The top five bond financings have an average dollar volume of more than $1.9 billion.

The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.

DASNY, Washington, Massachusetts, Jefferson County, Alabama, and the New Jersey Education Facilities Authority entered the top 10, with the last three issuers coming to market after not issuing any debt in the first quarter of 2023.

Kaufman Hall & Associates, Piper Sandler and Montague DeRose & Associates moved into the top 10, while CSG Advisors, Estrada Hinojosa and RBC Capital Markets were bumped.

BofA Securities remained at the top of the list.

Municipal bonds on the rise

To maintain the city's good credit rating and robust fiscal health, New York City Comptroller Brad Lander is also proposing a stronger debt management policy to make sure the city keeps its debt service below 15% of tax revenues.

The top five bond financings have an average dollar volume of more than $957 million.

The top five bond financings have an average dollar volume of nearly $1.5 billion.

A bill before the state legislature would create a public infrastructure bank, where municipalities could go to finance projects from affordable housing to bridges.