Top 10 issuers sees some changes as California leads

October 10, 2023 11:43 AM

California headlined the top 10 issuers in the first three quarters of 2023.

Three new issuers entered the top 10 — Main Street Natural Gas, the California Community Choice Finance Authority and the Texas Natural Gas Securitization Finance Corp. — as Massachusetts, the Louisiana Local Government Environmental Facilities and Community Development Authority and the New York State Thruway Authority were bumped out of the top 10.

Still, the top 10 issuers are mostly from just two states, with four from New York and three from California.

Pedestrians walk past the California State Capitol building in Sacramento, California, U.S.

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California is on top

California led all issuers during the first three quarters with a par amount of $6.938 billion issued in three transactions, ousting the New York City Transitional Finance Authority for the top spot. In the first three quarters of 2022, the state priced $4.546 billion in five deals.

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DASNY stays in second but with less par

The Dormitory Authority of the State of New York stayed in second but with less par year-over-year, issuing $4.721 billion in 14 deals in the first nine months of 2022. The authority priced $5.470 billion in 14 transactions over the same period.

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NYC TFA falls gets bumped

The New York City Transitional Finance Authority fell to third, pricing $4.526 billion in eight deals. This is down from $6.219 billion in 16 deals in 2022.

New York City skyline with urban skyscrapers at sunset, USA.

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NYC is on the rise

New York City rose to fourth. The state issued $4.388 billion in six transactions in the first three quarters of 2022, versus $3.711 billion in nine issues over the same period in 2022.

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Main Street Natural Gas jumps in the rankings

Main Street Natural Gas shot up to fifth in Q1 through Q3 this year, coming to market with $4.194 billion in seven transactions, an increase from the $1.874 billion it issued in four deals in 2022.

Michael Nagle/Bloomberg

The Triborough Bridge and Tunnel Authority is down

The Triborough Bridge and Tunnel Authority fell to sixth from third a year earlier, pricing $3.817 billion in seven deals during the first three quarters in 2023. The authority issued $5.324 billion in eight transactions during the same time period in 2022.

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CCCFA leaps into the top 10

The California Community Choice Finance Authority jumped to seventh, pricing $3.797 billion in eight deals during the first nine months in 2023. The state issued $931.1 million in three deals last year by this time when it was in 49th place.

Thomas Ryan Allison/Bloomberg

The Texas Natural Gas Securitization Finance Corp. makes a splash after not selling debt in 2022

The Texas Natural Gas Securitization Finance Corp. entered the top 10, issuing a par amount of $3.522 billion in one deal after not issuing any par in 2022.

Bloomberg News

Washington stays in ninth but with more par

Washington stayed in ninth, coming market with $3.190 billion in 14 deals from Q1 through Q3 in 2023, compared to $3.150 billion in 14 transactions in 2022.

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Cal Regents rounds out top 10

The Regents of the University of California fell to tenth place from fifth a year earlier, selling $2.875 billion over six deals versus $4.086 billion in five deals in 2022.