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Top issuers in Q1

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The New York City Transitional Finance Authority ranked first among the Top 10 issuers in Q1 2025.

The top 10 issuers accounted for $22.12 billion of the total issuance for the year, or 18.7%

New York boasts five of the top 10 issuers, followed by California with three and one a piece for Massachusetts and Alabama.

Top issuers in Q1

Rank Issuer Q1 2025 par amount
(USD millions)
Market share Number of issues
1 NYC Transitional
Finance Authority
$3,447.77 2.92% 3
2 Regents of the
University of California
$3,211.58 2.72% 3
3 Triborough Bridge
and Tunnel
Authority
$2,500.00 2.11% 3
4 Southeast Energy
Authority
$2,419.24 2.05% 6
5 NYS Dorm
Authority
$2,144.80 1.81% 7
6 California Infrastructure
and Economic
Development Bank
$2,000.00 1.69% 1
7 Massachusetts Development
Finance Agency
$1,877.48 1.59% 8
8 Los Angeles
Department of Airports
$1,599.32 1.35% 3
9 NYC Municipal
Water Finance
Authority
$1,509.83 1.28% 2
10 New York City $1,410.52 1.19% 1
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New York City ranked 2nd in Q1 2024.
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NYC Municipal Water Finance Authority ranked 13th in Q1 2024.
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Los Angeles Department of Airports tied for last at 1,304 in Q1 2024.
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Massachusetts Development Finance Agency ranked 16th in Q1 2024.
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California Infrastructure and Economic Development Bank ranked 37th in Q1 2024.
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NYS Dorm Authority ranked 1st in Q1 2024.
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Southeast Energy Authority tied for last at 1,304 in Q1 2024.
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Triborough Bridge and Tunnel Authority ranked 6th in Q1 2024.
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Regents of the University of California ranked 5th in Q1 2024.
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NYC Transitional Finance Authority ranked 15th in Q1 2024.
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