Reno-Tahoe Airport Authority Completes Successful $351 Million Bond Issuance

The bond issuance represents the second installment of debt supporting the $1+ billion MoreRNO Infrastructure Program.

RENO, Nev. (Sept. 2, 2026) – The Reno-Tahoe Airport Authority (RTAA) today announced the successful sale of $351 million in airport revenue bonds. Funds generated from this bond issuance will finance the second installment of debt required to support the RTAA’s MoreRNO Infrastructure Program at the Reno-Tahoe International Airport (RNO).

Despite a highly competitive Treasury market environment, the 2026 bonds secured significant interest from investors, with orders exceeding $1 billion. Notably, nearly two-thirds of participating investors were not reported holders of the RTAA’s 2024 bonds, demonstrating meaningful expansion of the RTAA’s investor base. In preparing for the sale, the RTAA anticipated the true interest cost (TIC) to exceed 5%. Strong investor demand ultimately resulted in a TIC of 4.94%, underscoring the RTAA’s ability to secure favorable financing in a dynamic market. 

“The strong response to this bond sale reflects the bright future ahead for RNO and the RTAA’s continued commitment to supporting regional growth,” said Cortney Young, RTAA board treasurer. “The preparation, analysis and thoughtful engagement from the RTAA team was critical in positioning the organization for a positive financial outlook. This sale will support meaningful infrastructure improvements, bolstering our air service portfolio and delivering on our promise to serve our community’s air travel needs.”

The MoreRNO Program, and the bond sales financing it, are a direct response to the strength of northern Nevada’s vibrant and growing economy. Our airline partners share our outlook for the region’s future, as evidenced by their long-term lease agreements and financial commitment to the MoreRNO capital improvement plan. That commitment is further reflected in their regular addition of seats in the marketplace—including nearly 45,000 additional roundtrip seats to RNO this summer compared to last year. The 2026 bonds received credit ratings in the “A” categories* from Moody’s Investors Service, S&P Global Ratings and Kroll Bond Rating Agency. These ratings underscore confidence in RTAA’s credit profile and the financing plans for MoreRNO Program projects.

Ramirez & Co., Inc. served as the senior managing underwriter for the 2026 bonds, providing expert guidance and execution throughout the transaction. Co-managing underwriters included BofA Securities, Jefferies and Wells Fargo Securities.

*Rating category: Each rating agency uses its own methodology and criteria to evaluate creditworthiness. The RTAA received ratings of “A3” from Moody’s Investors Service, “A” from S&P Global Ratings, and “A+” from Kroll Bond Rating Agency. Differences in ratings arise from variations in agency criteria, risk assessment models and economic outlooks.

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About the Reno-Tahoe Airport Authority 
The Reno-Tahoe Airport Authority (RTAA) operates two of the most important economic drivers for our region–the Reno-Tahoe International Airport (RNO) and the Reno-Stead Airport (RTS). The RTAA is financially self-sufficient, meaning it is funded through airport operations and not state or local taxes. Ten airlines serve RNO, flying to multiple nonstop destinations throughout the United States and Mexico. For more details, visit www.renoairport.com.