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Top 10 muni bond issuers of Q1 see shakeups

By Jessica Lerner
April 12, 2023 10:56 AM

In the first quarter of 2023, the Texas Natural Gas Securitization Finance Corporation topped the list of the top 10 issuers.

The Dormitory Authority of the State of New York, the Virginia Small Business Finance Authority, the Regents of the University of Michigan, the Los Angeles Department of Airports, the South Carolina Public Service Authority, and the Los Angeles Department of Water and Power dropped out of the top 10, making room for six new issuers.

Four of the top 10 issuers are from New York and three are from California, making up the majority of the top 10 issuers.

Texas gas.jpeg

The Texas Natural Gas Securitization Finance Corporation ousts California for top spot

Texas Natural Gas Securitization Finance Corporation overtook California as the leading issuer in the first quarter of 2023 with a par amount of $3.522 billion issued in a one transaction. The issuer was not in the market in the first quarter of 2022.
NYC Bridge

The Triborough Bridge and Tunnel Authority makes a big move

The Triborough Bridge and Tunnel Authority moved up from 31st to second place through its issuance of $2.847 billion in three deals the first three months of this year. The authority priced $592.7 million in one transaction over the same time period in 2022.
NYC TFA

NYC TFA falls to third

The New York City Transitional Finance Authority fell to third, pricing $2.446 billion in five deals. The authority issued $3.470 billion in nine deals in Q1 2022.
Cal Riverside

Cal Regents enters top 10

The Regents of the University of California made it into the top 10, ranking fourth. Four transactions totaling $2.168 billion were made in Q1 2023. It did not issue any par during the first quarter of 2022.
BB-NYC-2019

NYC is on the rise

New York City rose to fifth place, bringing to market $1.878 billion in three transactions, up from the $955.9 million it issued in two transactions in the first three months of 2022.
California Community Choice Financing Authority
Wind turbines at a wind farm in California. Photographer: Bing Guan/Bloomberg

California Community Choice Financing Authority comes in sixth after issuing no debt in Q1 2022

The California Community Choice Financing Authority was sixth after issuing no debt in the first quarter of 2022. It priced $1.840 billion in four deals in Q1 2023.
Pedestrians walk past the California State Capitol building in Sacramento, California, U.S.

California falls in the rankings

California fell to seventh, pricing $1.804 billion in one deal. This is down from the $2.229 billion in three deals the state issued in the first three months of 2022 when it placed fourth.
Georgia natural gas

Main Street Natural Gas rises to eighth

Main Street Natural Gas, Georgia, rose to eighth, coming market with $1.530 billion in two deals in the first quarter of 2023. This is an increase from $1.165 billion in three transactions over the same period in 2022.
Louisiana

Louisiana Local Government Environmental Facilities and Community Development Authority surges

The Louisiana Local Government Environmental Facilities and Community Development Authority jumped to ninth from 473rd in 2023, issuing a par amount of $1.516 billion in three deals. In Q1 2022, the authority issued $29.7 million in three transactions.
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New York City Municipal Water Finance Authority falls

The New York City Municipal Water Finance Authority fell to 10th place, selling $1.493 billion over two deals versus $1.379 billion in three deals during the first three months of 2022.
Jessica Lerner
Senior Markets Reporter, The Bond Buyer
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