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Emerging Market Municipal Issuer League Table, Jan - Sep 2026

Last updated 07/10/2026

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Issuer
Amount, USD mln
Number of issues
Share, %

1
Jiangsu
106,922
49

7.50

Amount, USD mln | Share, %

106,922 | 7.50
Number of issues

49

2
Guangdong
92,975
54

6.53

Amount, USD mln | Share, %

92,975 | 6.53
Number of issues

54

3
Shandong
77,901
117

5.47

Amount, USD mln | Share, %

77,901 | 5.47
Number of issues

117

4
Sichuan
65,039
65

4.56

Amount, USD mln | Share, %

65,039 | 4.56
Number of issues

65

5
Zhejiang
63,544
60

4.46

Amount, USD mln | Share, %

63,544 | 4.46
Number of issues

60

6
Henan
58,416
78

4.10

Amount, USD mln | Share, %

58,416 | 4.10
Number of issues

78

7
Hunan
57,403
41

4.03

Amount, USD mln | Share, %

57,403 | 4.03
Number of issues

41

8
Anhui
53,230
96

3.74

Amount, USD mln | Share, %

53,230 | 3.74
Number of issues

96

9
Hubei
52,692
78

3.70

Amount, USD mln | Share, %

52,692 | 3.70
Number of issues

78

10
Hebei
51,746
59

3.63

Amount, USD mln | Share, %

51,746 | 3.63
Number of issues

59

11
Yunnan
46,436
42

3.26

Amount, USD mln | Share, %

46,436 | 3.26
Number of issues

42

12
Chongqing
44,587
57

3.13

Amount, USD mln | Share, %

44,587 | 3.13
Number of issues

57

13
Guizhou
39,462
22

2.77

Amount, USD mln | Share, %

39,462 | 2.77
Number of issues

22

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14
Inner Mongolia
37,462
29

2.63

Amount, USD mln | Share, %

37,462 | 2.63
Number of issues

29

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15
Jiangxi
32,932
55

2.31

Amount, USD mln | Share, %

32,932 | 2.31
Number of issues

55

16
Guangxi
32,719
31

2.30

Amount, USD mln | Share, %

32,719 | 2.30
Number of issues

31

17
Beijing
31,931
77

2.24

Amount, USD mln | Share, %

31,931 | 2.24
Number of issues

77

18
Liaoning
31,782
51

2.23

Amount, USD mln | Share, %

31,782 | 2.23
Number of issues

51

19
Fujian
27,875
28

1.96

Amount, USD mln | Share, %

27,875 | 1.96
Number of issues

28

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20
Shaanxi
26,973
57

1.89

Amount, USD mln | Share, %

26,973 | 1.89
Number of issues

57

21
Gansu
24,836
69

1.74

Amount, USD mln | Share, %

24,836 | 1.74
Number of issues

69

22
Shanxi
24,006
60

1.68

Amount, USD mln | Share, %

24,006 | 1.68
Number of issues

60

23
Tianjin
22,268
58

1.56

Amount, USD mln | Share, %

22,268 | 1.56
Number of issues

58

24
Heilongjiang
20,712
28

1.45

Amount, USD mln | Share, %

20,712 | 1.45
Number of issues

28

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25
Jilin
19,739
42

1.39

Amount, USD mln | Share, %

19,739 | 1.39
Number of issues

42

26
Shanghai
19,025
22

1.34

Amount, USD mln | Share, %

19,025 | 1.34
Number of issues

22

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27
Qingdao
18,045
86

1.27

Amount, USD mln | Share, %

18,045 | 1.27
Number of issues

86

28
Tamil Nadu
17,689
47

1.24

Amount, USD mln | Share, %

17,689 | 1.24
Number of issues

47

29
Maharashtra
17,072
23

1.20

Amount, USD mln | Share, %

17,072 | 1.20
Number of issues

23

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30
Xinjiang
15,939
68

1.12

Amount, USD mln | Share, %

15,939 | 1.12
Number of issues

68

31
Hainan
13,471
39

0.95

Amount, USD mln | Share, %

13,471 | 0.95
Number of issues

39

32
Ningbo City
13,089
30

0.92

Amount, USD mln | Share, %

13,089 | 0.92
Number of issues

30

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33
Karnataka
11,392
33

0.80

Amount, USD mln | Share, %

11,392 | 0.80
Number of issues

33

34
Andhra Pradesh
11,348
34

0.80

Amount, USD mln | Share, %

11,348 | 0.80
