Conduit issuers
The public authorities whose industrial, housing and other conduit bonds registered funds hold — ranked nationally, with the issuers gaining ground and the most widely held series in each state.
Key takeaways
- 168 conduit issuers have bonds in registered fund portfolios, $78.2B in total.
- Concentration is high: the ten largest account for 61% of holdings, led by Public Finance Authority (Wisconsin; issues nationwide) at $15.4B.
- Fastest growing over four quarters: Public Finance Authority (Wisconsin; issues nationwide) (+$5.3B).
- Why it matters: issuers whose bonds buyers already hold can mean faster credit review and a familiar structure; they are not a guarantee of demand for a new borrower.
Source: SEC Form N-PORT filings; Securitief classification.
| Issuer | State | Change | Now held |
|---|---|---|---|
| Public Finance Authority (Wisconsin; issues nationwide) | WI | +$5.3B | $15.4B |
| Massachusetts Development Finance Agency | MA | +$1.1B | $6.8B |
| Arizona Industrial Development Authority | AZ | +$862.6M | $2.7B |
| Pennsylvania Economic Development Financing Authority | PA | +$613.7M | $4.6B |
| Baldwin County Industrial Development Authority | AL | +$447.3M | $447.3M |
| Arkansas Development Finance Authority | AR | +$388.6M | $1.6B |
| California Public Finance Authority | CA | +$283.7M | $997.2M |
| Kansas Development Finance Authority | KS | +$225.2M | $598.8M |
Most widely held series, by state
Alabama
- Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Proejcet, Series 2019 — $121.2M held
- Industrial Development Board of the City of Mobile Alabama — $88.6M held
- Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A — $78.9M held
- Mobile County Industrial Development Authority, Alabama, Solid Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project, Series 2024A — $25.4M held
Alaska
- Alaska Industrial Development & Export Authority — $92.0M held
- ALASKA INDL DEV & EXPT AUTH — $38.3M held
- Anchorage, Alaska, Solid Waste Services Revenue Bonds, Refunding Series 2022A — $20.9M held
- ALASKA ST INDL DEV & EXPORT AU — $19.0M held
Arizona
- Arizona Industrial Development Authority — $1.6B held
- ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY — $443.4M held
- ARIZONA INDL DEV AUTH — $249.2M held
- ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ) — $175.3M held
Arkansas
- Arkansas Development Finance Authority — $864.8M held
- ARKANSAS DEVELOPMENT FINANCE AUTHORITY — $269.8M held
- ARKANSAS ST DEV FIN AUTH — $139.0M held
- ARKANSAS DEVELOPMENT FINANCE AUTHORITY (AR) — $82.7M held
California
- California Infrastructure & Economic Development Bank — $2.1B held
- California Public Finance Authority — $925.3M held
- California Pollution Control Financing Authority — $424.6M held
- California Enterprise Development Authority — $366.4M held
Colorado
- Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A — $16.7M held
- Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Leman Academy of Excellence - Parker Colorado Campus Project, Series 2019A — $8.6M held
Connecticut
- Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A — $1.0M held
- Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2019 — $503K held
- Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A — $115K held
- Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Refunding Series 2014B — $0 held
Delaware
- Delaware State Economic Development Authority — $184.7M held
- DELAWARE ECONOMIC DEVELOPMENT AUTHORITY (DE) — $47.8M held
- DELAWARE ST ECONOMIC DEV AUTH — $28.6M held
- DELAWARE ST ECON DEV AUTH REVE — $28.0M held
Florida
- Florida Development Finance Corp — $1.2B held
- Florida Development Finance Corp. — $909.3M held
- FLORIDA DEV FIN CORP — $509.8M held
- Florida Development Finance Corporation, Revenue Bonds, Brightline Florida Passenger Rail Expansion Project, Brightline Trains Florida LLC Issue, Seri — $339.6M held
Georgia
- Atlanta Development Authority, Georgia, Economic Development Certificates, Gulch Enterprise Zone Project, Convertible Capital Appreciation Series 2024 — $57.2M held
- Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D — $19.2M held
- Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Transmission Corporation Vogtle Project, Series 2012 — $10.8M held
- Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C — $7.9M held
Hawaii
- HAWAII ST DEPT BUSINESS ECONOMIC DEV & TOURISM GREEN ENERGY MKT SECURITIZATION — $9.1M held
- State of Hawaii Department of Business Economic Development & Tourism — $3.0M held
- HAWAII ST DEPT BUSINESS ECON D — $2.4M held
