For every state in the region, the depressed oil and gas market threatens to seriously impair revenue. However, the damage didn't appear in 2015 bond issue statistics.

Aside from Mexico, which saw volume fall 4.9 percent to $2.18 billion, every state recorded an increase in volume.  Colorado's nearly 46 percent increase in volume came on 248 issues worth a combine $6.26 billion. Utah issuers posted a 35 percent increase to $3.27 billion, aided by top issuer Utah Transit Authority's $861 million of bonds. Morgan Stanley topped senior managers while Zions First National Bank retained its place atop FAs.

Ballard Spahr remained in first among bond counsel.

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