Number of issues

34

35
Uttar Pradesh
10,955
23

0.77

Amount, USD mln | Share, %

10,955 | 0.77
Number of issues

23

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36
Madhya Pradesh
10,561
32

0.74

Amount, USD mln | Share, %

10,561 | 0.74
Number of issues

32

37
Telangana
10,278
23

0.72

Amount, USD mln | Share, %

10,278 | 0.72
Number of issues

23

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38
Rajasthan
9,778
22

0.69

Amount, USD mln | Share, %

9,778 | 0.69
Number of issues

22

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39
West Bengal
9,317
33

0.65

Amount, USD mln | Share, %

9,317 | 0.65
Number of issues

33

40
Shenzhen
8,609
40

0.60

Amount, USD mln | Share, %

8,609 | 0.60
Number of issues

40

41
Abu Dhabi
8,500
6

0.60

Amount, USD mln | Share, %

8,500 | 0.60
Number of issues

6

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42
Ningxia
7,527
37

0.53

Amount, USD mln | Share, %

7,527 | 0.53
Number of issues

37

43
Qinghai
6,418
16

0.45

Amount, USD mln | Share, %

6,418 | 0.45
Number of issues

16

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44
Kerala
5,980
19

0.42

Amount, USD mln | Share, %

5,980 | 0.42
Number of issues

19

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45
Bihar
5,729
15

0.40

Amount, USD mln | Share, %

5,729 | 0.40
Number of issues

15

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46
Xiamen
5,705
21

0.40

Amount, USD mln | Share, %

5,705 | 0.40
Number of issues

21

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47
Dalian
5,326
27

0.37

Amount, USD mln | Share, %

5,326 | 0.37
Number of issues

27

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48
Punjab
5,275
18

0.37

Amount, USD mln | Share, %

5,275 | 0.37
Number of issues

18

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49
Gujarat
5,053
26

0.35

Amount, USD mln | Share, %

5,053 | 0.35
Number of issues

26

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50
Tibet
3,566
13

0.25

Amount, USD mln | Share, %

3,566 | 0.25
Number of issues

13

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51
Chhattisgarh
3,470
21

0.24

Amount, USD mln | Share, %

3,470 | 0.24
Number of issues

21

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52
Haryana
3,131
23

0.22

Amount, USD mln | Share, %

3,131 | 0.22
Number of issues

23

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53
Assam
2,849
13

0.20

Amount, USD mln | Share, %

2,849 | 0.20
Number of issues

13

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54
Odisha
1,794
8

0.13

Amount, USD mln | Share, %

1,794 | 0.13
Number of issues

8

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55
Jammu and Kashmir
1,730
12

0.12

Amount, USD mln | Share, %

1,730 | 0.12
Number of issues

12

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56
Uttarakhand
1,666
15

0.12

Amount, USD mln | Share, %

1,666 | 0.12
Number of issues

15

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57
Hyderabad Metropolitan Development Authority
1,033
34

0.07

Amount, USD mln | Share, %

1,033 | 0.07
Number of issues

34

58
Buenos Aires (province)
914
4

0.06

Amount, USD mln | Share, %

914 | 0.06
Number of issues

4

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59
Jharkhand
842
6

0.06

Amount, USD mln | Share, %

842 | 0.06
Number of issues

6

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60
Himachal Pradesh
818
6

0.06

Amount, USD mln | Share, %

818 | 0.06
Number of issues

6

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61
Chubut (province)
650
1

0.05

Amount, USD mln | Share, %

650 | 0.05
Number of issues

1

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62
San Juan (province)
600
1

