Jefferies Financial Group Inc. and Truist Financial Corp. have made significant progress in the competitive municipal bond market, increasing their share of auction sales this year. This change has occurred as major banks like Citigroup Inc. have reduced their involvement in the sector.

According to Bloomberg data, Jefferies has risen to third place among competitive managers, a significant improvement from twelfth place three years ago. Similarly, Truist has experienced impressive growth, moving up to seventh place after securing over three dozen deals in 2023. This trend highlights a notable shift in the municipal bond landscape, with smaller firms gaining traction as larger institutions retreat.