News & Events

ANNAPOLIS – Maryland State Treasurer Dereck E. Davis announced that the Board of Public Works (BPW), composed of Governor Wes Moore, Comptroller Brooke Lierman, and Treasurer Davis, completed the competitive sale of $800 million of General Obligation bonds this morning. The bonds will fund a variety of capital improvements and grant programs across Maryland. The bonds had an all-in true interest cost (TIC) of 3.31%, and generated approximately $108.3 million in bond premium, after accounting for fees and other costs associated with the sale.

“We knew heading into the sale that Maryland would receive a strong reception in the market, but the number and quality of bids exceeded our expectations,” said Treasurer Davis. “Maryland continues to demonstrate agility and strength in its fiscal management, despite the current economic climate. The strong results of today’s bond sale highlight the market’s continued confidence in Maryland as a sound investment.”

First Series Tax-exempt bonds were sold in three bidding groups: $307.2 million (Group
1), $260.9 million (Group 2), and $231.9 million (Group 3). All the sales were done on a
competitive basis.

Specifically, in today’s competitive sales:

• $307,205,000 of Tax-Exempt Bonds (First Series Bidding Group 1), with maturities
from 2029 – 2036, received six bids and were sold to the winning bidder, Morgan
Stanley & Co, LLC, with a TIC of 2.71%;
• $260,870,000 of Tax-Exempt Bonds (First Series Bidding Group 2), with maturities
from 2035 – 2038, received seven bids and were sold to the winning bidder, Jefferies,
with a TIC of 3.19%; and
• $231,925,000 of Tax-Exempt Bonds (First Series Bidding Group 3), with maturities
from 2039 – 2041, received six bids and were sold to the winning bidder, Morgan
Stanley & Co, LLC with a TIC of 3.76%.

The results of the sale underscore the recent news that the state retained its AAA ratings. The Maryland State Treasurer’s Office expects to conduct the state’s next bond sale in September 2026.

ANNAPOLIS – Maryland State Treasurer Dereck E. Davis announced that the Board of Public Works (BPW), composed of Governor Wes Moore and Treasurer Davis, completed the sale of $1.6 billion of General Obligation bonds earlier this morning. The bonds will fund a variety of capital improvements and grant programs across Maryland and will refinance existing debt for savings. The bonds had an all-in true interest cost (TIC) of 3.55%.

“Today’s successful bond sale underscores the strong demand for Maryland’s bonds and continued investor confidence in the fiscal strength and creditworthiness of our state,” said Treasurer Davis.

The transaction, comprised of $900 million of 2025 Series A Tax-Exempt Bonds and approximately $657 million of 2025 Series B Tax-Exempt Refunding Bonds and broken into four bidding groups, was well received by the market, with six bids received for each group.

Specifically, in today’s competitive sales:

• $485,195,000 in Tax-Exempt Bonds (Series A Bidding Group 1), with maturities from 2028 – 2035, received 6 bids and were sold to the winning bidder, Jefferies – LLC, New York, NY, with a TIC of 3.14%;
• $414,805,000 in Tax-Exempt Bonds (Series A Bidding Group 2), with maturities from 2036 – 2040, received 6 bids and were sold to the winning bidder, BofA Securities, New York, NY, with a TIC of 4.05%;
• $361,995,000 in Tax-Exempt Refunding Bonds (Series B Bidding Group 1), with maturities from 2026 – 2027, received 6 bids and were sold to the winning bidder, Morgan Stanley & Co, LLC, New York, NY with a TIC of 2.81%; and
• $294,735,000 in Tax-Exempt Refunding Bonds (Series B Bidding Group 2), with maturities from 2028 – 2029, received 6 bids and were sold to the winning bidder, J.P. Morgan Securities LLC, New York, NY , with a TIC of 2.81%.

The Maryland State Treasurer’s Office expects to conduct the state’s next bond sale in 2026.