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Rankings 2022

Top 10 muni bond issuers of Q1-Q3 see some changes

By Jessica Lerner
October 11, 2022 3:57 PM

The New York City Transitional Finance Authority headlined the top 10 issuers of the first three quarters 2022, almost all of which outperformed their par amounts year-over-year.

Three new issuers entered the top 10. The three issuers who fell out of the top 10 — the New York City Municipal Water Finance Authority; Miami-Dade County, Florida, and the New York City Housing Development Corporation — are still among the top 20 issuers.

Most top 10 issuers are from New York and California, with five from New York and two from the Golden State.

NYC TFA
David Williams/Bloomberg

NYC TFA ousts California for top spot

The New York City Transitional Finance Authority led all issuers during 2022's first three quarters with a par amount of $6.219 billion issued in 16 transactions. The NYC TFA ousted California, which priced $5.494 billion in 12 deals in the first three quarters of 2021.
Columbia University
Daniel Acker/Bloomberg

DASNY comes in second

The Dormitory Authority of the State of New York rose to second from third year-over-year, issuing $5.470 billion in 14 deals. DASNY priced $4.928 billion over 17 transactions over the same period in 2021.
Hell Gate Bridge in New York City, which carries Amtrak trains from Boston and New Haven to Penn Station.
Takz/Spinel - stock.adobe.com

Triborough Bridge and Tunnel Authority rises but with decreased par amount

The Triborough Bridge and Tunnel Authority came in at third for the first nine months of 2022, pricing $5.324 billion in eight deals. The authority issued $3.054 billion in 22 deals during this time last year.


California's state capitol.
David Paul Morris/Bloomberg

California falls to fourth, sees drop year-over-year

California fell to fourth from the top spot ranking, issuing $4.546 billion over five transactions, which is down from the $5.647 billion it priced in six deals during last year's first three quarters. The state is the only issuer in the top 10 to have a year-over-year decrease in par amount.
University of California
David Paul Morris/Bloomberg

Cal Regents holds onto fifth

The Regents of the University of California remained fifth, coming to market with $4.086 billion over five transactions, an increase from the $2.923 billion it issued over five deals during this time last year.


New York City skyline with urban skyscrapers at sunset, USA.
Adobe Stock

NYC sees gains

New York City stayed in sixth, pricing $3.711 billion in nine deals. During 2021's first three quarters, the city issued $2.661 billion in six transactions.
Boston
Scott Eisen/Bloomberg

Massachusetts is on the rise

Massachusetts rose to seventh from 14th year-over-year, pricing $3.681 billion in five deals last nine months. The state issued $2.247 billion in nine deals during the same period in 2021.
Louisiana
Luke Sharrett/Bloomberg

LCDA makes major moves

The Louisiana Local Government Environmental Facilities and Community Development Authority jumped to eighth from 134th year-over-year, with a par amount of $2.283 billion over five deals. In the first three quarters of 2021, the authority issued $508 million in 12 transactions.
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kanonsky - Fotolia

Washington moves up

Washington rose to ninth, coming market with $3.150 billion in 14 deals during the first nine months of this year, a year-over-year increase from $2.249 billion over 13 transactions in 2021.


General Views Of Buffalo As Sept. Empire Manufacturing Sees Demand Still Rising
Andrew Harrer/Bloomberg

NYS Thruway Authority falls to round out top 10

The New York State Thruway Authority fell to 10th, selling $2.902 billion over eight deals, but up from the $2.504 billion over seven deals during the same period in 2021.
Jessica Lerner
Senior Markets Reporter, The Bond Buyer
Rankings 2022
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