Ice Miller LLP’s Public Finance Group has been recognized as a leading public finance practice in the 2025 Bond Buyer rankings and London Stock Exchange Group’s (LSEG) Municipal Market Analysis (MMA) report, earning top positions across Indiana, the Midwest, and key municipal finance sectors nationwide.

In the 2025 Bond Buyer rankings, Ice Miller ranked:

• #1 in Indiana
• #3 in the Midwest
• #5 in Ohio

In addition to its Bond Buyer recognition, Ice Miller achieved strong statewide, regional, and national rankings in the 2025 MMA. On a national level, MMA rankings further reflect Ice Miller’s expanding footprint, with top-25 to top-40 national and regional placements across long-term municipal new issues, education, housing, taxable and tax-exempt financings, private deals, refundings, and variable-rate transactions. 

Ice Miller earned #1 rankings in Indiana across a wide range of bond counsel categories, including the following:

• Long-term municipal new issues (overall)
• Tax-exempt and taxable financings
• Negotiated and competitive transactions
• Revenue and general obligation bonds
• Airports, education, higher education, health care, nursing homes, and public power financings
• Bank-qualified, variable-rate, new money, $10 million and under long-term municipal new issues

According to MMA, Ice Miller obtained #1 rankings and lead or participated in nearly 100 percent of the market in several categories—including  higher education, general obligation, bank-qualified, and $10 million and under long-term municipal new issues disclosure work—further highlighting the firm’s well-known presence in Indiana’s public finance market. The firm was also highly ranked in Indiana as Underwriter Counsel, receiving multiple top five placements and #1 rankings for general purpose and refunding financings.

Ice Miller’s Public Finance team also achieved top-tier rankings in both Ohio and Illinois, with a few highlights including:

• Top-five overall Bond Counsel rankings in Ohio 
• #2 rankings in nursing home and private deal financings in Ohio 
• Multiple top placements as both Bond and Underwriter Counsel in education, higher education, revenue, negotiated, variable-rate, long-term, taxable, tax-exempt, negotiated, revenue, refunding, new money, general obligation, general purpose, private dealings financings and more

Additionally, we have continued to be a recognized leader across the Midwest for our housing bond work, securing #1 rankings in both Indiana and Illinois, with involvement in more than 89 percent of the Indiana market (estimated principal amount totally over $515 million) and over 50 percent of the Illinois market (estimated principal amount totally over $590 million). Ice Miller also ranked as #3 in bond counsel for Ohio Housing Long-Term Municipal New Issues (estimated principal amount totally over $255 million) and #2 as underwriters counsel in the same category in Ohio (estimated principal amount totally over $224 million).

Both our Bond Buyer and MMA rankings underscore the firm’s sustained leadership in public finance and its continued role advising issuers, borrowers, underwriters, and governmental entities on some of the region’s most significant municipal financings.

According to MMA’s analysis, the bond market has experienced an uptick in issuance increases year after year, which continue to shift the public finance landscape. Additionally, MMA noticed that education, healthcare, and development have continued to be growing sectors, with education, general purpose, and transportation municipal bonds accounting for 62 percent of 2025’s issuance, up from 61 percent the previous year. Some other highlights from MMA include that new money offerings have increased nearly 22 percent to reach an all-time record.

About The Bond Buyer

The Bond Buyer is the only independent information resource serving the entire municipal finance community. Its comprehensive package of news, analysis and data is unique in the industry, serving a complete spectrum of senior industry professionals.

About Municipal Market Analysis

Municipal Market Analysis is a report compiled by London Stock Exchange Group Data & Analytics, one of the world’s leading providers of financial market infrastructure and delivering financial data, analytics, news, and index products to more than 44,000 customers in over 170 countries.

This publication is intended for general information purposes only and does not and is not intended to constitute financial advice. The Ice Miller team is not offering financial advice through this interpretation of market trends.