St. Mary’s County

St. Mary’s County was established in 1637 and was the first Maryland county. The County is located in the southern part of Maryland and consists of a long, triangular shaped peninsula bordered on the northwest by Charles County, on the northeast and east by the Patuxent River and the Chesapeake Bay, and on the southwest by the Potomac River. The County’s population for the 2020 Census is estimated to exceed 120,000 residents. The County is rated AA+/Aa1/AA+ by S&P, Moody’s and Fitch.

$30,000,000
St. Mary’s County, Maryland
General Obligation Bond
Consolidated Public Improvement Bonds, Series 2020

Wye River Group Served as St. Mary’s County’s Independent Financial Advisor for this Transaction.

Project Overview

Wye River Group was selected by St. Mary’s County, Maryland to serve as its financial advisor after a competitive solicitation process conducted in late 2019. Our first assignment with the County was to assist with the issuance of its Consolidated Public Improvement Bonds, Series 2020 the proceeds of which will fund certain projects identified in the County’s capital improvement plan.

Financing Overview

In late 2019, we began preparing for the County’s 2020 general obligation bond issue by establishing a financing timetable and meeting with County officials and bond counsel. We also took responsibility for developing the draft preliminary official statement, the notice of sale and preparing the County’s credit rating presentation. We worked closely with County staff and Commissioners to strategize and prepare for its credit rating presentation. In addition, we communicated regularly about potential market disruptions resulting from COVID-19 and monitored market levels closely to ensure good execution of the County’s bond sale. The County’s bonds, which were rated AA+/Aa1/AA+ with a “stable” outlook, sold competitively in late April and were well-received by the municipal market, drawing 8 competitive bids that ranged from 2.21% to 2.67%.  The County’s bond closed as planned in mid-May.

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