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Rankings

Top muni issuers through three quarters of 2020

By Aaron Weitzman
October 8, 2020 10:25 AM

Through three quarters municipal bond issuers are coming to market 22.6% more than a year ago. So far in 2020 issuers have totaled $328.61 billion in 8,491 transactions that compares to $267.91 billion in 7,329 deals in the first nine months of 2019.

The state of California once again finds itself on top but half of the top 10 features New York State issuers.

California state of United States flag waving on the top sunrise mist fog
California state of United States flag textile cloth fabric waving on the top sunrise mist fog
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Golden age

Once again, the State of California finds itself leading all municipal bond issuers in terms of par amount.

The Golden State has come to market with $6.26 billion in six deals, landing the number one spot just as this did at this time last year despite the lower par amount. After the first nine months of 2019, California had a par amount of $7.66 billion in nine transactions.
New York City, USA - October 28, 2017: Underground transit by sign in NYC Subway Station, sign for Port Authority by midtown Times Square, colorful neon MTA
New York City, USA - October 28, 2017: Underground transit by sign in NYC Subway Station, sign for Port Authority by midtown Times Square, colorful neon MTA
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MTA on the fast track

The Metropolitan Transportation Authority so far in 2020 has issued $5.76 billion in 20 transactions, good for second place — one spot better than their ranking at this point last year, when the authority had a total of $3.80 billion in 18 transactions.
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On fire

The Buckeye Tobacco Settlement Financing Authority spent the first half of the year ontop but has not slipped down to third place after three quarters.

The Ohio TSFA has sold a total of $5.35 billion in just three deals. They did not have any bond solds all of 2019.


Berkeley University Library at University of California, Berkeley
BERKELEY, CA/USA - The University Library on the campus of the University of California, Berkeley is the fourth largest University library in the United States. June 15, 2013.
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Scholars of the bond market

The Regents of the University of California have sold $4.59 billion in ten deals so far in 2020, way up from the $653 million in two deals that the Regents came to maket with in the first three quarters of 2019.
New York City
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NYC sees uptick

New York City rounds out the top five with $4.19 billion, an improvement from this time last year when the city that never sleeps was in ninth place with $2.39 billion.
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NYS Urban Development Corp. checks into the top 10

NYS UDC was not ranked at this point last year and has moved up in the rankings from the 10th place they were in at the end of the first half.

The Corporation totaled $4.08 billion in four transactions so far in 2020, compared to the $1.78 billion issued in the first half of this year no issuance at this point in 2019.
The Statue of Liberty and New York City skyline
The Statue of Liberty and New York City skyline at dark
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NYC TFA stays still in seventh

The New York City Transitional Finance Authority comes in seventh place, the same ranking they had at this point last year.

The Authority has issued $3.97 billion of bonds throughout 15 deals so far in 2020, compared to $2.95 billion in nine deals at this point in 2019.
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The State Board of Administration Finance Corp. lands in the rankings

The Florida State Board Administration Finance Corporation has secured a spot in the top rankings after just one bond deal.

The FBAFC was not in the rankings at all last year or at any point this year, until a third quarter bond deal for $3.50 billion brought them up to number eight for the year so far.
Panorama vertical aerial Interstate 10 or Katy freeway massive intersection, stack interchange, elevated road junction overpass cloud blue sky. Top view metropolitan area of Katy, Texas, USA
Panorama vertical aerial Interstate 10 or Katy freeway massive intersection, stack interchange, elevated road junction overpass cloud blue sky. Top view metropolitan area of Katy, Texas, USA
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TTC

The Texas Transportation Commssion has far exceeded the par amount it had at this point last year, good enough for ninth place so far this year.

Year-to-date, the TTC has a par amount of $3.09 billion in six deals, compared to $249 million at this point in 2019.
STONY BROOK, NY - MAY 24, 2015: Stony Brook University Main Entrance. The sign and flags with the Wang Center in the background at the SUNY institution at Stony Brook, Long Island, New York.
STONY BROOK, NY - MAY 24, 2015: Stony Brook University Main Entrance. The sign and flags with the Wang Center in the background at the SUNY institution at Stony Brook, Long Island, New York.
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DASNY drops down

The Dormitory Authority of the State of New York declined from their ranking at this point last year, falling to tenth from second.

So far this year, DASNY has issued $2.95 billion in 18 deals, down from $4.02 billion in 24 transactions through the first three quarters of 2019.
Aaron Weitzman
Markets Reporter , The Bond Buyer
Rankings Primary bond market Sell side State of California Metropolitan Transportation Authority City of New York, NY New York City Transitional Finance Authority New York State Dormitory Authority
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