TREASURER RUSSELL ANNOUNCES SUCCESSFUL $1.55 BILLION STATE TRANSPORTATION BOND SALE

12/09/2025

TREASURER RUSSELL ANNOUNCES SUCCESSFUL $1.55 BILLION STATE TRANSPORTATION BOND SALE

Hartford, CT - State Treasurer Erick Russell today announced the results of a successful $1.55 billion State of Connecticut, Special Tax Obligation (STO) Transportation Infrastructure bond sale.

The 2025 Series A bonds will fund various transportation projects in Connecticut, including public transportation, the Fix-it-Frist Bridge and Roadway Program, and local transportation improvement programs throughout the state. The bonds will also refinance the Series 2015 A and B bonds, which will produce $31 million in savings for taxpayers over the next 10 years, added to the $159 million in refunding savings that have been achieved since Treasurer Russell took office in 2023.

Following upgrades to the state's credit ratings on General Obligation Bonds, the twenty-year STO bonds received credit rating upgrades from Moody's (Aa3 to Aa2 stable) and Fitch (AA- to AA stable) . S&P and Kroll affirmed their ratings at AA- and AAA respectively, both with stable outlooks. This contributed to the new money 20-year bonds achieving a low, true interest rate of 3.82%.

The new money portion of the bonds will allow the State to leverage significant federal funding available for transportation projects, including the recently awarded Federal Railroad Administration grant for rail projects along the Northeast Corridor. Notable projects include the redesign of the I-91/I-691/Route 15 interchange in Meriden, and the return of the Windsor Locks Train Station to the renovated downtown 1875 Historical Station Building.

"This bond sale marks another important step in strengthening Connecticut's transportation infrastructure and financial future," said Treasurer Russell. "With strong investor demand and improved credit ratings, we're able to secure low-cost financing that will fund vital projects, create jobs, and deliver long-term savings for taxpayers. Our continued success reflects confidence in Connecticut's fiscal management and the collaborative efforts with the Governor, OPM and legislative leaders that have helped position our state for sustainable growth."

Treasurer Russell granted priority to retail investors on purchasing the bonds with a dedicated one-day order period. Over $787 million of retail orders were received, including $351 million from Connecticut investors. Total orders exceeded $4.5 billion, or 2.9 times the amount of bonds offered.

Raymond James led the bond underwriting syndicate that sold the 2025 STO bonds, which are scheduled to close on Thursday, December 18, 2025.

More information on the State's bonding program is available at www.buyctbonds.com.

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 twelve 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. 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: Connecticut Office of the Treasurer Erick Russell.

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Contact: Brett Cody
[email protected] | (959) 529-2468