Fairfield County
Advancing Infrastructure Priorities While Successfully Navigating a Selective Market
Background
Fairfield County, Ohio, located adjacent to the southeastern side of Columbus, continues to experience development driven by regional growth. As part of its long-term capital and financial planning strategy, the County sought to fund key roadway improvements while also restructuring outstanding debt tied to prior capital projects.
Opportunity & Solution
On March 5, 2026, Baird served as sole managing underwriter for Fairfield County’s $5,995,000 Road Construction and Improvement Bonds, Series 2026A (Basil Western Road Project), and $15,590,000 Various Purpose Refunding Bonds, Series 2026B. Both series were issued as General Obligation – Limited Tax bonds and carried the County’s strong Aa1 rating from Moody’s.
The County entered the market during a period of uneven investor demand, particularly in shorter maturities. Achieving successful results required thoughtful pricing, active investor outreach and flexibility throughout the order process.
For the Series 2026A Bonds, early maturities required pricing adjustments to generate sufficient demand, and Baird conducted a second order period to broaden distribution. Certain mid-to-long maturities were restructured to enhance investor appeal. The longest maturities were 4-5x subscribed, reflecting strong investor interest and helping balance the overall transaction.
The Series 2026B refunding required similar hands-on management. While shorter maturities required modest pricing adjustments, demand strengthened in later years, where certain maturities were approximately 3x subscribed. This strong participation supported balanced pricing across the maturity schedule.
Results & Impact
Both bond issues were successfully priced and fully placed despite selective market conditions. Through proactive marketing, disciplined repricing and strategic use of investor demand across the curve, Baird delivered strong execution for the County.
As a result, Fairfield County secured capital to advance critical infrastructure improvements and strengthen its debt profile, while maintaining continued access to the capital markets.