Treasurer Russell Announces Successful $1.09 Billion Bond Offering, Delivering Savings and Funding Statewide Investments

HARTFORD, Connecticut - Connecticut State Treasurer Erick Russell today announce d the results of a successful $1. 09 billion State of Connecticut General Obligation (GO) Bond offering . The bonds will be used to fund a variety of capital improvements and grant programs across the state and to refinance existing debt for savings.

"I'm pleased to report another strong outcome from a Connecticut bond sale," said Treasurer Russell. "Connecticut's General Obligation Bond program remains a critical and reliable tool to fund critical infrastructure and expand opportunity. These funds will support affordable housing, modernized schools, workforce development, safer communities, and targeted economic growth. Together, these investments will improve quality of life for residents across our state while creating jobs and supporting local economies."

The $1. 09 billion bond offering consisted of $ 5 00 million of tax-exempt, new money bonds, $300 million of taxable new money bonds, and $ 292 million of tax-exempt refunding bonds. The refunding bonds refinanced two series of outstanding GO bonds for total savings of approximately $ 24.7 million over the next 10 years.

The bond pricing for the new money bonds achiev ed a low all-in interest cost of 3.7 5 % on the 20-year tax-exempt bonds, and 4. 62 % on the 10-year taxable bonds.

As is the state's custom, Treasurer Russell gave priority to orders from individual ("retail") investors during a dedicated one-day, retail-only order period on Monday , May 11 th . This helped generate retail orders totaling $ 449 million including $ 162 million from Connecticut individual investors .

The new money bonds will fund several important capital projects, including :

Ramirez & Co., Inc. led the bond underwriting syndicate that sold the bonds, which are scheduled to close on June 2, 2026 .

"This successful bond sale was buoyed by continued investor confidence in Connecticut," Treasurer Russell added. "Disciplined state budgeting, consistent contributions to our long-term pension liabilities, and responsible debt management have all contributed to Connecticut's strong fiscal position relative to other states. The savings generated through this refinancing-and the low rates achieved- demonstrate that our approach is working. We will continue to pursue strategies that protect taxpayers, strengthen our balance sheet, and support investments that move Connecticut forward ."

About the Office of the Treasurer

The Office of the Treasurer is charged with safeguarding Connecticut's financial resources through prudent cash and debt management, with the State Treasurer serving as principal fiduciary for six state pension and t hirteen state trust funds. Additionally, the Office enhances the state's fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut's social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the first Black , out LGBTQ person to win an election for statewide office in American history. To learn more, visit portal.ct.gov/ ott .