Transportation bonds worth more than $850 million have drawn record demand from individual investors, the Connecticut State Treasurer’s office reported.
The sale of the two bonds, worth $750 million and $100.1 million each, will fund transportation infrastructure improvements statewide, and refinance existing bonds for savings, State Treasurer Denise L. Nappier’s office said.
The bond sale started Oct. 15. Since then, individual investors have ordered $478 million in bonds while institutional-investor orders approached $2 billion. The oversubscription means the bonds were repriced to lower yields, saving taxpayers’ interest expense, the Treasurer’s office said.
The refunding bonds will save taxpayers total of $12.4 million over eight years, the Treasurer’s office said.
The bond sale is scheduled to close Oct. 25.
