TREASURER RUSSELL ANNOUNCES SUCCESSFUL $1.44 BILLION STATE OF CONNECTICUT GO BOND SALE

10/09/2026

Sale Follows Improved Credit Rating Outlook from S&P Global

 

HARTFORD, CT—Connecticut State Treasurer Erick Russell today announced the results of this week’s successful $1.44 billion State of Connecticut General Obligation (GO) Bond offering. The bonds will fund a variety of capital improvements and grant programs across Connecticut and will refinance existing debt for savings.

 

“The GO Bond program plays a critical role in our state’s strategic infrastructure development,” said Treasurer Russell. “As a result of this successful bond sale, funds will be deployed to help strengthen communities and create jobs across Connecticut.”

 

The deal had four tranches: $300 million of federally taxable 2026 Series B new-money bonds; $800 million of 2026 Series C tax-exempt new-money bonds; $209 million of tax-exempt 2026 Series D refunding bonds; and $134.1 million of tax-exempt 2026 Series E forward delivery refunding bonds. Combined, the two refunding series achieved $19.8 million in savings over the next nine years.

 

Ahead of the deal, S&P Global improved its rating outlook from stable to positive, in recognition of the state’s continued commitment to reducing its unfunded pension liabilities and sustaining healthy reserves.

 

Retail Order Period

Treasurer Russell gave individual (“retail”) investors priority on the bonds. Following a robust initial order period amidst a volatile bond market, the state seized the opportunity to accelerate and complete the sale in a single day. Overall, the sale achieved total orders of $3.8 billion (approximately 3.5 times oversubscribed), including $770.7 million of Connecticut individual retail orders.

 

The 2026 Series C and 2026 Taxable Series B new-money bonds will fund various state bonded programs and capital projects, including:

• $379.7 million for School Construction
• $153.6 million for Affordable Housing
• $110.5 million for Infrastructure and Public Safety
• $105.0 million for Environmental Programs
• $67.0 million for Economic Development
• $60.0 million for Education and Public Libraries
• $48.5 million for Capital Improvements
• $45.0 million for Community Conservation Development
• $40.0 million for Local Capital Improvement Programs
• $30.0 million for Health and Human Services
• $25.0 million for Crumbling Foundations Assistance Fund
• $17.0 million for Small Town Economic Assistance Program
• $10.5 million for Assistance to Distressed Municipalities
• $7.1 million in Arts and Recreation
• $1.1 million for Agricultural Land Preservation

 

Jefferies led the bond underwriting syndicate that sold the bonds. The 2026 Series B, C, and D bonds are scheduled to be delivered on October 28, 2026 and the forward delivery 2026 Series E bonds are set to close on January 20, 2027.

 

“This successful bond sale was buoyed by investor confidence in Connecticut, due in large part to disciplined budgeting and our strong fiscal position relative to other states,” Treasurer Russell said.

 

More information on the State’s bonding program is available at www.buyctbonds.gov.

 

About the Office of the Treasurer

The Office of the Treasurer is charged with safeguarding Connecticut’s financial resources through prudent cash management and debt management, with the State Treasurer serving as principal fiduciary for six state pension and thirteen 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. To learn more, visit portal.ct.gov/ott.

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Contact: Brett Cody
brett.cody@ct.gov | (959) 529-2468

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