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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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The New York City Transitional Finance Authority leads the new-issue calendar with $2 billion of future tax-secured subordinate refunding bonds.
December 12
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The Trump administration officially rolled out an Executive Order laying out federal policy on Artificial Intelligence which cements fears from states worried about the loss of broadband funding tied to the Bipartisan Infrastructure Law.
December 12
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Puerto Rico Gov. Jenniffer González Colón filed suit to end the island's contract with LUMA Energy for electrical transmission and distribution.
December 12
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A review Moody's launched in September ended with rating downgrades and negative outlooks for the city's outstanding general obligation and revenue bonds.
December 12
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The well-regarded pediatric hospital system is not alone in facing downgrades amid the myriad challenges healthcare has experienced in recent years.
December 12
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Kansas City Federal Reserve President Jeffrey Schmid and Chicago Fed President Austan Goolsbee said in statements Friday that their dissents from this week's interest rate decision were spurred by inflation concerns and a lack of sufficient economic data.
December 12
