MCWT Series 28 Underwriter RFR_Questions and Answers~1.pdf

This is a Questions and Answers document issued by the Massachusetts Clean Water Trust regarding a Request for Responses (RFR) for underwriting services on Series 28 Bonds. The RFR seeks a qualified FINRA-registered underwriter to manage the structuring, pricing, marketing, and distribution of municipal bonds financing water and wastewater infrastructure projects across Massachusetts. The Series 28 issuance will finance or refinance 137 project loans for 73 borrowers totaling $1.071 billion while refinancing $115.9 million of outstanding Series 19 Green Bonds. Responses were due September 30, 2026. The document indicates that no questions were submitted during the designated question submission period prior to September 9, 2026, resulting in an empty Questions and Answers section.

The Series 28 bonds carry AAA/Aaa/AAA ratings from Fitch, Moody's, and S&P with stable outlooks and are federally and Massachusetts tax-exempt, with interest payment dates of February 1 and August 1 beginning August 1, 2026, and final maturity on February 1, 2047. Security includes repayment on financed loans, Commonwealth Contract Assistance Payments backed by the full faith and credit of the Commonwealth, and equity funds totaling $1.4 billion as of June 30, 2025. The loan portfolio comprises 244 borrowers with 88% carrying AA-category ratings or better, with 64% of loans benefiting Disadvantaged Communities. Pricing and compensation terms, including underwriting fees and expenses, are negotiable based on market conditions and final bond structure. The selected underwriter may be engaged for future MCWT bond series offerings.