The Black Belt Energy Gas District narrowly beat the California Community Choice Financing Authority as the largest issuer in the first quarter of 2026.
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The top 10 issuers accounted for $24.148 billion of total issuance, or 19%.
New York had four of the top 10 issuers, followed by three from California. Alabama, Massachusetts and Texas each had one apiece.
The largest deals of the first quarter were California's $2.409 billion general obligation bonds, followed by the Dormitory Authority of the State of New York's $2.126 billion revenue bonds.
Of the top 60 deals that came to market in the first quarter, 46 were revenue bonds and 14 were general obligation bonds.
Quinn Aitchison contributed to this article.
