Top 10 issuers: California takes the lead

July 10, 2023 12:32 PM

California headlined the top 10 issuers of the first half of 2023, almost all of which outperformed their par amounts year-over-year.

Four new issuers entered the top 10, one of which did not sell debt in the first half of 2023. Three of the issuers who fell out of the top 10 — the Louisiana Local Government Environmental Facilities and Community Development Authority, the Dormitory Authority of the State of New York and the Virginia Small Business Financial Authority — dropped to the Top 15. Meanwhile, the fourth issuer, the Regents of the University of Michigan, did not issue any debt during the first half of 2023.

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

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

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California leads the way

California led all issuers during 2023's first half with a par amount of $4.357 billion issued in two transactions. The state rebounded from 10th in the first half of 2022 when it issued $2.229 billion in three transactions.

Thomas Ryan Allison/Bloomberg<br/><br/>

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

The Texas Natural Gas Securitization Finance Corp. came in second, issuing $3.522 billion in one deal. The corporation did not price any debt in the first half of 2022.

Michael Nagle/Bloomberg

The Triborough Bridge and Tunnel Authority inches up to third

The Triborough Bridge and Tunnel Authority rose to third on the top issuer list for the first half of 2023, pricing $3.447 billion over six deals. The authority ranked fifth during the first half of last year, when it issued $2.521 billion over three deals.

Victor J. Blue/Bloomberg

NYC is on the rise

New York City rose to a fourth place ranking year-over-year, issuing $3.438 billion over five transactions compared to the $2.336 billion it priced in six deals during last year's first half.

Bloomberg Creative Photos/Bloomberg Creative

CCCFA leaps into the top 10

The California Community Choice Financing Authority climbed to fifth from its 34th place ranking at the end of last year's first half. The authority came to market with $2.799 billion over six transactions, an increase from the $931.1 million it issued over three deals during this time last year.

STEPHEN MORTON/BLOOMBERG NEWS

Main Street Natural Gas climbs in the rankings

Georgia's Main Street Natural Gas entered the top 10 after placing 23rd in first half of last year. During 2023's first half, it issued $2.514 billion in four transactions, up from $1.165 billion in three deals during 2022's first half.

Tim Boyle/Bloomberg

Illinois ranks seventh

Illinois placed seventh among top issuers, pricing $2.511 billion in two deals in the first six months of this year. The state issued $1.638 billion in one deal in the first half of 2022 when it placed 13th.

David Williams/Bloomberg

NYC TFA falls

The New York City Transitional Finance Authority fell to eighth from second year-over-year, with a par amount of $2.446 billion over five deals. In the first half of last year, the authority issued $4.420 billion in 10 transactions.

David Paul Morris/Bloomberg

Cal Regents is down but not out

The Regents of the University of California slid into ninth after coming in fourth in last year's first half. The state came to market with $2.168 billion in four deals during the first half of this year versus $3 billion over two transactions in 2022.

Bloomberg News

Washington clings to its top 10 standing

Washington was almost bumped out of the top 10 issuers. The state sold $2.076 billion over 10 deals. Last year, the state came in ninth at $2.310 billion over 10 transactions.