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New York, California lead in green debt -- but issuance is diving

New York and California have led U.S. states in green bond issuance since 2013, while total issuance has dramatically declined in 2018. Since 2013, green bond issuance by state municipalities grew an average $2.5 billion per year. Municipalities in the two states as well as Massachusetts and Washington were the most consistent issuers. New York and California accounted for 77% of 2017's issuance by total maturity size and 55% of 2018's issuance.

About $10 billion was issued in 2017, $2.6 billion higher than the year before, while 2018's issuance has been about $2.1 billion through early October as overall muni issuance has declined. The average tenure of the total issuance is 12.3 years, with an average coupon of 4.2%. The longest dated green bond was issued by the District of Columbia Water and Sewer Authority, which is scheduled to pay off the $350 million bond in the fall of 2114.