New York issuers lead top 10 of 2020

Issuers priced a record $474 billion in 2020 and New York issuers claimed three of the top five and five of the top 10 spots.

California again led issuance with $7.473 billion in 10 deals while New York City rose to second from 8th with $6.592 billion.

The New York Metropolitan Transportation Authority followed with $6.182 billion, a figure that excludes the $3.35 billion of notes it sold to the Federal Reserve through the Municipal Liquidity Facility. If those figures were included, the MTA would have beat out all issuers with $9.942 billion of debt.

Also excluded from the top 32 issuers was Illinois, which would have made the list if its $3.2 billion MLF loans were included.

New Jersey landed in 9th with $3.997 billion and Massachusetts fell five spots to 10th with $3.653 billion.

There were three issuers that made the top 10 in 2020, but did not issue bonds in 2019, including the Buckeye Tobacco Financing Authority’s $5.352 billion refinancing, which landed in 5th place. The Regents of the University of California climbed to 7th place with 10 deals worth $4.598 billion from 114th place and $653 million in 2019.

Views Of The State Capitol As Lawmakers Pitch $52.4 Billion Road Plan

Golden State holds top issuance

The state of California found itself on top of issuer rankings in 2020, ending the year with $7.473 billion in 10 transactions, but down from $9.49 billion in 12 deals in 2019.
New York City skyline with urban skyscrapers at sunset, USA.

Big Apple bonds big in 2020

New York City issued $6.529 billion in 14 transactions, with 1.5% market share up from 2019 where it placed 8th and issued $3.47 billion in 11 deals with 0.9% market share. A large portion of NYC's debt this year was taxable.
Commuters stand in a crowded L train subway car at the Bedford Avenue station in the Brooklyn borough of New York, U.S., on Thursday, Dec. 21, 2017.

NY MTA debt grows again

The New York Metropolitan Transportation Authority rose to 3rd from 4th with $6.182 billion in 22 transactions, a 1.4% market share and up 0.4% from 2019. These figures exclude its MLF loans, which would put the issuer just below $10 billion in 2020. One of the largest municipal issuers with $46.5 billion of debt including special credits has been hit extremely hard by COVID-19.
Views Of New York State's Capital City

NY Dormitory Authority falls to 4th from 2nd

The Dormitory Authority of the State of New York borrowed $5.458 billion in 25 transactions with 1.2% of market share in 2020, far lower than the $8.84 billion in 38 transactions it priced in 2019. The issuer again topped the total number of issues in 2020.
Ohio sign

Buckeyes come in at 5th

The Ohio Buckeye Tobacco Financing Authority sold $5.352 billion in three tranches in 2020, making the refinancing the largest deal of 2020 on its own. It was the second largest deal ever done in the tobacco sector and was wildly successful with more than 150 investors and $50 billion of orders.

NYC TFA falls from 3rd

The New York City Transitional Finance Authority priced 19 transactions in 2020 amounting to $5.072 billion, or 1.1% of market share. The NYC TFA finished 2019 with a total of $4.35 billion spanning 19 transactions, showing how strikingly larger the amount of bonds issued in 2020 were. The TFA was third in 2019.

Regents of the University of California climb from 114th

The Regents of the University of California climbed to 7th place with 10 deals worth $4.598 billion from 114th place and $653 million in 2019.
The Manhattan Skyline is seen from the East River Ferry terminal at Gantry Plaza State Park in the Long Island City neighborhood in the Queens borough of New York, U.S., on Friday, Nov. 9, 2018.

NY UDC in at 8th

The New York Urban Development Corp. came in with $4.077 billion, or 0.9% market share in four issues. The UDC did not issue debt in 2019.

New Jersey's near $4 billion COVID-19 emergency bonds puts it at 9th

The Garden State issued $3.997 billion in three tranches in November for a market share of 0.9%. The strong demand amid a dearth of new municipal issuance by states and a search for yield also allowed New Jersey to skip a planned taxable portion and officials announced it would not need to access the Fed's Municipal Liquidity Facility. The state did not issue debt in 2019.

Massachusetts falls five spots to round out top 10

Massachusetts sold $3.653 billion in 2020 in eight deals to hold a 0.8% market share. It fell from 5th place in 2019 when it priced $4.0187 billion for a 1% share.