Maryland Has Successful Sale of $600 million in General Obligation Bonds
View allANNAPOLIS – 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 sale of $600 million of General Obligation bonds earlier 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 3.817%.
“Today’s successful bond sale speaks volumes about investor confidence in our state,” said Treasurer Davis. “The demand and favorable results demonstrate that, despite broader economic uncertainty, investors continue to recognize the strength and value of Maryland’s bonds.”
The transaction, comprised of $600 million of 2026 Second Series Tax-Exempt Bonds, broken into two bidding groups, was well received by the market.
Specifically, in today’s competitive sales:
• $322,310,000 in Tax-Exempt Bonds (Second Series Bidding Group 1), with maturities
from 2029 – 2036, received six bids and were sold to the winning bidder, BofA
Securities, New York, NY, with a TIC of 3.30%;
• $277,690,000 in Tax-Exempt Bonds (Second Series Bidding Group 2), with maturities
from 2037 – 2041, received seven bids and were sold to the winning bidder, BofA
Securities, New York, NY, with a TIC of 4.15%;
The Maryland State Treasurer’s Office expects to conduct the state’s next bond sale in 2027.