Many have become convinced, for example, that although it is not profitable, they cannot do without a corporate bond underwriting and distribution unit.

But that kind of money - and then some - from those clients could often be gotten from participating in just a single bond underwriting.

Through separate subsidiaries they will be allowed to do bond underwriting.

He has also set an impressive campaign standard by putting a $10,000 total on contributions from any company connected to the city's bond underwriting.

New stock issues are selling again and corporate bond underwriting set a record.

"It was one of those years when almost everyone in the business did well, with the exception of municipal bond underwriting."

During a conference call with analysts, Lehman executives said they expected corporate bond underwriting to be down about 10 percent next year.

The company stressed that it would continue "to be a strong national competitor in municipal bond underwriting and trading."

The firm continues to focus on municipal bond underwriting.

With state, local and city governments proving a receptive audience, they have been making inroads in municipal bond underwriting.