Top 10 muni bond issuers of 2023 shuffle

ByJessica Lerner

January 8, 2024 10:39 AM

California headlined the top 10 issuers in 2023.

Half of the top 10 issuers were new entrants — the California Community Choice Finance Authority, Main Street Natural Gas, Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois — as Massachusetts, the Regents of the University of California, the Louisiana Local Government Environmental Facilities and Community Development Authority, the Black Belt Energy Gas District and Denver were bumped out of the top 10.

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

California's state capitol.

David Paul Morris/Bloomberg

California ousts NYC TFA for top spot

California led all issuers during 2023 with a par amount of $8.570 billion issued in seven transactions, ousting the New York City Transitional Finance Authority for the top spot. In 2022, the state priced $6.619 billion in 11 deals.

NYC TFA

David Williams/Bloomberg

NYC TFA falls to second

The New York City Transitional Finance Authority fell to second, issuing $6.968 billion in 11 deals in 2023. This is down from 2022 when the authority priced $7.519 billion in 19 transactions.

California Community Choice Financing Authority

Bloomberg Creative Photos/Bloomberg Creative

CCCFA surges to third

The California Community Choice Finance Authority surged to third from 38th place, pricing $5.483 billion in 11 deals. This is up from $1.391 billion in six deals in 2022.

Statue of Liberty

Victor J. Blue/Bloomberg

NYC is on the rise

New York City rose to fourth. The state issued $5.42 billion in nine transactions in 2023, versus $5.061 billion in 11 issues in 2022.

NYC Bridge

Michael Nagle/Bloomberg

Triborough Bridge and Tunnel Authority slips

The Triborough Bridge and Tunnel Authority slipped to fifth last year, coming to market with $4.947 billion in eight transactions, a decrease from the $6.795 billion it issued in 12 deals in 2022.

Columbia University

Daniel Acker/Bloomberg

DASNY falls to sixth

The Dormitory Authority of the State of New York fell to sixth in 2023, pricing $4.721 billion in 14 deals. This is down from 2022 when the authority issued $5.596 billion in 16 transactions in 2022.

Georgia natural gas

STEPHEN MORTON/BLOOMBERG NEWS

Main Street Natural Gas jumps to seventh

Main Street Natural Gas jumped to seventh, pricing $4.194 billion in nine deals during 2023. The nonprofit issued $1.874 billion in four deals in 2022 when it was in 28th place.

Space needle - Washington

Bloomberg News

Washington moves up

Washington rose to eighth, coming market with $3.7 billion in 17 deals in 2023, up from $3.167 billion in 15 transactions in 2022.

Texas gas.jpeg

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

The Texas Natural Gas Securitization Finance Corp. enters rankings

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.

Chicago

Tim Boyle/Bloomberg

Illinois rounds out top 10

Illinois shot up to 10th from 21st a year earlier, selling $3.386 billion over five deals versus $2.338 billion in four deals in 2022.

Senior Markets Reporter, The Bond Buyer

MORE FROM BOND BUYER

Buy side

Market technicals a boon for muni performance in November

Supply has "declined materially, allowing dealers to take a breather, with their inventories dropping significantly, while retail investors do not seem to be spooked by rate volatility, lower taxes and possible threats to the tax-exempts, and continued putting money into tax-exempts at a brisk pace," said Mikhail Foux, managing director and head municipal research and strategy at Barclays.

By Lynne Funk

6h ago
Wisconsin

Wisconsin village in court fight over terminated transportation fee

Pewaukee, Wisconsin, is the target of lawsuits from a private industry group over a transportation utility fee that was struck down earlier this year.

By Jennifer Shea

8h ago
Obituaries

Longtime municipal bond banker George Joseph McLiney, Jr. dies at 87

George Joseph McLiney, Jr. founded municipal bond underwriting firm McLiney and Company. He was devoted to his family and small issuer clients.

By Jennifer Shea

9h ago
Infrastructure

States eye green bonds, superfund and cap-and-invest programs to fund resilient infrastructure needs

The tools come with risks, like legal challenges to "polluter pay" funds or potential corporate departures with cap-and-invest programs.

By Caitlin Devitt

9h ago
Career advancement

Roosevelt & Cross gets new leadership team

Longtime firm members Elaine Brennan and Charles Stavitsky hope to maintain continuity after their promotions.

By Christina Baker

11h ago
Anatomy of a Deal

Anatomy of a deal: California Community Choice authority's ESG winner

The prepaid electricity bond deal issued by the California Community Choice Financing Authority for the Clean Power Allliance was record-setting in size.

By Keeley Webster

November 22