Deal of the Year

Sage Memorial Hospital's $80 million financing brings a new model to tribal health care. The unrated, tax-exempt bonds recapitalized construction of a replacement hospital, an expanded outpatient clinic, and badly needed workforce housing serving the Navajo community in Ganado, Arizona.

Alaska Railroad Corporation's Cruise Port Revenue Bonds financed a new passenger terminal and dock at the Port of Seward — critical infrastructure for one of the world's top cruise markets.

The Virginia Port Authority executed a landmark financing to reshape control of the Virginia International Gateway terminal.

Columbus Regional Airport Authority returned to market with a $1.207 billion airport-revenue financing to launch a $2 billion capital program at John Glenn Columbus International.

Dallas Fort Worth International Airport advanced a massive capital plan with a nearly $2 billion refunding and improvement financing that reshaped how airports use the market.

New York set a precedent with a $944 million bond deal that prepaid three decades of electricity for the Power Authority.

The State of Wisconsin's 2025 refinancing set a new standard for municipal tenders. Instead of a fixed price, the state executed the first fixed-spread tender for tax-exempt bonds, anchoring pricing to the AAA BVAL curve.

New York Transportation Development Corporation's green bond financing for JFK's new Terminal 6 proves that big aviation projects can be built with climate goals at the center.

Kerrville Public Utility Board Public Facility Corporation entered the public markets with its inaugural bond sale to deliver a new peaking power plant for the Texas Hill Country.

Georgia's SR 400 Express Lanes financing shows how public and private partners can solve a regional mobility challenge at scale.