$15.805M Unlimited Tax Refunding Bonds, Series 2025

Summary

Pricing Date: Monday, May 12, 2025
Rating: AAA (S&P PSF) A (S&P Underlying)
Call Feature: 8/15/2035 @ 100.00
Senior Manager: Estrada Hinojosa
Co-Managers: SAMCO Capital Markets, Inc.
Financial Advisor: Specialized Public Finance Inc.
Priority Policy: 1) Group Net 2) Member

Market Conditions

• On May 12^th, the MMD AAA scale was cut 2bps across the board from 2026-2055. At 3:00pm when MMD sets it scales the US TSY 2yr was at 3.998% or 12bps weaker than at this time on May 9^th and the 10yr was at 4.459% or 8bps weaker and the 30yr bond sat at 4.893% or 6bps weaker.
• Munis saw quite a mixture of trades of which some were flat, most were a bit weaker and none of them indicated a positive tone.

Transaction Highlights

• Bishop CISD was pre-marketed with indications of interest throughout the 20 – year maturity ranges.
• Estrada Hinojosa submitted $36.000 million in orders on the deal.
• At the end of the order period, Estrada Hinojosa took down $2.7M by the close.
• Average life of the bonds was 11.95 years.
• The final TIC of the pricing was 4.273%