The Dormitory Authority of the State of New York was the top issuer in the first half of 2025, with $6.6 billion in par amount across eight deals.
The top issuers saw a number of new entrants, including the Massachusetts Development Finance Agency, the California Infrastructure and Economic Development Bank, the Southeast Energy Authority and the Los Angeles Department of Airports, the last two of which did not issue any deals during 1H 2024.
| Rank | Issuer | 1H 2025 par amount (USD millions) | Market share | Number of issues |
|---|---|---|---|---|
| 1 | NYS Dorm Authority | $6,597.49 | 2.38% | 21 |
| 2 | NYC Transitional Finance Authority | $5,244.48 | 1.89% | 10 |
| 3 | New York City | $4,932.40 | 1.78% | 7 |
| 4 | California | $3,637.58 | 1.31% | 4 |
| 5 | Massachusetts Development Finance Agency | $3,395.77 | 1.22% | 22 |
| 6 | Triborough Bridge and Tunnel Authority | $3,300.00 | 1.19% | 5 |
| 7 | Southeast Energy Authority | $3,250.14 | 1.17% | 8 |
| 8 | Regents of the University of California | $3,211.58 | 1.16% | 3 |
| 9 | Los Angeles Department of Airports | $2,930.54 | 1.06% | 6 |
| 10 | California Infrastructure and Economic Development Bank | $2,626.05 | 0.95% | 3 |
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