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Emerging Market Municipal Issuer League Table, Jan - Jul 2026

Last updated 10/08/2026

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Issuer
Amount, USD mln
Number of issues
Share, %

1
Jiangsu
94,913
36

8.75

Amount, USD mln | Share, %

94,913 | 8.75
Number of issues

36

2
Guangdong
65,718
38

6.06

Amount, USD mln | Share, %

65,718 | 6.06
Number of issues

38

3
Zhejiang
58,369
54

5.38

Amount, USD mln | Share, %

58,369 | 5.38
Number of issues

54

4
Sichuan
53,685
53

4.95

Amount, USD mln | Share, %

53,685 | 4.95
Number of issues

53

5
Anhui
45,793
78

4.22

Amount, USD mln | Share, %

45,793 | 4.22
Number of issues

78

6
Shandong
45,645
81

4.21

Amount, USD mln | Share, %

45,645 | 4.21
Number of issues

81

7
Hebei
42,102
42

3.88

Amount, USD mln | Share, %

42,102 | 3.88
Number of issues

42

8
Hubei
39,984
61

3.69

Amount, USD mln | Share, %

39,984 | 3.69
Number of issues

61

9
Hunan
39,342
27

3.63

Amount, USD mln | Share, %

39,342 | 3.63
Number of issues

27

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10
Henan
38,579
55

3.56

Amount, USD mln | Share, %

38,579 | 3.56
Number of issues

55

11
Yunnan
31,730
31

2.92

Amount, USD mln | Share, %

31,730 | 2.92
Number of issues

31

12
Chongqing
31,509
42

2.90

Amount, USD mln | Share, %

31,509 | 2.90
Number of issues

42

13
Guizhou
27,087
15

2.50

Amount, USD mln | Share, %

27,087 | 2.50
Number of issues

15

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14
Liaoning
25,284
36

2.33

Amount, USD mln | Share, %

25,284 | 2.33
Number of issues

36

15
Guangxi
24,022
25

2.21

Amount, USD mln | Share, %

24,022 | 2.21
Number of issues

25

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16
Inner Mongolia
23,530
16

2.17

Amount, USD mln | Share, %

23,530 | 2.17
Number of issues

16

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17
Jiangxi
21,964
38

2.02

Amount, USD mln | Share, %

21,964 | 2.02
Number of issues

38

18
Fujian
21,337
21

1.97

Amount, USD mln | Share, %

21,337 | 1.97
Number of issues

21

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19
Beijing
20,999
46

1.94

Amount, USD mln | Share, %

20,999 | 1.94
Number of issues

46

20
Tianjin
19,792
53

1.82

Amount, USD mln | Share, %

19,792 | 1.82
Number of issues

53

21
Gansu
19,744
46

1.82

Amount, USD mln | Share, %

19,744 | 1.82
Number of issues

46

22
Shanxi
19,678
42

1.81

Amount, USD mln | Share, %

19,678 | 1.81
Number of issues

42

23
Heilongjiang
18,352
26

1.69

Amount, USD mln | Share, %

18,352 | 1.69
Number of issues

26

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24
Shaanxi
17,960
42

1.66

Amount, USD mln | Share, %

17,960 | 1.66
Number of issues

42

25
Jilin
17,812
27

1.64

Amount, USD mln | Share, %

17,812 | 1.64
Number of issues

27

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26
Tamil Nadu
14,695
44

1.35

Amount, USD mln | Share, %

14,695 | 1.35
Number of issues

44

27
Qingdao
14,583
66

1.34

Amount, USD mln | Share, %

14,583 | 1.34
Number of issues

66

28
Xinjiang
14,219
47

1.31

Amount, USD mln | Share, %

14,219 | 1.31
Number of issues

47

29
Maharashtra
13,124
20

1.21

Amount, USD mln | Share, %

13,124 | 1.21
Number of issues

20

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30
Karnataka
11,392
33

1.05

Amount, USD mln | Share, %

11,392 | 1.05
Number of issues

33

31
Ningbo City
10,899
21

1.00

Amount, USD mln | Share, %

10,899 | 1.00
Number of issues

21

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32
Shanghai
10,265
21

0.95

Amount, USD mln | Share, %

10,265 | 0.95
Number of issues

21

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33
Hainan
9,690
26

0.89

Amount, USD mln | Share, %

9,690 | 0.89
Number of issues

26

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34
Uttar Pradesh
9,147
23

0.84

Amount, USD mln | Share, %

9,147 | 0.84
Number of issues

23

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35
Andhra Pradesh
8,924
32

0.82

Amount, USD mln | Share, %

8,924 | 0.82
Number of issues

32

36
Abu Dhabi
8,500
6

0.78

Amount, USD mln | Share, %

8,500 | 0.78
Number of issues

6

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37
Madhya Pradesh
8,025
30

0.74

Amount, USD mln | Share, %

8,025 | 0.74
Number of issues

30

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38
Rajasthan
7,486
21

0.69

Amount, USD mln | Share, %

7,486 | 0.69
Number of issues

21

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39
Telangana
7,328
23

0.68

Amount, USD mln | Share, %

7,328 | 0.68
Number of issues

23

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40
Shenzhen
7,318
32

0.67

Amount, USD mln | Share, %

7,318 | 0.67
Number of issues

32

41
West Bengal
6,471
33