0.04

Amount, USD mln | Share, %

600 | 0.04
Number of issues

1

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63
Neuquen (province)
500
1

0.04

Amount, USD mln | Share, %

500 | 0.04
Number of issues

1

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64
Delhi
498
3

0.03

Amount, USD mln | Share, %

498 | 0.03
Number of issues

3

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65
Tripura
412
6

0.03

Amount, USD mln | Share, %

412 | 0.03
Number of issues

6

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66
Barranquilla
350
1

0.02

Amount, USD mln | Share, %

350 | 0.02
Number of issues

1

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67
Mendoza (province)
326
2

0.02

Amount, USD mln | Share, %

326 | 0.02
Number of issues

2

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68
Entre Rios (province)
300
1

0.02

Amount, USD mln | Share, %

300 | 0.02
Number of issues

1

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69
Meghalaya
264
5

0.02

Amount, USD mln | Share, %

264 | 0.02
Number of issues

5

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70
Sikkim
229
5

0.02

Amount, USD mln | Share, %

229 | 0.02
Number of issues

5

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71
Manipur
221
4

0.02

Amount, USD mln | Share, %

221 | 0.02
Number of issues

4

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72
Nagaland
221
4

0.02

Amount, USD mln | Share, %

221 | 0.02
Number of issues

4

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73
MINISTERSTVO FINANSOV
192
2

0.01

Amount, USD mln | Share, %

192 | 0.01
Number of issues

2

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74
Zapadno-Kazahstanskaja oblast
158
15

0.01

Amount, USD mln | Share, %

158 | 0.01
Number of issues

15

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75
Taipei
156
1

0.01

Amount, USD mln | Share, %

156 | 0.01
Number of issues

1

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76
Vostochno-Kazahstanskaja oblast
130
12

0.01

Amount, USD mln | Share, %

130 | 0.01
Number of issues

12

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77
Kaohsiung
126
3

0.01

Amount, USD mln | Share, %

126 | 0.01
Number of issues

3

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78
Republic of Sakha (Yakutia)
123
1

0.01

Amount, USD mln | Share, %

123 | 0.01
Number of issues

1

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79
Shymkent
110
6

0.01

Amount, USD mln | Share, %

110 | 0.01
Number of issues

6

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80
Karagandinskaja oblast
110
21

0.01

Amount, USD mln | Share, %

110 | 0.01
Number of issues

21

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81
Kyzylordinskaja oblast
107
6

0.01

Amount, USD mln | Share, %

107 | 0.01
Number of issues

6

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82
Kostanajskaja oblast
105
13

0.01

Amount, USD mln | Share, %

105 | 0.01
Number of issues

13

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83
Zhetysu region
97
10

0.01

Amount, USD mln | Share, %

97 | 0.01
Number of issues

10

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84
Tainan City Government
95
3

0.01

Amount, USD mln | Share, %

95 | 0.01
Number of issues

3

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85
Mizoram
91
8

0.01

Amount, USD mln | Share, %

91 | 0.01
Number of issues

8

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86
Novosibirsk region
89
1

0.01

Amount, USD mln | Share, %

89 | 0.01
Number of issues

1

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87
Ulyanovsk Region
85
2

0.01

Amount, USD mln | Share, %

85 | 0.01
Number of issues

2

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88
Arunachal Pradesh
84
2

0.01

Amount, USD mln | Share, %

84 | 0.01
Number of issues

2

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89
Goa
69
6

0.00

Amount, USD mln | Share, %

69 | 0.00
Number of issues

6

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90
Abay region
69
7

0.00

Amount, USD mln | Share, %

69 | 0.00
Number of issues

7

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91
Severo-Kazahstanskaja oblast
61
5

