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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-issue calendar is led by Washington with $1.3 billion of GOs selling by competitive bid in three series.
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A trio of current and former Alaska lawmakers presented views differing from the governor's on how to solve the state's budget red ink.
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Kutak Rock warns tax attorneys about the Internal Revenue Service doing compliance checks as opposed to formal audits on certain multifamily bond issues as tax season is expected to add more stress to an understaffed agency.
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The rating agency cited weak operating results and high leverage.
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Piper Sandler will price $100 million of electric revenue bonds for Iowa public utility Muscatine Power and Water on Wednesday.
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Longer-term bonds could ease financial pressure for Sound Transit's $54 billion long-range plans.
February 6
