$90.4M Unlimited Tax Refunding Bonds, Series 2025

Summary

Pricing Date: Wednesday, April 30th, 2025
Rating: AAA (S&P PSF) AA (S&P Underlying)
Call Feature: 8/15/2035 @ 100.00
Senior Manager: Piper Sandler & Co
Co-Senior Manager: Jefferies LLC
Co-Managers: Estrada Hinojosa, SWBC Investment Services LLC
Financial Advisor: Specialized Public Finance Inc.
Priority Policy: 1) Group Net 2) Member

Market Conditions

• On April 30^th, the MMD AAA scale was left unchanged in 2026-2027 and bumped 2bps from 2028-2055. At 3:00pm when MMD sets its scales the US TSY 2yr was at 3.623% or 4bps stronger than at this time on April 29^th and the 10yr was at 4.18% or unchanged and the 30yr US TSY was at 4.68% 3bps weaker.
• Munis were mixed to firmer in the morning and at midday continued to show a positive bias over all but still in a mixed fashion. Headed into the close the action remained mixed and variable but the overall tone was constructive ahead of another large batch of new issuance to come the following day.

Transaction Highlights

• Corpus Christi ISD was pre-marketed with indications of interest throughout the 15-year maturity ranges.
• Estrada Hinojosa submitted $17.805 million in orders on the deal with $13.560 million or 15.00% in liability.
• Estrada Hinojosa was allotted $300,000 in going away orders to Hancock Whitney Trust & Asset Management for the 2030 maturity.