0.00

Amount, USD mln | Share, %

61 | 0.00
Number of issues

5

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92
Pavlodarskaja oblast
56
8

0.00

Amount, USD mln | Share, %

56 | 0.00
Number of issues

8

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93
Astana
53
6

0.00

Amount, USD mln | Share, %

53 | 0.00
Number of issues

6

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94
Mangistauskaya oblast
53
5

0.00

Amount, USD mln | Share, %

53 | 0.00
Number of issues

5

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95
Almatinskaja oblast
47
6

0.00

Amount, USD mln | Share, %

47 | 0.00
Number of issues

6

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96
Chaco (province)
45
3

0.00

Amount, USD mln | Share, %

45 | 0.00
Number of issues

3

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97
Turkestan region
42
5

0.00

Amount, USD mln | Share, %

42 | 0.00
Number of issues

5

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98
Vitebskij region executive committee
40
4

0.00

Amount, USD mln | Share, %

40 | 0.00
Number of issues

4

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99
Zhambylskaja oblast
38
6

0.00

Amount, USD mln | Share, %

38 | 0.00
Number of issues

6

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100
Puducherry
32
2

0.00

Amount, USD mln | Share, %

32 | 0.00
Number of issues

2

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101
Akmolinskaja oblast
30
9

0.00

Amount, USD mln | Share, %

30 | 0.00
Number of issues

9

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102
Aktjubinskaja oblast
29
6

0.00

Amount, USD mln | Share, %

29 | 0.00
Number of issues

6

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103
Atyrau
28
3

0.00

Amount, USD mln | Share, %

28 | 0.00
Number of issues

3

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104
Greater Chennai Corporation
23
7

0.00

Amount, USD mln | Share, %

23 | 0.00
Number of issues

7

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105
Akimat of East Kazakhstan region
22
1

0.00

Amount, USD mln | Share, %

22 | 0.00
Number of issues

1

***

0.00

Amount, USD mln | Share, %

22 | 0.00
Number of issues

8

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***

0.00

Amount, USD mln | Share, %

16 | 0.00
Number of issues

7

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***

0.00

Amount, USD mln | Share, %

11 | 0.00
Number of issues

1

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109
Tiruchirappalli City Municipal Corporation
11
1

0.00

Amount, USD mln | Share, %

11 | 0.00
Number of issues

1

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110
Amur region
8
1

0.00

Amount, USD mln | Share, %

8 | 0.00
Number of issues

1

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111
Walbrzych
8
2

0.00

Amount, USD mln | Share, %

8 | 0.00
Number of issues

2

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112
Mogilevskiy region executive committee
8
1

0.00

Amount, USD mln | Share, %

8 | 0.00
Number of issues

1

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113
Tomsk Region
7
1

0.00

Amount, USD mln | Share, %

7 | 0.00
Number of issues

1

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114
Ulytau region
7
3

0.00

Amount, USD mln | Share, %

7 | 0.00
Number of issues

3

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115
Knezevo
6
1

0.00

Amount, USD mln | Share, %

6 | 0.00
Number of issues

1

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116
Yakutsk
1
1

0.00

Amount, USD mln | Share, %

1 | 0.00
Number of issues

1

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117
Ceadir-Lunga
< 0.5
2

0.00

Amount, USD mln | Share, %

< 0.5 | 0.00
Number of issues

2

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Other
281,165
1,153
20

Amount, USD mln | Share, %

281,165 | 20
Number of issues

1,153

Total
1,424,754
2,556
100

Amount, USD mln | Share, %

1,424,754 | 100
Number of issues

2,556

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CBONDS OLD

Global Bond Data FZE
BUSINESS CENTER, AL SHMOKH BUILDING, UAQ FREE TRADE ZONE, P.O. BOX 7073, UMM AL QUWAIN
TAX Registration Number 100451155400003

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