Top 10 muni bond issuers of 1H contain new, familiar borrowers

July 19, 2022 10:20 AM

The Dormitory Authority of the State of New York headlined the top 10 issuers of the first half of 2022, almost all of which outperformed their par amounts year-over-year.

Five new issuers entered the top 10, two of which did not sell debt in the first half of 2021. The five issuers who fell out of the top 10 — the state of Connecticut, the New York City Housing Development Corporation, the Port Authority of New York and New Jersey, the California Statewide Communities Development Authority Community Improvement Authority and the New Jersey Transportation Trust Fund Authority — are no longer among the top 20 issuers.

Most top 10 issuers for 1H are from New York and California, with four from New York and two from California.

Daniel Acker/Bloomberg

DASNY stays at the top

The Dormitory Authority of the State of New York led all issuers during 2022’s first half with a par amount of $5.378 billion issued in 13 transactions. The DASNY ousted California to become the top muni bond issuer last year, pricing $4.677 billion in 15 deals in the first half of 2021.

David Williams/Bloomberg

NYC TFA climbs to second

The New York City Transitional Finance Authority rose to second from fourth year-over-year, issuing $4.420 billion in 10 deals. NYC TFA almost doubled its totals from last year’s first half when it priced $2.429 billion over six transactions.

Luke Sharrett/Bloomberg

LCDA surges to the top of the ranks

The Louisiana Local Government Environmental Facilities and Community Development Authority shot to third on the top issuer list for the first half of 2022, pricing $3.283 billion over 5 deals. The authority ranked 168th during the first half of last year, when it issued $302.9 million over seven deals.

David Paul Morris/Bloomberg

Cal Regents slips to fourth

The Regents of the University of California fell to fourth from its third place ranking year-over-year, issuing $3 billion over two transactions, which was a minor uptick from the $2.923 billion it priced in five deals during last year’s first half.

Michael Nagle/Bloomberg

The Triborough Bridge and Tunnel Authority inches up the rankings

The Triborough Bridge and Tunnel Authority climbed to fifth from its seventh place ranking at the end of last year’s first half. The authority came to market with $2.520 billion over three transactions, an increase from the $1.831 million it issued over 10 deals during this time last year.

Brett Mountain/Bloomberg News

Regents of the University of Michigan makes a splash in sixth after not selling debt in 2021

The Regents of the University of Michigan entered the top 10 despite not selling debt in the first half of last year. During 2022’s first half, the university issued $2.469 billion in four transactions.

Travis Dove/Bloomberg

Virginia Small Business Financing Authority ranks seventh after not selling debt in 2021

The Virginia Small Business Financing Authority placed seventh among top issuers, pricing $2.414 billion in six deals last half. The authority did not issue any debt during the first half of 2021.

Mihai Andritoiu/mandritoiu - Fotolia

NYC leaps into the top 10

New York City climbed to eighth from 13th year-over-year, with a par amount of $2.335 billion over six deals. In the first half of last year, the city issued $1.461 billion in four transactions.

Bloomberg News

Washington overtakes California among top state issuers

Washington slid into ninth after narrowly missing the top 10 for last year’s first half. The state came to market with $2.270 billion in 10 deals during the first half of this year, a year-over-year increase from $1.514 billion over nine transactions in 2021.

Twilight view of the city of Riverside, California, from Mount Rubidoux Park

jonbilous - stock.adobe.com

California clings to its top 10 standing

California was almost bumped out of the top 10 issuers despite placing second for the first two quarters last year. The state sold $2.228 billion over three deals, the only issuer in the top 10 to have a year-over-year decrease in par amount, which came in at $3.551 billion over five transactions last year.