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

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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.

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.

Quinn Aitchison contributed to this article.