Gerrard Bushell, president & CEO, Dormitory Authority of the State of New York
DASNY tops issuance list
The Dormitory Authority of the State of New York issued $9.15 billion of bonds in 2018. DASNY jumped one spot from the previous year, when it ranked second with $7.43 billion.
NYC TFA jumps up one spot
The New York City Transitional Finance Authority moved up one spot from its 2017 ranking, to second from third. The NYC TFA came to the bond market 24 times, issuing a total of $7.76 billion in 2018, compared to 17 deals for $6.50 billion a year earlier.
California's reign come to an end
California's two-year rule is over, as the Golden State dropped to third place on the top issuers list. The state issued $6.28 billion in 10 deals last year, compared to $8.87 billion in 13 transactions in 2017.
New York real estate
New York City rises
New York City saw increased issuance in 2018, improving three spots to fourth from seventh. The Big Apple sold $4.48 billion of bonds last year, compared to $3.74 billion in 2017.
A passenger exits a "W" line subway train at the Union Square stop in New York, U.S., on Wednesday, May 20, 2009. Build America Bonds were meant to help local governments borrow at lower cost amid a global credit crunch. When the New York’s Metropolitan Transportation Authority (MTA) sold $750 million of the securities, it shared the savings with traders and investors. Photographer: Andrew Harrer/Bloomberg News
MTA stays strong
The Metropolitan Transportation Authority remained in the fifth spot, despite decreased issuance from a year ago. The authority ended the year with $3.68 billion in 12 deals, compared to $5.65 billion in 22 transaction the previous year.
Connecticut crashes the party
The State of Connecticut, which didn't rank in the top 25 in 2017, vaulted up the list to number six in 2018. The Nutmeg State finished the year with $3.56 billion in 20 deals, up from $1.54 billion in 13 transactions, which was good for 38th place in 2017.
Denver City County Building
Denver climbs up
The city and county of Denver, Colorado, marks another new entry to the list, totaling $3.32 billion in nine deals.
It only takes one
The New Jersey Tobacco Settlement Finance Corp. came to market with one deal this year but it was large enough to land the issuer inside the top 10. The NJTSFC mega deal totaled $3.15 billion.
Texas Water brings flood of issuance
In his first year as chairman of the Texas Water Development Board, Peter Lake oversaw seven deals totaling $3.13 billion of bonds, good for ninth place.
An unidentified man looks at the first of 231 new multi-level rail cars unveiled today at Newark's Penn Station by New Jersey Transit on September 14, 2005.
An unidentified man looks at the first of 231 new multi-level rail cars unveiled today at Newark's Penn Station byt the New Jersey Transit Authority Wednesday, September 14, 2005, in Newark, N.J. Photographer: Joe Tabacca/Bloomberg News
New Jersey TTFA rounds out top 10
The New Jersey Transportation Trust Fund Authority pulled in $2.76 billion in just two deals, just enough to rank tenth.
Kentucky issuer just misses out on top 10
The Kentucky Public Energy Authority came to market with seven deals totaling $2.73 billion.
macro of tobacco and cigarettes
Tobacco takes another spot
The Golden State Tobacco Securitization Corp. sold $2.49 billion of bonds in four deals in 2018.
Massachusetts falls three spots
The Commonwealth of Massachusetts dropped to 13th with $2.42 billion in seven deals, from 10th place with $3.10 billion in 17 transactions in 2017.
California's state capitol.
The American, California and POW/MIA flags fly in front of the California State Capitol building in Sacramento, California, U.S., on Thursday, March 30, 2017. Californias Air Resources Board broke with Trump and voted to uphold auto fuel efficiency rules as statehouses across the country, both Republican and Democratic leaders are using their own regulatory powers and budgets to fill a void being left by Trump, whose order Tuesday rolled back many of President Barack Obamas expansive initiatives to combat global warming. Photographer: David Paul Morris/Bloomberg
California Municipal Finance Authority increased issuance
The California MFA's issuance jumped to $2.39 billion from $1.66 billion year-over-year, and its rank rose to 14th from 36th.
Chicago sees a dip
The windy city issued $2.24 billion in seven deals during Mayor Rahm Emanuel's last full year as mayor, dipping from $2.81 billion spanning eight transactions in 2017. More than a dozen candidates are running for mayor, so only time will tell the city’s future bond plans and whether they include Emanuel’s $10 billion pension bond proposal.
Berkeley Tower.jpg
The Campanile bell tower at the University of California Berkeley Campus, is picctured with the Golden Gate Bridge in the background on August 7, 2003. The University of California is asking a state court to reconsider a ruling that it says may prevent the school's endowment and pension plan from investing in private equity funds, its highest-returning asset. Photographer Tim Wimborne/ Bloomberg News.
Cal Regents slips one spot
The Regents of the University of California system came to the bond market with $2.06 billion in only four deals in 2018. That compares with $2.62 billion in five deals in the prior year.
gas wells
Gassing up
After not issuing any bonds in 2017, Main Street Natural Gas Inc., Georgia, was full speed ahead in 2018 with a par amount of $2.02 billion spanning six deals.
PANYNJ pulls forward
The Port Authority of New York and New Jersey issued $1.99 billion of bonds in five deals in 2018, an improvement from the $1.69 billion in six deals the authority sold in 2017.
Toyota Center in Houston
The main entrance to Houston's Toyota Center is pictured on Wednesday, January 7, 2004. Toyota Motor Corp.'s $100 million naming-rights agreement is one example of improving - and more demanding - times for the U.S. sports industry. Photographer: F. Carter Smith/Bloomberg News
Houston rockets up
The city of Houston sold roughly $1.90 billion in eight transactions, improving from $1.83 billion in just three transaction in 2017.
The Pennsylvania Commonwealth Financing Authority makes a splash
The PCFA, after issuing no bonds in 2017, sold $1.89 billion in two deals in 2018.
NYCHDC vaults 20-plus spots
The New York City Housing Development Corp. built up its bonds-issued portfolio last year, amassing $1.77 billion in 16 transactions. That compares to $1.21 billion in 16 deals, which was good for 45th place in 2017.
Illinois makes little noise
The State of Illinois took serious steps back in terms of bond issuance in 2018. The Prairie State came to market with $1.71 billion in five deals, way down from the fourth place ranking it earned last year with $6.25 billion in four deals. The drop comes as the state’s previous capital program winds down. The new governor and lawmakers are aiming to pass a new infrastructure bill that could boost borrowing levels this year.
LA Water and Power moves up
The Los Angeles Department of Water and Power moved up eight spots to 23rd, issuing $1.70 billion across nine deals in 2018. The climb took place despite a small drop in DWP issuance from the year before, when it sold $1.75 billion.
Southeast Alabama Gas District makes an appearance
Much like the other gas issuers on the list, the Southeast Alabama Gas District made a big comeback in 2018. After not issuing any bonds in 2017, the district issued $1.69 billion of bonds in six deals this past year.
NYC Muni Water Finance Authority makes splash
The New York City Municipal Finance Authority jumped 10 spots from 2017, marking it the seventh New York-based issuer to land inside the top 25. The water authority came to market with $1.69 billion of bonds in 2018, compared to $1.67 billion during the previous year.