US broker - dealers have been alarmed by an SEC proposal to allow municipal advisers to arrange private bond sales without the involvement of a large bank or midsize broker . Figures showed 56 % of muni debt deals cost $ 10 m or less , according to data from the Municipal Securities Rulemaking Board . Also , they show that 75 % of muni - bond issues require loans from independent advisers , compared with 52 % in 2004 . Private placements total between $ 5bn and $ 20bn annually , a figure that is unprecedented , said economist .
US broker-dealers have been alarmed by an SEC proposal to allow municipal advisers to arrange private bond sales without the involvement of a large bank or midsize broker. Figures showed 56% of muni debt deals produced $10m or less, according to data from the Municipal Securities Rulemaking Board. Also, they show that 75% of muni-bond issues feature participation from independent advisers, compared with 52% in 2004. Private placements total between $5bn and $20bn annually, a figure that is growing, said Refinitiv.