Treasurer Russell Announces Successful $163.1 Million Green Bond Sale

06/04/2026

Transaction generates $9.6 million in savings

 

Hartford, CT—Treasurer Erick Russell today announced the results of a successful $163.1 million bond sale for the State Revolving Fund (SRF) bond program, which provides Connecticut communities with the opportunity to receive up to 100% funding for construction, rehabilitation, expansion or improvement of critical wastewater treatment or drinking water facilities.

The Refunding General Revenue Bonds, 2026 Series A were issued as Green Bonds for the purpose of refinancing existing State Revolving Fund Program bonds at lower interest rates.  The transaction generated $9.6 million in debt service savings over the next nine years.

The bonds achieved a low all in interest cost of 2.87 percent on the 9-year tax exempt series. The State’s triple A credit was well received by investors despite market volatility, underscoring strong confidence in Connecticut’s SRF Program.

“This successful bond sale reflects the strength of the Connecticut SRF’s triple A credit rating and strong investor confidence in our State Revolving Fund program,” said Treasurer Russell. “I am grateful for the continued partnership of our interagency team — including the Office of the Treasurer, the Department of Energy and Environmental Protection, and the Department of Public Health — whose work ensures these funds are deployed efficiently and effectively to support critical clean water and drinking water infrastructure projects across Connecticut. By refinancing these bonds at lower interest rates, we are delivering meaningful savings to the programs that can be re-deployed for projects that protect the health and quality of life of Connecticut residents.”

Treasurer Russell gave priority to orders from individual (“retail”) investors during a dedicated one-day, retail-only order period on Wednesday, May 27th. This helped generate retail orders totaling $234.1 million including $2.5 million from Connecticut individual investors.

BofA Securities led the bond underwriting syndicate that sold the bonds, which are scheduled to close on June 16, 2026.

The Clean Water and Drinking Programs supported by the SRF are managed through an interagency team. The State Treasurer’s Office manages the SRF bond financing program and provides the financial management and administration of the revolving loan program. The Department of Energy and Environmental Protection administers the wastewater treatment program, and the Department of Public Health administers the drinking water infrastructure program.

 

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 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, 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.

 

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