0.60

Amount, USD mln | Share, %

6,471 | 0.60
Number of issues

33

42
Xiamen
5,365
20

0.49

Amount, USD mln | Share, %

5,365 | 0.49
Number of issues

20

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43
Ningxia
4,953
28

0.46

Amount, USD mln | Share, %

4,953 | 0.46
Number of issues

28

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44
Dalian
4,687
22

0.43

Amount, USD mln | Share, %

4,687 | 0.43
Number of issues

22

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45
Kerala
4,530
17

0.42

Amount, USD mln | Share, %

4,530 | 0.42
Number of issues

17

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46
Qinghai
4,293
10

0.40

Amount, USD mln | Share, %

4,293 | 0.40
Number of issues

10

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47
Bihar
4,179
14

0.39

Amount, USD mln | Share, %

4,179 | 0.39
Number of issues

14

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48
Punjab
4,097
14

0.38

Amount, USD mln | Share, %

4,097 | 0.38
Number of issues

14

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49
Tibet
3,566
13

0.33

Amount, USD mln | Share, %

3,566 | 0.33
Number of issues

13

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50
Gujarat
3,480
24

0.32

Amount, USD mln | Share, %

3,480 | 0.32
Number of issues

24

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51
Chhattisgarh
2,968
19

0.27

Amount, USD mln | Share, %

2,968 | 0.27
Number of issues

19

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52
Haryana
2,502
19

0.23

Amount, USD mln | Share, %

2,502 | 0.23
Number of issues

19

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53
Assam
2,138
13

0.20

Amount, USD mln | Share, %

2,138 | 0.20
Number of issues

13

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54
Uttarakhand
1,530
14

0.14

Amount, USD mln | Share, %

1,530 | 0.14
Number of issues

14

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55
Jammu and Kashmir
1,131
11

0.10

Amount, USD mln | Share, %

1,131 | 0.10
Number of issues

11

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56
Hyderabad Metropolitan Development Authority
1,033
34

0.10

Amount, USD mln | Share, %

1,033 | 0.10
Number of issues

34

57
Buenos Aires (province)
914
4

0.08

Amount, USD mln | Share, %

914 | 0.08
Number of issues

4

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58
Chubut (province)
650
1

0.06

Amount, USD mln | Share, %

650 | 0.06
Number of issues

1

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59
Jharkhand
569
4

0.05

Amount, USD mln | Share, %

569 | 0.05
Number of issues

4

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60
Himachal Pradesh
523
6

0.05

Amount, USD mln | Share, %

523 | 0.05
Number of issues

6

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61
Odisha
432
5

0.04

Amount, USD mln | Share, %

432 | 0.04
Number of issues

5

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62
Tripura
412
6

0.04

Amount, USD mln | Share, %

412 | 0.04
Number of issues

6

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63
Barranquilla
350
1

0.03

Amount, USD mln | Share, %

350 | 0.03
Number of issues

1

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64
Delhi
330
3

0.03

Amount, USD mln | Share, %

330 | 0.03
Number of issues

3

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65
Mendoza (province)
326
2

0.03

Amount, USD mln | Share, %

326 | 0.03
Number of issues

2

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66
Entre Rios (province)
300
1

0.03

Amount, USD mln | Share, %

300 | 0.03
Number of issues

1

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67
Nagaland
221
4

0.02

Amount, USD mln | Share, %

221 | 0.02
Number of issues

4

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68
Taipei
156
1

0.01

Amount, USD mln | Share, %

156 | 0.01
Number of issues

1

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69
Manipur
147
4

0.01

Amount, USD mln | Share, %

147 | 0.01
Number of issues

4

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70
Sikkim
145
5

0.01

Amount, USD mln | Share, %

145 | 0.01
Number of issues

5

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71
Meghalaya
138
4

0.01

Amount, USD mln | Share, %

138 | 0.01
Number of issues

4

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72
Kaohsiung
126
3

0.01

Amount, USD mln | Share, %

126 | 0.01
Number of issues

3

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73
Republic of Sakha (Yakutia)
123
1

0.01

Amount, USD mln | Share, %

123 | 0.01
Number of issues

1

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74
Zapadno-Kazahstanskaja oblast
120
10

0.01

Amount, USD mln | Share, %

120 | 0.01
Number of issues

10

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75
MINISTERSTVO FINANSOV
106
1

