Home Banking & Finance Connecticut tallies $828M in GO Bond retail orders

Connecticut tallies $828M in GO Bond retail orders

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Connecticut State Treasurer Shawn T. Wooden has announced $828 million in retail orders of general obligation (GO) bonds, which breaks the record of $364 million received in retail orders last year.

Connecticut GO bonds
Wooden

The record-setting sale took place on March 27 and 28. Wooten noted that ahead of the sale, Standard & Poor’s improved the state’s credit outlook on GO bonds to “positive,” marking the state’s first positive rating outlook in 18 years.

Wooden said that $306.7 million from the proceeds will be directed into local school construction, with $187.9 million going into grants to municipalities, $95 million into Clean Water Fund grants and $85.9 million for economic assistance programs. Wooten also noted that ahead of the sale, Standard & Poor’s improved the state’s credit outlook on GO bonds to “positive,” marking the state’s first positive rating outlook in 18 years.

“The phrase we keep hearing from investors is that Connecticut is finally showing ‘positive momentum,’” Wooden said. “The overwhelming response to this sale is further proof that our efforts to improve the state’s long-term fiscal stability is having a direct impact with concrete, measurable savings. What we must do now is seize on this moment and work collaboratively across the public and private sector to get Connecticut’s economy growing.”

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