RTD secures $20 million in savings amid global market turbulence

2026A FasTracks refunding closed today, resulting in significant savings

RTD successfully priced its Sales Tax Revenue Refunding Bonds (FasTracks Project) Series 2026A, achieving strong financial results in what market analysts widely describe as one of the most challenging trading environments of the year. The transaction closed today.

Despite a “global bond selloff” making headlines this month, RTD achieved $20 million in net present value (NPV) savings, representing 7% savings on an issuance of $266 million.

“Despite conditions that could have sidelined this transaction, our team navigated through what was described as a ‘perfect storm’ in the markets,” Chief Financial Officer Kelly Mackey said, referring to Hilltop Securities Senior Managing Director Michael Newman’s assessment of the current bond market. “The result reinforces not only RTD’s financial strength and credit story, but also the resilience of Colorado as a whole. This refunding positions us well for the future and generates substantial value for the communities we serve.”

“Monday and Tuesday saw investors concerned with inflation and future Federal Government and private sector borrowing needs, as well as geo-political concerns, resulting in an increase in interest rates,” said Newman.

RTD’s ability to succeed in the turbulent global bond market with yields spiking and volatility running high reflects several enduring strengths:

• Robust liquidity and financial reserves
• Stable, strong credit ratings across major agencies, including S&P Global Ratings (AAA) and Fitch Ratings (AA+)
• Clear, compelling credit narrative and disciplined management practices
• Economic resilience of Colorado, one of the nation’s strongest-performing states, fueling investor confidence

These attributes helped investors maintain confidence in RTD even as broader markets deteriorated.

The Series 2026A transaction was supported by a strong underwriting team, led by Wells Fargo Securities, with Stifel, Nicolaus & Company, Inc. and Loop Capital Markets serving as co-managers. Additional background materials and official documents related to the refunding can be found under “Potential Bond Refunding Documents” on RTD’s Financials and Investors Information webpage.

At a time when many issuers faced repricing as many deals across the country saw price adjustments driven by rising benchmark yields and fluctuating investor sentiment, RTD’s successful execution underscores the agency’s commitment to fiscally responsible stewardship.