Top muni bond issuers first half 2020

July 8, 2020 10:32 AM

Municipal bond issuers are selling debt at a faster pace than they were at this time last year, even though COVID-19 is still hampering state and local governments. At the halfway point of 2020, the top muni issuers have accounted for $`188.58 billion in 5,105 transactions, compared to the $165.18 billion over 4,654 deals in the same time period of 2019.

Four of the top 10 issuers did not sell any bonds in the second quarter, including two of the top four.

Up in smoke

The Buckeye Tobacco Settlement Financing Authority remains as the top municipal bond issuer depsite the fact that it did not sell any bonds in the second quarter.

The Ohio TSFA still has $5.35 billion sold in just three deals and took place on one day. At this point last year it had a par amount of $2.38 billion, good for fourth place.

Fast track

The Metropolitan Transport Authority moved one spot higher from where they were after the first three months of the year.

The MTA has totaled $4.39 billion through the first six months of the year. After the first quarter they had a par amount of $2.42 billion and at this time last year, they ranked fourth with $2.38 billion.

Not so golden

The State of California jumped up two spots from fifth place in the first quarter and now has a par amount of $3.53 billion in 2020.

After the first six months of 2019, the Golden State was the top issuer with $5.26 billion.

New York City sees dip

New York City found itself in fourth place with a par amount of $2.80 billion, slipping from second place after the first quarter as the Big Apple did not have any issuance during the second quarter of the year.

DASNY rounds out the top five

The Dormitory Authority of the State of New York accounted for $2.45 billion to improve two spots from where they were at the end of the first quarter.

Halfway through the year in 2019, DASNY was in second place with $3.38 billion.

Grand Parkway, grand improvement

Grand Parkway Transportation Corporation, Texas, has issued $2.31 billion after not having any issuance the first six months of 2019.

GPTC did fall a bit from fourth place, where it stood after the first quarter when it also had $2.31 billion of issuance.

Massachusetts on the move

The Commonwealth of Massachusetts was not in the top 10 at the end of the first three months but now finds itself in seventh with $2.20 billion.

Regents of University of California

The Regents of the University of California came in eighth place with $1.95 billion, slightly lower than the sixth spot they were in at the end of last quarter.

Texas Transportation Commission on the come up

The TCC has come way up in terms of issuance compared to last year, as it has a total of $1.82 billion at the halfway point of the year. At the same time last year it had a par amount of $249 million.

NYS Urban Development Corp. joins the top 10

NYS UDC rounds out the top tne with $1.78 billion after not issuing any bonds at this point in 2019.