$128.650M Combination Tax & Revenue Certificates of Obligation, Series 2025

Summary

Pricing Date: Wednesday, April 23rd, 2025
Rating: Aa1/AA+/NR/NR (Moody’s/S&P/Fitch/Kroll)
Call Feature: 2/1/2035 @ 100.00
Senior Manager: RBC Capital Markets
Co-Managers: Estrada Hinojosa, Cabrera Capital Markets LLC, Jefferies LLC
Co-Financial Advisors: PFM Financial Advisors & Tijerina Financial Consulting
Priority Policy: 1) Group Net 2) Member

Market Conditions

• On April 23^rd, the MMD AAA scale was bumped 10bps from top to bottom, 2026-2055. At 3pm the US TSY 2yr was at 3.86% or 6bps weaker than at this time yesterday and the 10yr retreated to 4.389% unchanged from this time on April 22nd and the 30yr faded to 4.835% or 3.5bps stronger.
• Munis were stronger out of the gate and despite a treasury pullback, maintained their gains throughout the day though the pace did slow and some trades, not all, were not as strong in the afternoon as participants focused on nearly $3bln in new T/E issuance.

Transaction Highlights

• The City of Waco was pre-marketed with indications of interest throughout the 30- year maturity ranges.
• Estrada Hinojosa submitted $26.530 million in orders on the deal with $21.446 million or 16.67% in liability.
• Estrada Hinojosa was allotted $250,000 in going away orders to Hancock Whitney Trust & Asset Management for the 2028 maturity.