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DASNY leads the way as largest issuer in Q1-Q3

BY SourceMedia | MUNICIPAL | 10/29/25 08:14 AM EDT

The Dormitory Authority of the State of New York was the largest issuer in Q1-Q3.

The top 10 issuers accounted for $56.707 billion of the total issuance for the year, or 13.3%

New York boasts four of the top 10 issuers, followed by California and Alabama, each with two, and one apiece for Wisconsin and Massachusetts.

&lt;img src="https://public.flourish.studio/visualisation/25456695/thumbnail" width="100%" alt="chart visualization" /&gt;

The largest deal for the third quarter was Georgia's $3.438 billion P3 deal, issued through the Public Finance Authority of Wisconsin.

Of the top 61 deals in the third quarter, two-thirds are revenue bonds and one-third are general obligation bonds.

&lt;img src="https://public.flourish.studio/visualisation/25456399/thumbnail" width="100%" alt="scatter visualization" /&gt;

? Quinn Aitchison contributed to this piece

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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