Green Liberty Bond’s $16 Million Inaugural Issuance Sells Out

Connecticut Green Bank’s lower-dollar denomination bond received strong support from individual buyers in Connecticut and across the country as well as from institutional buyers

Rocky Hill, CT (July 27, 2020) – Earlier this month, the Connecticut Green Bank successfully sold-out of its inaugural Green Liberty Bond offering of $16,795,000 to retail and institutional investors in Connecticut and across the country. Demand was so strong that the supply of bonds could not meet the interest of those seeking to invest in Connecticut’s green economy.

Green Bank President and CEO Bryan Garcia executes and signs the inaugural Green Liberty Bonds as Brian Farnen, Chief Legal Counsel, looks on.

Retail investors were given priority during a one-day retail order period on Tuesday, July 14. Total retail orders received during this order period surpassed $9.9 million. With first priority given to Connecticut citizen investors, their orders for nearly $5 million of bonds were filled before the national orders. Due to heavy volume of interest seeking the first two maturities, the Green Bank was only able to fill $1 million of the national retail order.

“When we conceived of the idea of the Green Liberty Bond, we wanted to develop a type of green investment that would enable everyday citizens to invest in confronting climate change,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.  “Green bonds now have a new sub-category – a bond sold directly to the people the proceeds of which are independently certified as financing projects with climate and environmental benefits. We invite other issuers to use the Green Liberty Bond structure and help fulfill the demand of our American investors.”

Individuals accounted for 74% of the retail orders with the balance from professionally managed retail accounts such as private wealth managers and bank trusts.

“The level of interest from individual retail buyers was spectacular, something we have not seen in recent memory,” said Alfredo Quintero, Senior Managing Director at Ramirez & Co., the lead underwriter on the issuance. “Clearly, there is an untapped segment of investors that is concerned about environmental and social challenges that we face today.  Through this offering, the Green Bank has addressed the desire for action on the part of these individuals.”

Institutional investors were able to place orders on July 15, and there was strong interest from a variety of traditional municipal investors and Environmental, Social, and Governance (ESG) investors. Almost the entire 2027 maturity was purchased by an institutional ESG investor as a result of direct outreach by the Green Bank.

“We frequently receive requests from foundations and endowments seeking ways to invest in our Green Bank projects. Green Liberty Bonds are an ideal investment to meet this need,” observed Bert Hunter, the Green Bank’s Chief Investment Officer.  

The Green Liberty Bonds were created in honor of the 50th anniversary of Earth Day – a type of green bond whose proceeds are used to invest in projects that confront climate change in Connecticut. Modelled after the Series-E War Bonds of the 1940s, the bonds must be able to be purchased by everyday citizens through lower-dollar denominations (no more than $1,000), enabling them to invest in green projects in their community and to save for the planet.

Beyond the direct sales of the Green Liberty Bonds, Green Bank leadership received a number of inquiries from other states and non-profit organizations seeking information about replicating this product to support of other green causes like forest protection.

To launch the Green Liberty Bonds, the Green Bank worked with Ramirez & Co., Inc. as lead underwriter, Stifel, Nicolaus & Company, Inc. as co-underwriter, Shipman & Goodwin LLP as bond counsel, Lamont Financial Services Corporation as financial advisor, and Bank of New York Mellon Trust Company, N.A. as trustee. The Green Liberty Bonds received an A rating from Standard and Poor’s. They were labeled as “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards was verified by Kestrel Verifiers.

Additionally, the Green Bank received important assistance from the staffs of the Office of the State Treasurer and of the Office of Policy and Management.

Encouraged by the success of this first issuance, the Green Bank is already planning its next Green Liberty Bond issuance, as well as looking into other ways to allow for more inclusive citizen investment in green projects. To receive notifications about future issuances, please visit

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit


This press release does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including the initial Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to the initial Green Liberty Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which will describe the actual terms and conditions of the Green Liberty Bonds. The information provided is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with the initial Green Liberty Bonds. Any investment decisions regarding any of the Green Liberty Bonds should only be made after a careful review of the complete Preliminary Official Statement.