The New York City Transitional Finance Authority ranked first among the Top 10 issuers in Q1 2025.
The top 10 issuers accounted for $22.12 billion of the total issuance for the year, or 18.7%
New York boasts five of the top 10 issuers, followed by California with three and one a piece for Massachusetts and Alabama.
In her first public appearance since President Trump moved to fire her from the Federal Reserve Board of Governors, Fed Gov. Lisa Cook reiterated her commitment to bringing inflation under 2% and said that the labor market remains "solid."
"Normalized supply, a supportive rate environment and favorable technicals propelled the municipal market to the best October performance [in decades]," said Robert J. Lind.
Attorneys for the Archdiocese said it is "inevitable" bondholders will be hit with a cramdown.
Meanwhile, the Brightline West train project has floated a possible debt exchange ahead of its own mandatory redemption later this month.
Pennsylvania's budget impasse has surpassed four months. Local governments and schools that rely on state funds are getting frustrated.
Next week's issuance is slated to be "substantial" — an estimated $13.1 billion — although that is expected to be met with "solid" November reinvestment capital, J.P. Morgan strategists said.
