State Bond Commission awards $383.6 million GO bond sale to Bank of America Securities
April 16, 2026 | 2026 Legislature LA, Louisiana
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The State Bond Commission on April 16 awarded a $383.6 million general-obligation bond sale to Bank of America Securities after an electronic competitive auction and staff verification.
Lila, a Bond Commission staff member, told the commission the sale (Item 66) would fund projects in the Capital Outlay Budget Act and that bids were due at 9:15 a.m. She said Prag would verify the bids and the commission would adopt a resolution to award the sale to the lowest-cost bidder.
Bids shown on the screen included Bank of America (TIC 3.720393), JPMorgan (3.74), Morgan Stanley (3.76), Wells Fargo (3.7619), Jefferies (3.7754), TD (3.7757), Oppenheimer (3.822) and Truist (3.8954). Mickey Johnson of Prag confirmed the results and said, “I have downloaded the results, and verified that the true interest cost that is presented are correct.”
The chair then asked for a motion to adopt the award resolution. Representative Johnson moved approval and Senator Reese seconded; the chair noted no objections and the resolution was approved.
After the award, commissioners and staff discussed auction competitiveness. A commission member noted the sale received eight bids and staff said that matched the commission’s recent competitive sales. Senator Morris asked whether a competitive process “leads to a lower rate that we have to pay as a general rule?” Prag staff replied that it depends on market conditions and the bond type; they described negotiated sales as relying on underwriter order books and competitive sales as appropriate for traditional new-money issues, while acknowledging the state has switched to negotiated sales during periods of volatility.
The commission’s action officially awards the bonds to Bank of America Securities; the commission approved a resolution authorizing award and acceptance of the verified bid. The award completes the Item 66 sale process as presented at the meeting.
Lila, a Bond Commission staff member, told the commission the sale (Item 66) would fund projects in the Capital Outlay Budget Act and that bids were due at 9:15 a.m. She said Prag would verify the bids and the commission would adopt a resolution to award the sale to the lowest-cost bidder.
Bids shown on the screen included Bank of America (TIC 3.720393), JPMorgan (3.74), Morgan Stanley (3.76), Wells Fargo (3.7619), Jefferies (3.7754), TD (3.7757), Oppenheimer (3.822) and Truist (3.8954). Mickey Johnson of Prag confirmed the results and said, “I have downloaded the results, and verified that the true interest cost that is presented are correct.”
The chair then asked for a motion to adopt the award resolution. Representative Johnson moved approval and Senator Reese seconded; the chair noted no objections and the resolution was approved.
After the award, commissioners and staff discussed auction competitiveness. A commission member noted the sale received eight bids and staff said that matched the commission’s recent competitive sales. Senator Morris asked whether a competitive process “leads to a lower rate that we have to pay as a general rule?” Prag staff replied that it depends on market conditions and the bond type; they described negotiated sales as relying on underwriter order books and competitive sales as appropriate for traditional new-money issues, while acknowledging the state has switched to negotiated sales during periods of volatility.
The commission’s action officially awards the bonds to Bank of America Securities; the commission approved a resolution authorizing award and acceptance of the verified bid. The award completes the Item 66 sale process as presented at the meeting.
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