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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 muni market is poised for a strong week, Peter DeGroot wrote for J.P. Morgan, with a "manageable" new-issue calendar, near-record inflows year-to-date and July redemption money.
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Next payments are due July 14 and 15.
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Figuring out a way to account for the shift in market demographics is crucial to the long-term future of the muni market, but it doesn't appear to be a priority.
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The rating agency confirmed the Texas city's A1 bond ratings, ending a review for potential downgrade spurred by an impending water supply crisis.
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