Choosing a Municipal Advisory or underwriting team is critical to a project’s success. Through its Municipal Advisory division, Estrada Hinojosa, TRB Capital Markets brings decades of experience across a wide range of public finance transactions, providing clients with market insight that supports informed decision-making.
When selecting a Municipal Advisory or underwriting team, experience and consistency matter. TRB Capital Markets has supported public-sector clients across hundreds of engagements, and many clients continue to partner with the firm based on its depth of experience and market knowledge.
Rankings reflect Municipal Advisory activity conducted through Estrada Hinojosa, the Municipal Advisory division of TRB Capital Markets.
2025 Texas Rankings - TOP MUNICIPAL ADVISORS (All Issues)
| Rank | Firm | Amount* | Issues |
|---|---|---|---|
| 1 | Hilltop Securities | $27,021 | 342 |
| 2 | Estrada Hinojosa | 53 | |
| 3 | PFM Financial Advisors LLC | $8,043 | 41 |
| 4 | Specialized Public Finance Inc | $6,696 | 150 |
| 5 | Masterson Advisors LLC | $5,649 | 188 |
| 6 | SAMCO Capital Markets | $4,914 | 107 |
| 7 | RBC Capital Markets | $4,332 | 52 |
| 8 | BOK Financial Securities Inc | $3,325 | 35 |
| 9 | Post Oak Municipal Advisors LLC | $2,991 | 26 |
| 10 | Kaufman Hall & Associates Inc | $2,374 | 8 |
2025 National Rankings - TOP MUNICIPAL ADVISORS (All Issues)
| Rank | Firm | Amount* | Issues |
|---|---|---|---|
| 1 | PFM Financial Advisors LLC | $101,445.73 | 801 |
| 2 | Public Resources Advisory Group | $67,034 | 171 |
| 3 | Hilltop Securities | $39,403 | 527 |
| 4 | Frasca & Associates | $35,227 | 62 |
| 5 | Kaufman Hall & Associates Inc | $20,234 | 109 |
| 6 | Estrada Hinojosa | $16,200 | 56 |
| 7 | Municipal Capital Markets Group Inc | 12,497 | 22 |
| 8 | Acacia Financial Group Inc | $12,449 | 90 |
| 9 | KNN Public Finance | $11,990 | 75 |
| 10 | Caine Mitter & Associates Inc | $11,182 | 167 |