- Hawaii (State of) Department of Business Economic Development & Tourism (Sustainability Bonds) — $33K held
Idaho
- POWER CNTY IDAHO INDL DEV CORP — $9.7M held
- Southern Idaho Regional Solid Waste District — $4.9M held
- Idaho Housing & Finance Association — $4.2M held
- Power County Industrial Development Corporation, Idaho, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 1999 — $3.5M held
Illinois
- Eastern Illinois Economic Development Authority — $26.2M held
- Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.) — $23.6M held
- Illinois Finance Authority, Solid Waste Revenue Bonds, LRS Holdings LLC Project, Series 2023B — $19.3M held
- Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012 — $15.0M held
Indiana
- Indiana Finance Authority, Environmental Improvement Revenue Bonds, Southern Indiana Gas & Electric Company, Refunding Series 2013A — $34.4M held
- INDIANA ST FIN AUTH ECONOMIC DEV REV — $28.4M held
- Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012 — $25.0M held
- Indiana County Industrial Development Authority — $21.1M held
Iowa
- IOWA FIN AUTH MIDWESTERN DISASTER AREA ECONOMIC DEV REV — $7.5M held
- Iowa Finance Authority — $0 held
- IOWA FIN AUTH SOLID WASTE FACSREV — $0 held
- IOWA FIN AUTH SLD DISP WST REV — $0 held
Kansas
- Kansas Development Finance Authority — $485.3M held
- Kansas City Industrial Development Authority — $307.0M held
- KANSAS CITY MO INDL DEV AUTH — $82.0M held
- Kansas Development Finance Authority, Kansas, Revenue Bonds, Kansas Department of Health & Environment, Revolving Funds Series 2026SRF — $73.1M held
Kentucky
- Kentucky Economic Development Finance Authority — $427.2M held
- KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY — $96.6M held
- Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A — $57.6M held
- KENTUCKY ST ECON DEV FIN AUTH — $55.8M held
Louisiana
- Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health Sciences Academy Project, Series 2018A — $15.0M held
- JEFFERSON PARISH ECONOMIC DEV & PORT DIST LA — $9.5M held
- Juban Crossing Economic Development District, Louisiana, Revenue Bonds, General Infrastructure Projects, Subordinate Lien Series 2025C — $3.3M held
- Louisiana Public Facilities Authority, Solid Waste Disposal Revenue Bonds, Waste Pro USA Inc Project Series 2023 — $2.1M held
Maine
- Rumford, Maine, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Series 2001 — $15.0M held
- Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Term Rate Series 2015-R3 — $3.1M held
- MAINE FIN AUTH SOLID WASTE DIS — $1.1M held
- Maine Finance Authority, Solid Waste Disposal Revenue Bonds, Casella Waste Systems, Inc. Project, Series 2024 — $0 held
Maryland
- Maryland Economic Development Corp — $566.9M held
- Maryland Economic Development Corp. — $228.6M held
- MARYLAND ST ECONOMIC DEV CORP — $116.3M held
- Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A — $75.3M held
Massachusetts
- Massachusetts Development Finance Agency — $5.6B held
- MASSACHUSETTS DEVELOPMENT FINANCE AGENCY — $375.2M held
- MASSACHUSETTS ST DEV FIN AGY REVENUE — $282.9M held
- MASSACHUSETTS ST DEV FIN AGY R — $217.3M held
Michigan
- Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Variable Rate Demand Obligations, Serie — $20.2M held
- Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Edison Company Exempt Facilities Project, Refunding Variable Rate Series 2008ET-2 — $19.6M held
- Rockport, Indiana, Pollution Control Revenue Refunding Bonds, Indiana Michigan Power Company Project, Series 2025A — $13.8M held
- Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Edison Company Exempt Facilities Project, Collateralized Series 2023DT — $7.2M held
Minnesota
- Minnesota Agricultural & Economic Development Board — $376.1M held
- Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A — $199.7M held
- MINNESOTA AGRIC & ECONOMIC DEV BRD — $33.6M held
- MINNESOTA ST AGRIC & ECON DEVBRD — $31.8M held
Mississippi
- Mississippi Business Finance Corp. — $41.4M held
- MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV — $16.1M held
- Mississippi Business Finance Corporation, Pollution Control Revenue, Mississippi Power, Series 2002 — $11.6M held
- Lowndes County, Mississippi, Solid Waste Disposal and Pollution Control Revenue Bonds, International Paper Company Project, Refunding Series 2022 — $7.7M held
Missouri
- Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Pro — $124.5M held
- Missouri State Environmental Improvement & Energy Resources Authority — $40.6M held
- Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2018A — $35.9M held
- Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998B — $23.4M held
Montana
- Forsyth, Montana Pollution Control Revenue Bonds, Portland General Electric Company Project, Refunding Series 1998A — $22.5M held
- Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2023 — $2.8M held
Nevada
- State of Nevada Department of Business & Industry — $219.7M held
- DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY — $17.1M held
- STATE OF NEVADA DEPARTMENT OF BUSINESS & INDUSTRY — $7.9M held
- DIRECTOR OF THE ST OF NEVADA D — $7.8M held
New Hampshire
- New Hampshire Business Finance Authority, Pollution Control Revenue Bonds, United Illuminating Company, Refunding Series 2003A — $25.9M held
- National Finance Authority, New Hampshire, Solid Waste Disposal Revenue Bonds, Waste Management, INC., Project, Refunding Series 2018A — $10.0M held
- National Finance Authority, New Hampshire, Pollution Control Revenue Bonds, New York State Electric & Gas Corporation Project, Refunding Series 2022A — $8.9M held
- New Hampshire Business Finance Authority — $1.3M held
New Jersey
- New Jersey Economic Development Authority — $3.1B held
- NEW JERSEY ECONOMIC DEV AUTH — $412.4M held
- NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY — $190.5M held
- NEW JERSEY ECONOMIC DEV AUTH REV — $157.0M held
New Mexico
- Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010A — $13.5M held
- Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, Public Service Company of New Mexico Palo Verde Project, Refu — $6.6M held
- Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan and Four Corners Projects, Refunding Series 201 — $5.5M held
- Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010E — $0 held
New York
- New York City Industrial Development Agency — $458.6M held
- New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007 — $119.6M held
- NEW YORK N Y CITY INDL DEV AGY — $100.9M held
- NEW YORK CITY INDUSTRIAL DEVELOPMENT AGENCY — $79.3M held
North Carolina
- Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A — $80.7M held
- North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015 — $43.0M held
- North Carolina Department of Transportation — $17.2M held
- Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, North Carolina, Series 2017A — $16.7M held
North Dakota
- North Dakota Public Finance Authority — $33.6M held
- North Dakota Public Finance Authority, State Revolving Fund Program Revenue Bonds, Series 2024A — $2.7M held
- North Dakota Public Finance Authority 5.000% 10/01/2043 — $307K held
- North Dakota Public Finance Authority 5.000% 06/01/2031 — $238K held
Ohio
- Ohio Water Development Authority Water Pollution Control Loan Fund — $675.6M held
- Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A — $93.2M held
- Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019 — $57.9M held
- Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B — $51.5M held
Oklahoma
- Oklahoma Development Finance Authority — $634.7M held
- Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B — $156.3M held
- OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE — $149.9M held
- OKLAHOMA DEV FIN AUTH — $110.4M held
Oregon
- Port of Saint Helens, Oregon, Pollution Control Revenue Bonds, Boise Cascade Project, Series 1997 — $3.6M held
- Hillsboro Economic Development Council, Oregon, Tax Increment Revenue Bonds, North Hillsboro Industrial Renew Area, Taxable Series 2024 — $3.3M held
- Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, Tribal Economic Development Bond Pelton Round Butte Project, Taxabl — $2.2M held
- OREGON ST BUSINESS DEV COMMN ECONOMIC DEV REV — $0 held
Pennsylvania
- Pennsylvania Economic Development Financing Authority — $2.9B held
- PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY — $440.1M held
- PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA) — $349.1M held
- PENNSYLVANIA ST ECON DEV FING — $277.4M held
Rhode Island
- Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund — $597K held
- RHODE ISLAND INFRASTRUCTURE BANK WATER POLLUTION CONTROL REVOLVING FUND — $593K held
- RHODE ISLAND ST INFRASTRUCTURE — $0 held
- RHODE ISLAND ST ECON DEV CORP — $0 held
South Carolina
- South Carolina Jobs-Economic Development Authority — $2.2B held
- SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH — $225.8M held
- SOUTH CAROLINA ST JOBS-ECON DEV AUTH — $171.7M held
- SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH HEALTH CARE FACS REV — $108.8M held
South Dakota
- County of Lincoln SD — $29.4M held
