$19,120,000 Waterworks and Sewer System Revenue Refunding Bonds, Series 2025

Summary

Pricing Date:  Wednesday, August 20^th, 2025
Rating: S&P: A (Underlying) AA (BAM Insured)
Call Feature: Non-Callable
Senior Manager: Estrada Hinojosa (50%)
Co-Managers: BOK Financial Securities & UMB Bank.
Financial Advisor: RBC Capital Markets
Priority Policy: 1) Group Net 2) Member

Market Conditions

• Conditions Treasuries were nearly unchanged overnight, dipped 3-4bps lower in the front end before giving back a couple bps in the afternoon to finish just a bp tighter than the August 19^th 3pm spots. Stocks were weaker once again as tech stocks remain under a bit of pressure this week. Munis were steady throughout August 20^th with just a few outlier trades that were a couple bps firmer or weaker than typical spreads.
• On August 20^th, the MMD AAA scale was left unchanged 2026-2055. At 3:00pm when MMD sets its scales the US TSY 2yr was at 3.744%, 1bp firmer than at this time on August 19^th, the 10yr was at 4.293%, also 1bp stronger, and the 30yr was at 4.902%, nearly unchanged.

Transaction Highlights

• City of Beaumont was pre-marketed with indications of interest through the 20-year maturity range.
• Estrada Hinojosa submitted $27.775million in orders on the deal with $9.560 million or 50% in liability.
• Estrada Hinojosa was allotted $19.020 million in total going away orders for every maturity.
• Average life of the bonds was 4.114 years.
• The final TIC of the pricing was 3.2404%.