County of Craven
Investor participation supports County of Craven's $23.7 million bond financing
Background
The County of Craven, North Carolina, accessed the municipal bond market to finance improvements to several County facilities. Projects funded through the financing include renovations to the Department of Social Services Building, a new Public Defender's Office, expansion of the Cove City Library, improvements at the County's judicial center and investments in other government service and maintenance facilities throughout the County. The financing also reimbursed the County for the acquisition of property in New Bern that will support future parking improvements.
To fund these projects, the County issued $17.585 million of tax-exempt Limited Obligation Bonds, Series 2026A, and $6.115 million of Taxable Limited Obligation Bonds, Series 2026B. Both series received an AA rating from S&P Global Ratings.
Opportunity & Implementation
Baird worked with the financing team to market the bonds ahead of pricing on September 10, 2026. The financing included both taxable and tax-exempt series, with maturities ranging from 2027 through 2046. Orders were received across every maturity in the taxable series, while demand for the tax-exempt series was strongest in the earlier and intermediate maturities, particularly from 2032 through 2037, which supported pricing adjustments in those maturities.
Results & Impact
The taxable series received approximately $18.2 million in orders and was 2.97x subscribed, with every maturity oversubscribed. The tax-exempt series received approximately $31.2 million in orders and was 1.77x subscribed overall, with 12 of 15 maturities fully subscribed or oversubscribed.
The financing brought taxable and tax-exempt offerings to market through a single transaction. Orders were received across both series, with participation spanning the full taxable scale and the earlier and intermediate tax-exempt maturities.
