Top Q3 muni issuers

October 7, 2019 1:27 PM

Through three quarters municipal bond issuers are coming to market more frequently than they did during the same period of 2018, as low rates and yields are too good to pass up and demand for muni bonds is closing in on an all-time high.

California is leading the pack of issuers, who have combined for a grand total of $267.51 billion across 7,310 transactions, up from the $239.33 billion spanning 6,406 deals year-over-year.

California Treasurer Fiona Ma during an interview in San Francisco, California, U.S., on Tuesday, Dec. 18, 2018. She will be sworn in as state treasurer on Jan. 7, 2019.

California Treasurer-elect Fiona Ma smiles during an interview in San Francisco, California, U.S., on Tuesday, Dec. 18, 2018. Ma was elected California State Treasurer with more votes than any other candidate for Treasurer in the state's history and will be inaugurated on January 7, 2019. Photographer: David Paul Morris/Bloomberg

David Paul Morris/Bloomberg

California dreaming

California maintained its status as the top muni issuer even after a new governor and treasurer took office in January. The state, under newly appointed Treasuer Fiona Ma, has not slipped from it's accustomed place — as top municipal bond issuer in the country. Since she took over in January, the Golden State has accounted for $7.666 billion of bonds in only nine transactions.

Under former Treasuer John Chaing the state usually topped the list, though the state was in third place iafter the first nine months of 2018. Last ended Cal's two year reign as the top issuers by the end of the year, but it's poised to regain the top position this year, having led the way wire to wire thus far.

Bushell leaves DASNY in a good spot at number two

The Dormitory Authority of the State of New York will now be without its leader of four and a half years. He departs with DASNY the second biggest muni bond issuer so far in 2019, after knocking off Cal in 2018 for the top spot.

The authority has accounted for $4.021 billion of bonds across 24 deals ,the most of any of the top issuers. Although the authority is behind its pace last year of $5.788 billion, the second place ranking remains the same.

MTA is speeding up

The New York Metropolitan Transportation Authority has picked up its bond issuing pace, moving up five spots from a year go. The MTA has issued $3.80 billion spanning 18 transactions, up from the $2.78 billion in 8 deals after three quarters a year earlier.

Mass moves up

The Commonwealth of Massachusetts was one of the biggest movers year-over-year, climbing to fourth place from 11th . Mass has issued $3.76 billion, up from $2.42 billion during the same period last year.

San Francisco International Airport International Terminal

SF airport taking off

The airport commission of the city and county of San Francisco more than doubled its issuance from where it was at this point last year, to $3.08 billion from $1.16 billion.

Colorado HFA joins the juggernauts

The Colorado Health Facilities Authority came out of nowhere to join the top 10, landing in the sixth spot after being 102nd at this point last year. The authority has issued $3.05 billion, a drastic increase from the $400.6 million it sole through the first three quarters of 2018.

NYC TFA trending down

The New York City Transitional Finance Authority saw a steep decline in issuance, after finishing in first through three quarters of 2018, it finishes the first nine months of 2019 in seventh place with $2.95 billion.

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Florida Development Finance Corp. is biggest mover

Florida's DFC joins the top top after place outside the top 1000 issuers last year. The FDFC accounted for $2.85 billion, compared to $13.7 million.

NYC sees a slip

New York City slipped to ninth from seventh, with $2.39 billion sown from $3.12 billion.

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NYC muni water finance authority's steady stream

The New York City Municipal Water Finance Authority did not see a change in its ranking year-over-year but did see an increase in issuance to $2.30 billion from $1.69 billion.

Rest of the best

The rest of the best municipal issuers after three quarters are: New Jersey Transportation Trust Fund Authority with $1.75 billion; Washington State with $1.74 billion; Michigan Finance Authority with $1.67 billion; Bay Area Toll Authority with $1.59 billion; and the Empire State Development Corp. with $1.54 billion.