$26,230,000 General Obligation Bonds, Series 2025

Summary

Pricing Date: Monday, March 3^rd, 2025
Rating: A1/AA(BAM)/NR
Call Feature: February 15, 2035 @ 100.00
Senior Manager: Estrada Hinojosa (100%)
Financial Advisor: Hilltop Securities Inc.
Priority Policy: 1) Group Net 2) Member

Market Conditions

• On March 3^rd, the MMD AAA scale was left unchanged up and down the curve, 2026-2055 though the 2034-2035 maturity will see +1bp for the February to March Roll. At 3:00pm the US TSY 2yr was at 3.997% unchanged from this time on February 28^th and the 10yr was at 4.182% or 4bps stronger with the 30yr at 4.463% or 6bps stronger. Do note that in addition to the Roll, the EML scale was bumped 2bps in Late 2029.
• Treasuries opened slightly softer this morning as EGB’s were under heavy pressure as defense spending in Europe is set to escalate after signs Friday that the US is backing away.

Transaction Highlights

• City of Hutchins was pre-marketed with indications of interest through the 20-year maturity range.
• Estrada Hinojosa submitted $28.595 million in orders on the deal
• At the end of the order period, Estrada Hinojosa held a long position of $8.180M and took down $6.7M by the close.
• Average life of the bonds was 13.75 years.
• The final TIC of the pricing was 4.005%.