$38,105,000 Combination Tax and Revenue Certificates of Obligation, Series 2025A

Summary

Pricing Date: Tuesday, August 26^th, 2025
Rating: S&P: AAA
Call Feature: 2/15/2035 @ 100.00
Senior Manager: Estrada Hinojosa (40%)
Co-Managers: Cabrera Capital Markets, SAMCO Capital Markets, Siebert Williams Shank & Co.
Financial Advisor: Hilltop Securities Inc.
Priority Policy: 1) Group Net 2) Member

Market Conditions

• Muni activity remained thin as over $1.5bln Illinois GO’s selling in the competitive arena stole focus on this the last trading week of August.
• On August 26th, the MMD AAA scale was left unchanged for a second day from 2026-2055. At 3:00pm when MMD sets its scales the US TSY 2yr was at 3.68% or 5bps stronger and the 10yr at 4.258% was 1bp stronger. The 30yr bond yield rose to 4.91% or 2bps weaker than at this time on August 25th.

Transaction Highlights

• City of Grand Prairie was pre-marketed with indications of interest through the 20-year maturity range.
• Estrada Hinojosa submitted $84.410 million in orders on the deal with $15.242 million or 40% in liability.
• Estrada Hinojosa was allotted $37.345 million in total going away orders for every maturity.
• Average life of the bonds was 10.538 years.
• The final TIC of the pricing was 4.2839%.