The New York-based firm has repeatedly said that it doesn't boycott the energy industry.
Raymond James has been on a hiring spree for its public finance division for years.
Investors piled into the bond sale despite the university's recent controversies.
The university is planning to sell as much as $750 million of taxable fixed-rate bonds.
Tech megacap investors should diversify into fixed-income opportunities, the firm's chief investment officer said.
The business has tumbled in the rankings for the underwriting of state and local debt.
The recent historic returns are unusual for this traditionally staid market.
The banks are major underwriters in the $4 trillion state and local debt market.
States and cities have sold about $273 billion of debt in 2023, down 8% from the same period last year.
The St. Louis suburb of Maryland Heights already has a BBB- rating from S&P because of the project.
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