The Commonwealth of Massachusetts is preparing for the negotiated sales of approximately $583.9 million* of Dedicated Transportation Revenue Bonds (“DTR Bonds”), and $100 million* of Federal Highway Grant Anticipation Notes (“GANs”) October 20th and October 21st*. View the offerings for the DTR Bonds and GANs.
Dedicated Transportation Revenue Bonds
- DTR Par Amount
- $583,890,000*
Dedicated Transportation Revenue Bonds
2026 Series A
- $583,890,000*
- DTR Transaction Details
- Retail Order Period: Tuesday, October 20, 2026*
- Institutional Order Period: Wednesday, October 21, 2026*
- Tax Status: Federal and State Income Tax-Exempt Bonds
- DTR Preliminary Official Statement
- DTR Investor Presentation
- DTR Ratings Reports
- October 2026 S&P DTR Rating
- Kroll Rating Coming Soon
- DTR Syndicate
Bookrunning Senior Manager
- BofA Securities | (800) 937-0866
Co-Senior Managers
- Jefferies | (800) 567-8567
- J.P. Morgan | (855) 231-8873
Co-Managers
- Academy Securities | (855) 212-3239
- Fidelity Capital Markets | (800) 544-5372
- Huntington Capital Markets | (800) 322-4600
- Oppenheimer & Co. | (800) 828-6726
- Siebert Williams Shank & Co. | (800) 529-3133
Federal Highway Grant Anticipation Notes
- GANs Par Amount
- $100,000,000*
Federal Highway Grant Anticipation Notes
2026 Series A
- $100,000,000*
- GANs Transaction Details
- Institutional Order Period (with Retail Priority): Tuesday, October 20, 2026*
- Tax Status: Federal and State Income Tax-Exempt Bonds
- GANs Preliminary Official Statement
- GANs Investor Presentation
- GANs Ratings Reports
- October 2026 S&P GANs Rating
- Kroll Rating Coming Soon
- GANs Syndicate
Bookrunning Senior Manager
- Jefferies | (800) 567-8567
Co-Senior Managers
- BofA Securities | (800) 937-0866
- Wells Fargo Securities | (866) 287-3221
Co-Managers
- American Veterans Group | (646) 933-8387
- Drexel Hamilton | (646) 412-1529
- Loop Capital Markets | (212) 619-3045
- Raymond James | (877) 295-9116
Timing
Timing and size of the offerings are preliminary and subject to change. The DTR Bonds are expected to be offered to individual investors during a retail order period on Tuesday, October 20, 2026* and then will be offered to institutional investors on Wednesday, October 21, 2026*. The GANs will be offered to both individual and institutional investors on Tuesday, October 20, 2026*. Massachusetts investors will maintain a first priority on their orders for each offering. For more information on the DTR Bonds and GANs, please review the Preliminary Official Statement for each offering. This is not an offer to sell nor a solicitation of an offer to buy the DTR Bonds or GANs. The DTR Bonds and GANs may only be purchased through a broker-dealer and through an Official Statement.
*Preliminary and subject to change.