- South Dakota Economic Development Finance Authority — $0 held
Tennessee
- Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, Tennessee, Tax Increment Revenue Bonds, Graceland Project, Seni — $19.5M held
- Kingsport Industrial Development Board, Tennessee, Exempt Facility Revenue Bonds, Domtar Project, Series 2024 — $15.9M held
- Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Capital Appreciation Series 2016B — $14.0M held
- Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle Project, Series 2016A — $11.8M held
Texas
- Texas Private Activity Bond Surface Transportation Corp — $709.9M held
- Texas Private Activity Bond Surface Transportation Corp. — $220.8M held
- TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP — $175.9M held
- Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Se — $172.9M held
Utah
- Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A — $14.4M held
- SOUTH UTAH VALLEY SOLID WASTE DISTRICT — $1.5M held
Vermont
- Vermont Economic Development Authority — $56.3M held
- VERMONT ECONOMIC DEVELOPMENT AUTHORITY — $23.2M held
- VERMONT ST ECON DEV AUTH SOLID WST DISP REVENUE — $13.5M held
- VERMONT ECONOMIC DEVELOPMENT AUTHORITY (VT) — $12.2M held
Virginia
- Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017 — $166.7M held
- Williamsburg Economic Development Authority, Virginia, Student Housing Revenue Bonds, Provident Group - Williamsburg Properties LLC - William and Mary — $40.3M held
- Powhatan County Economic Development Authority, Virginia, Grant Revenue Bonds, Chesterfield Hotel Project, Senior Series 2025A — $31.8M held
- Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra Health Obligated Group, Refunding Series 2021 — $23.5M held
Washington
- Washington Economic Development Finance Authority — $63.8M held
- WASHINGTON ST ECONOMIC DEV FIN AUTH — $43.8M held
- Washington (State of) Economic Development Finance Authority (North Pacific Paper) — $14.7M held
- Washington (State of) Economic Development Finance Authority (Green Bonds) — $14.0M held
West Virginia
- West Virginia Economic Development Authority — $316.1M held
- WEST VIRGINIA ECONOMIC DEV AUTH — $107.4M held
- WEST VIRGINIA ECONOMIC DEV AUTH SOLD WASTE DISP FACS REV — $76.5M held
- WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY — $71.5M held
Wisconsin
- PUBLIC FIN AUTH WIS — $1.4B held
- PUBLIC FINANCE AUTHORITY WISCONSIN — $1.2B held
- Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017 — $554.1M held
- Public Finance Authority, Wisconsin, Toll Revenue Bonds, Georgia SR 400 Express Lanes Project, Senior Lien Series 2025 — $404.5M held
Wyoming
- Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company Project, Series 2006 — $48.6M held
- Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative, Dry Fork Station Facilities, Series 2019A — $15.5M held
- Lincoln County Wyoming Pollutn Control Rev — $0 held
- Sublette County Wyoming Pollution Control Rev — $0 held
Methodology
Positions reported by registered investment companies on Form N-PORT are matched to issuers and classified by Securitief as conduit or industrial-type municipal bonds. Multi-state issuers (such as authorities that issue for borrowers nationwide) are shown without a state.
Important information. Securitief Research is published by Securitief, operated by Applied America. Securitief is not a placement agent or underwriter and does not seek or receive compensation from any financing, including financings of issuers and borrowers discussed here. It is not acting as a municipal advisor and owes no fiduciary duty to any issuer or obligated person unless separately engaged in writing.
This material is general information. It is not tax, legal, investment or municipal advice, a recommendation, or an offer to sell or a solicitation of an offer to buy any security. Offers are made only by offering documents and only where permitted by state securities laws. State allocation procedures change; confirm current rules with the allocating agency and bond counsel.
Sources: SEC Form N-PORT and FDIC call reports (holdings), IRS and Census (volume cap and population), state agency publications. Issuer classification and aggregation are Securitief’s own and may contain matching errors; figures may be revised. No licensed index levels (MMD, BVAL, ICE) or EMMA trade data are used. Past holdings do not indicate future demand, pricing or the availability of financing. Interest on private activity bonds may be subject to the alternative minimum tax; tax treatment depends on the facts and the opinion of bond counsel.