MD Sells $1.1 Billion In Bonds

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Using its AAA credit rating, Maryland’s Board of Public Works sold over $1.1 billion in bonds yesterday. The Board, with members Governor Larry Hogan, Comptroller Peter Franchot and Treasurer Nancy Kopp sold Series A, B and C bonds, picking up $575 million from tax-exempt General Obligation Bonds, $100 million of taxable bonds and $465 million of tax-exempt refunding bonds. The Series A bonds sold at an interest rate of 2.83 percent to Merrill Lynch, Series B sold at just over 2 percent to Wells Fargo and Series C sold at 1.7 percent to Bank of America. The next bond sale will be in July or August.