New York, California issuers dominate top 10 in 2021

January 14, 2022 2:06 PM

In 2021, the Dormitory Authority of the State of New York overtook the state of California for the top spot.

New York City, the New York Metropolitan Transportation Authority, the Ohio Buckeye Tobacco Financing Authority, the New York Urban Development Corp., New Jersey and Massachusetts were ousted from the top 10 in 2021. All the issuers except the Ohio Buckeye Tobacco Financing Authority found themselves in the top 20.

The top 10 features four New York and four California issuers.

New York State Capitol building in Albany, N.Y.

DASNY overtakes California for No. 1

The Dormitory Authority of the State of New York rose from fourth to clench the top spot for all municipal bond issuers in terms of par amount. DASNY came to market with $7.86 billion in 29 deals, up from 2020 when DASNY issued $5.46 billion par in 25 transactions.

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California falls to second

California fell to second, issuing $6.89 billion of bonds throughout nine deals last year, compared to $7.47 billion in 10 deals in 2020.

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Golden State Tobacco Securitization Corporation

The Golden State Tobacco Securitization Corporation ranked third. In 2021, it issued $6.5 billion in four deals. In 2020, it didn't sell any debt.

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NYC TFA sees gains

The New York City Transitional Finance Authority sold $5.49 billion in 12 deals in 2021, up from the $5.07 billion in 19 deals in 2020 when it ranked sixth.

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CSCDA makes major moves

The California Statewide Communities Development Authority priced $4.14 billion in 22 deals in 2021, up considerably from the $180 million in two deals that it came to market with in 2020 when it ranked 457th.

Downtown Hartford and the Connecticut River from Great River Park in Hartford, Connecticut

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Connecticut is on the rise

Connecticut totaled $3.32 billion in 23 transactions in 2021, rising from 17th in 2020 when the Nutmeg State had $2.55 billion in 17 deals.

Commuters stand in a crowded L train subway car at the Bedford Avenue station in the Brooklyn borough of New York, U.S., on Thursday, Dec. 21, 2017.

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The Triborough Bridge and Tunnel Authority drops

The Triborough Bridge and Tunnel Authority rose to seventh place with $3.05 billion issued in 22 deals. In 2020, it had brought $525 million in two transactions, coming in 156th.

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NYC Housing Development Corporation moves up

The New York City Housing Development Corporation jumped to eighth from 22nd. In 2021, it had a par amount of $2.98 billion in 19 deals, compared to $2.18 billion in 19 deals in 2020.

Berkeley University Library at University of California, Berkeley

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Cal Regents is down but not out

The Regents of the University of California slipped to seventh place after not selling any debt during the second and third quarters. The Regents sold $2.92 billion in five deals this year, down from the $4.6 billion in 10 deals from 2020.

The Indiana State Capitol in Indianapolis.

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Indiana Finance Authority makes top 10

The Indiana Finance Authority rounds out the top 10, exceeding the par amount it had in 2020. It had a par amount of $2.84 billion in 24 deals in 2021, compared with $424.2 million in nine deals in 2020.