MCWT Series 28 RFR

The Massachusetts Clean Water Trust is requesting responses for underwriting services on the Series 28 Bonds, a municipal bond issuance to finance water and wastewater infrastructure projects across Massachusetts, with responses due September 30, 2026.

The RFR seeks a qualified underwriter registered with FINRA to manage structuring, pricing, and distributing the bond offering. Respondents must demonstrate substantial experience with municipal bond offerings, particularly those related to environmental and water infrastructure financing. The underwriter will be responsible for marketing and placement with institutional and retail investors through bond closing, with potential engagement on future MCWT bond series. Pricing and compensation terms, including underwriting fees and expenses, are negotiable based on market conditions and final bond structure.

The Series 28 issuance is structured to finance or refinance 137 project loans for 73 borrowers totaling $1.071 billion while refinancing $115.9 million of outstanding Series 19 Green Bonds. The bonds carry AAA/Aaa/AAA ratings from Fitch, Moody's, and S&P with stable outlooks. Proceeds and State Revolving Fund Program Funds will support Clean Water and Drinking Water SRF projects, with 64% of loans benefiting Disadvantaged Communities. The bonds are federally and Massachusetts tax-exempt with interest payment dates of February 1 and August 1 beginning August 1, 2026. Final maturity is February 1, 2047. Security includes repayment on loans financed through the Master Trust Agreement, 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.

Supporting rating presentations from Fitch, Moody's, and S&P are attached, along with an investor presentation for Series 27 bonds.