Locke Lord served as underwriter’s counsel to Citigroup Global Markets Inc. in connection with the Commonwealth of Massachusetts’ MassDirect Notes program, which won The Bond Buyer’s “2014 National Deal of the Year”
. The deal also won the “Deal of the Year” award in the category of Non-Traditional Financing. Modelled in part on the U.S. Treasury's TreasuryDirect, the innovative new program makes highly-rated Massachusetts general obligation bonds available to retail investors on a nearly continuous basis through a retail rolling offering. In 2014, Massachusetts sold on average more than $6 million a day and sold out the full $250 million program one month ahead of schedule. The Locke Lord deal team included Walter St. Onge.