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April 29, 2021
Connecticut State Treasurer Shawn T. Wooden announced last week that the State s $1 billion of Special Tax Obligation (STO), Transportation Infrastructure bond sale achieved an overall interest cost of 2.12%, an all-time record low cost for the STO bonding program. This demonstrates very strong investor demand from both retail and institutional buyers. The sale included $875 million of new money bonds that will provide $1.03 billion is new funding for transportation projects. The sale also includes two series of refunding bonds to refinance existing bonds for a total savings of $32.2 million over the life of the bonds.
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Consistent with past practice, Treasurer Wooden gave retail investors priority during a dedicated retail order period on Wednesday, April 21st. Retail orders received during this one-day priority period totaled $512 million, setting a new record for the STO Bond program, and the second highest level on any State bond sale in history.