc6
Temple Daily TelegramTemple Daily Telegram6
temple Daily TelegramTemple Daily Telegram1
Utility Tax Service LLCUtility Tax Service LLC88
Utility tax service LLCUtility Tax Service LLC1

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.