California once again topped the issuer league table as it came to market with more bonds than any other issuer in 2014. Meanwhile, Public Financial Management remained in the number one spot for financial advisors in 2014.

Quarterly League Tables


The Golden State sold $6.243 billion of debt in 11 deals last year. This was down from the $8.450 billion in 14 issues the state sold in 2013, but was enough to keep it in the top position.

"As the nation's most populous state, the size of California's offerings should be placed in proper context. Specifically, the $4 billion of new debt issued in 2014 translates into $106 per capita," said Jacob Roper, spokesperson for California Treasurer John Chiang.

"The remaining $2.1 billion in offerings was associated with the refinancing of existing debt — the result of attentive management during a low interest rate environment — which will result in nearly $480 million in taxpayer savings that are now available to address other critical public needs, such as tackling the state's $72 billion unfunded liability associated with providing health care to its retired workforce," Roper added.

The Texas Transportation Commission took second place in 2014, selling $5.522 billion of bonds in six issues. It did not come to market in 2013, but the Commission is already planning a $1.6 billion refunding for 2015.

The Dormitory Authority of New York State took the third spot, offering up $4.182 billion of debt in 22 separate issues. DASNY sold $3.031 billion of bonds in 19 sales in 2013, ranking it number eight.

"As one of the top issuers of tax-exempt bonds in the country, DASNY understands the value of the muni market for investors, for the public sector and for our not-for-profit borrowers," said DASNY President, Paul T. Williams, Jr.

"Last year's strong sales of DASNY NYS Sales Tax and Personal Income Tax Bonds showed investors' confidence in Gov. Cuomo's leadership as we continue to grow New York's economy," Williams said.

Coming in fourth place last year was the New York City Transitional Finance Authority, which sold $3.831 billion of debt in 14 issues. In 2013, the TFA ranked seventh with $3.207 billion of debt in eight deals.

The state of Massachusetts came in fifth with sales of $3.616 billion in 30 issues. In 2013, the Bay State ranked sixth with $3.226 billion in eight issues.

Rounding out the top 10 issuers list were Puerto Rico (6th) with just one big deal of $3.5 billion; Connecticut (7th) with 32 deals worth $3.283 billion; New York City (8th) with seven deals worth $2.998 billion; the Port Authority of New York & New Jersey (9th) with six deals of $2.880 billion; and Washington state (10th) with 12 deals valued at $2.856 billion.


Public Financial Management remained in first place as the top financial advisor in 2014.

PFM advised municipalities on 779 sales with a value of $48.517 billion, a market share of 18.9% last year. In 2013, PFM ranked number one with advisory services on 768 issues with a value of $46.071 billion, a market share of 19.0%.

"(Last year) 2014 was generally very good for issuers who were in a position to access the market," said John H. Bonow, CEO of PFM Group.

"With interest rates remaining low, we helped our clients to be well-positioned to reduce their outstanding debt service burden," Bonow said. "If additional debt proved to be a reasonable way to help fund new capital needs, PFM's professionals helped our clients structure transactions that accomplish their financing goals and, with the help of our dedicated transaction Pricing Group, get great market execution."

Keeping the number-two spot, Public Resources Advisory Group advised issuers on 139 sales last year with a value of $27.864 billion, a market share of 10.8%. In 2013, PRAG advised on 121 issues with a value of $30.960 billion, a market share of 12.8%.

First Southwest remained in third place, advising on 702 issues with a value of $26.763 billion, a market share of 10.4% last year. In 2013, First Southwest advised on 654 issues with a value of $21.110 billion, a market share of 8.7%.

Jumping into the number four spot in 2014 was Estrada Hinojosa & Co. They advised municipal issuers on 69 deals with a value of $8.749 billion, a market share of 3.4%. Estrada Hinojosa ranked number 10 in 2013 when it advised on 74 issues with a value of $4.065 billion, a market share of 1.7%.

"Our great state of Texas has had a very steady economy with steady growth," said Noe Hinojosa Jr., CEO of Estrada Hinojosa.

"A few years ago TxDot gave us the opportunity to represent them and we are now their sole FA," he explained. "And this is what propelled us into the top five rankings."

TxDot is governed by the Texas Transportation Commission, which was the second highest bond issuer in 2014.

Taking the number five slot was KNN Public Finance, which advised on 50 issues with a value of $6.393 billion, a market share of 2.5%. In 2013, KNN ranked number seven with advisory services on 58 issues worth $5.229 billion, a market share of 2.2%.

Rounding out the top 10 for 2014, in descending order, were Acacia Financial Group, AC Advisory, Piper Jaffray, Lamont Financial Services, and RBC Capital Markets.

Breaking the FA rankings down, PFM topped the list as the FA with most number of issues advised on at 779 and also ranked first in negotiated sales advisory services with 441 deals valued at $37.180 billion. But PRAG took the number one spot as the top competitive sale advisor, providing services on 72 sales worth $11.423 billion in 2014.

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