RELEASE: TREASURER RUSSELL ANNOUNCES SUCCESSFUL $444 MILLION STATE TRANSPORTATION BOND SALE
Cody, Brett
FOR IMMEDIATE RELEASE // WEDNESDAY, JUNE 10, 2026
TREASURER RUSSELL ANNOUNCES SUCCESSFUL $444 MILLION STATE TRANSPORTATION BOND SALE
STO bonds sold in competitive sale for first time in program’s history
Hartford, CT – Connecticut State Treasurer Erick Russell today announced the results of a successful State of Connecticut Special Tax Obligation (STO) Transportation Infrastructure Refunding bond sale.
The 2026 Series A bonds (the “Bonds”) will refinance STO bonds issued in 2016. The bond sale generated $492 million in proceeds which, together with $48 million in reserve funds released from the 2016 bonds enabled by the new STO Bond Indenture implemented in 2024, will produce $110 million in savings for taxpayers over the next 10 years.
“This transaction delivers significant savings for Connecticut citizens which will support meaningful improvements to transportation infrastructure,” said Treasurer Russell. “By using a competitive sale method for the first time in the STO program’s history, we tested the market and were able to drive down borrowing costs and achieved an excellent result for the state. Strong investor demand reflects continued confidence in Connecticut’s fiscal management and future.”
On Tuesday, June 9, 2026, for the first time in the history of the STO program, the Bonds were sold by competitive sale. During a competitive bond sale, qualified bond dealers compete head-to-head by placing bids to purchase the bonds for their investors through an online platform. Demand for the 10-year bonds was high with 11 bids received, including the winning bid of 2.90% from Barclays Capital, a second-place bid of 2.93%, and a tight range of just 0.12% between the lowest and highest bids.
The Bonds are scheduled to close on Wednesday, July 1, 2026.
The state’s last competitive bond sale was for its General Obligation Bond program in 2024.
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, the first Black, out LGBTQ person to win an election for statewide office in American history. To learn more, visit portal.ct.gov/ott
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BRETT R. CODY
Director of Communications
Connecticut Office of the Treasurer
Email: brett...@ct.gov
Cell: (203) 218 1187
portal.ct.gov/OTT