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NYC TFA tops rankings in 2025

BY SourceMedia | MUNICIPAL | 01/15/26 09:00 AM EST

The New York City Transitional Finance Authority was the largest issuer in 2025.

The top 10 issuers accounted for $76.889 billion of the total issuance for the year, or 13.5%.

New York and California each boast three of the top 10 issuers, followed by one apiece in Alabama, Massachusetts, Connecticut and Wisconsin. However, Wisconsin's Public Finance Authority is a conduit issuer that has priced deals in various states, including 2025's largest deal, Georgia's $3.438 billion P3 deal.

<img src="https://public.flourish.studio/visualisation/27081979/thumbnail" width="100%" alt="chart visualization" />

The largest deal in the fourth quarter was from the Southeast Energy Authority with $2.698 billion of energy revenue bonds, followed by the Regents of the University of California with $2.2 billion of general revenue bonds.

Of the top 60 bonds in the fourth quarter, 52 are revenue bonds, seven are general obligation bonds and one is a certificate of participation.

<img src="https://public.flourish.studio/visualisation/27082106/thumbnail" width="100%" alt="scatter visualization" />

Quinn Aitchison contributed to this article.

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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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