$1,465,970,000 Sales Tax Revenue Bonds, Series 2025A (Tax-Exempt)

Summary

Pricing Date: Wednesday, October 15th, 2025
Rating: NR/AA+/AA+/NR (Moody’s/S&P/Fitch/Kroll)
Call Feature: 9/15/2035 @ 100.00
Senior Managers: Jefferies, RBC Capital Markets, Loop Capital
Co-Managers: Estrada Hinojosa, Academy Sec, Bancroft, Barclays, Blaylock Van, BofA, Cabrera, Goldman Sachs, Great Pacific, J.P. Morgan, Mischler Financial Group, Morgan Stanley, Ramirez, Raymond James, Rice Financial, San Blas, Siebert Williams Shank, Stern Brothers, Stifel, Wells Fargo
Co-Financial Advisors: Public Resources Advisory Group & Acacia Financial Group
Priority Policy: 1) New York Retail 2) National Retail 3) Net Designated 4) Member

Transaction Highlights

• DASNY was pre-marketed with indications of interest throughout the 30-year maturity
  ranges.
• Estrada Hinojosa submitted $35.000 million in orders on the deal with $21.990 million or 1.5% in liability.

Market Conditions

• On October 15^th, the MMD AAA scale was left unchanged 2026-2033, bumped 2bps 2034-2037, bumped 3bps 2038-2041, bumped 2bps 2042-2050, bumped 1bp in 2051, and left unchanged 2052 2055. At 3:00pm when MMD sets its scales the US TSY 2yr was at 3.506%, 2bps weaker than at this time on October 14^th, the 10yr was at 4.046%, also two bps wider, and the 30yr was at 4.641%, 1bp softer.
• Munis were stronger out of the gate, especially around 15 years, which has been par for the course for the third day in a row.