Banking on bonds

Montgomery isn't the Big Apple when it comes to size but it can hold its own in the world of high finance. Every year investment banking firms in Montgomery underwrite billions of dollars in bonds to finance everything from road projects to school improvements, an immensely powerful industry that has deep roots in this city. "A billion here, a billion there, and pretty soon you're talking about real money." Montgomery's investment bankers know well that quip of former Sen. Everett M. Dirksen. Their bond deals usually come in bite-sized pieces of $40 million to $100 million, a vast wealth for most but just another day at the office for these power bankers. Added together they total billions of dollars. Two Montgomery firms said they recorded all-time high sales last year, a sign that the area's investment banking sector continues to succeed in this highly competitive industry, even as local firms bump against the giants of Wall Street.

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