$914,640,000 Airport General Revenue Bonds, Series 2025B-1 (AMT) (Green Bonds)
$48,660,000 Airport General Revenue Bonds, Series 2025B-2 (AMT)
Summary
Pricing Date: Tuesday, September 9th, 2025 Rating: Aa3/AA/NR/AA+ (Moody’s/S&P/Fitch/Kroll) Call Feature: 7/1/2034 @ 100.00 Co-Senior Managers: J.P Morgan Securities & Siebert Williams Shank & Co Co-Managers:Estrada Hinojosa, TD Securities, Jefferies, Wells Fargo Securities, Drexel Hamilton, Harvestons Securities, and Stern Brothers & Co. Financial Advisor: Frasca & Associates, LLC Priority Policy: 1) Group Net 2) Member
Market Conditions
On September 9th, the MMD AAA scale was left unchanged up front, 2026-2032, bumped 3bps in 2033 and bumped 4bps from 2034-2055. At 3:00pm when MMD sets it scales the US TSY 2yr was at 3.54% or 5bps weaker than at this time yesterday and the 10yr was at 4.076% or 3bps weaker and the 30yr sat at 4.718% also 3bps wider.
With supportive relative value and a manageable supply plate, Munis continued to see yields lower by 3-4bps from 2033 and longer.
Transaction Highlights
The City was pre-marketed with indications of interest throughout the 30-year maturity ranges. It was the second biggest negotiated deal in the country.
Estrada Hinojosa submitted $26.355 million in orders on the deal with $48.165 million or 5% in liability.
$49,490,000 Airport General Revenue Bonds, Series 2025A (Non-AMT)
Summary
Pricing Date: Tuesday, September 9th, 2025 Rating: Aa3/AA/NR/AA+ (Moody’s/S&P/Fitch/Kroll) Call Feature: 7/1/2034 @ 100.00 Co-Senior Managers: J.P Morgan Securities & Siebert Williams Shank & Co Co-Managers: Estrada Hinojosa, TD Securities, Jefferies, Wells Fargo Securities, Drexel Hamilton, Harvestons Securities, and Stern Brothers & Co. Financial Advisor: Frasca & Associates, LLC Priority Policy: 1) Group Net 2) Member
Market Conditions
On September 9th, the MMD AAA scale was left unchanged up front, 2026-2032, bumped 3bps in 2033 and bumped 4bps from 2034-2055. At 3:00pm when MMD sets it scales the US TSY 2yr was at 3.54% or 5bps weaker than at this time yesterday and the 10yr was at 4.076% or 3bps weaker and the 30yr sat at 4.718% also 3bps wider.
With supportive relative value and a manageable supply plate, Munis continued to see yields lower by 3-4bps from 2033 and longer.
Transaction Highlights
The City was pre-marketed with indications of interest throughout the 30-year maturity ranges.
Estrada Hinojosa submitted $25.160 million in orders on the deal with $2.594 million or 5% in liability.
Securities services offered through TRB Capital Markets LLC, member FINRA/SIPC.
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