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Black Belt Energy Gas District was top issuer in Q1

BY SourceMedia | MUNICIPAL | 11:34 AM EDT By Jessica Lerner

The Black Belt Energy Gas District narrowly beat the California Community Choice Financing Authority as the largest issuer in the first quarter of 2026.

The top 10 issuers accounted for $24.148 billion of total issuance, or 19%.

New York had four of the top 10 issuers, followed by three from California. Alabama, Massachusetts and Texas each had one apiece.

<img src="https://public.flourish.studio/visualisation/28413806/thumbnail" width="100%" alt="visualization" />

The largest deals of the first quarter were California's $2.409 billion general obligation bonds, followed by the Dormitory Authority of the State of New York's $2.126 billion revenue bonds.

Of the top 60 deals that came to market in the first quarter, 46 were revenue bonds and 14 were general obligation bonds.

<img src="https://public.flourish.studio/visualisation/28413477/thumbnail" width="100%" alt="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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