0.01

Amount, USD mln | Share, %

106 | 0.01
Number of issues

1

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76
Tainan City Government
95
3

0.01

Amount, USD mln | Share, %

95 | 0.01
Number of issues

3

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77
Novosibirsk region
89
1

0.01

Amount, USD mln | Share, %

89 | 0.01
Number of issues

1

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78
Ulyanovsk Region
85
2

0.01

Amount, USD mln | Share, %

85 | 0.01
Number of issues

2

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79
Karagandinskaja oblast
78
17

0.01

Amount, USD mln | Share, %

78 | 0.01
Number of issues

17

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80
Vostochno-Kazahstanskaja oblast
76
5

0.01

Amount, USD mln | Share, %

76 | 0.01
Number of issues

5

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81
Mizoram
70
6

0.01

Amount, USD mln | Share, %

70 | 0.01
Number of issues

6

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82
Kostanajskaja oblast
68
7

0.01

Amount, USD mln | Share, %

68 | 0.01
Number of issues

7

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83
Kyzylordinskaja oblast
64
3

0.01

Amount, USD mln | Share, %

64 | 0.01
Number of issues

3

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84
Zhetysu region
59
6

0.01

Amount, USD mln | Share, %

59 | 0.01
Number of issues

6

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85
Abay region
56
4

0.01

Amount, USD mln | Share, %

56 | 0.01
Number of issues

4

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86
Astana
53
6

0.00

Amount, USD mln | Share, %

53 | 0.00
Number of issues

6

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87
Severo-Kazahstanskaja oblast
46
4

0.00

Amount, USD mln | Share, %

46 | 0.00
Number of issues

4

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88
Chaco (province)
45
2

0.00

Amount, USD mln | Share, %

45 | 0.00
Number of issues

2

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89
Vitebskij region executive committee
40
4

0.00

Amount, USD mln | Share, %

40 | 0.00
Number of issues

4

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90
Zhambylskaja oblast
38
6

0.00

Amount, USD mln | Share, %

38 | 0.00
Number of issues

6

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91
Goa
32
3

0.00

Amount, USD mln | Share, %

32 | 0.00
Number of issues

3

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92
Puducherry
32
2

0.00

Amount, USD mln | Share, %

32 | 0.00
Number of issues

2

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93
Pavlodarskaja oblast
30
5

0.00

Amount, USD mln | Share, %

30 | 0.00
Number of issues

5

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94
Atyrau
28
3

0.00

Amount, USD mln | Share, %

28 | 0.00
Number of issues

3

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95
Akmolinskaja oblast
27
5

0.00

Amount, USD mln | Share, %

27 | 0.00
Number of issues

5

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96
Mangistauskaya oblast
25
2

0.00

Amount, USD mln | Share, %

25 | 0.00
Number of issues

2

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97
Shymkent
24
1

0.00

Amount, USD mln | Share, %

24 | 0.00
Number of issues

1

***

0.00

Amount, USD mln | Share, %

23 | 0.00
Number of issues

7

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99
Turkestan region
22
2

0.00

Amount, USD mln | Share, %

22 | 0.00
Number of issues

2

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0.00

Amount, USD mln | Share, %

22 | 0.00
Number of issues

8

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101
Arunachal Pradesh
21
1

0.00

Amount, USD mln | Share, %

21 | 0.00
Number of issues

1

***

0.00

Amount, USD mln | Share, %

16 | 0.00
Number of issues

7

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103
Almatinskaja oblast
12
2

0.00

Amount, USD mln | Share, %

12 | 0.00
Number of issues

2

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0.00

Amount, USD mln | Share, %

11 | 0.00
Number of issues

1

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105
Tiruchirappalli City Municipal Corporation
11
1

0.00

Amount, USD mln | Share, %

11 | 0.00
Number of issues

1

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106
Amur region
8
1

0.00

Amount, USD mln | Share, %

8 | 0.00
Number of issues

1

***

107
Walbrzych
8
2

0.00

Amount, USD mln | Share, %

8 | 0.00
Number of issues

2

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108
Tomsk Region
7
1

0.00

Amount, USD mln | Share, %

7 | 0.00
Number of issues

1

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109
Aktjubinskaja oblast
5
1

0.00

Amount, USD mln | Share, %

5 | 0.00
Number of issues

1

***

110
Ulytau region
1
1

0.00

Amount, USD mln | Share, %

1 | 0.00
Number of issues

1

***

111
Yakutsk
1
1

0.00

Amount, USD mln | Share, %

1 | 0.00
Number of issues

1

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Other
219,938
949
20

Amount, USD mln | Share, %

219,938 | 20
Number of issues

949

Total
1,084,868
1,980
100

Amount, USD mln | Share, %

1,084,868 | 100
Number of issues

1,980

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