$267,795,000 Unlimited Tax School Building & Refunding Bonds, Series 2025

Summary

Pricing Date: Wednesday, February 26th, 2025
Rating: Aaa/AAA (Moody’s/S&P PSF) Aa1/AA (Moody’s/S&P Underlying)
Call Feature: 2/15/2035 @ 100.00
Senior Manager: Wells Fargo Bank
Co-Senior Manager: Estrada Hinojosa
Co-Managers: Piper Sandler & Co, RBC Capital Markets, SAMCO Capital Markets
Financial Advisor: Post Oak Municipal Advisors LLC.
Priority Policy: 1) Group Net 2) Member

Market Conditions

• On February 26^th, the MMD AAA scale was bumped 2bps 2026-2030, bumped 1bp 2031-2035, bumped 2bps 2036-2038, and left unchanged 2039-2055. At 3pm, the US TSY 2yr was at 4.072%, 3bps firmer than this time on February 25^th, the 10yr was at 4.249%, 6bps tighter, and the 30yr was at 4.510%, 5bps stronger.
• Munis were steady throughout most of the curve but slightly better in in the midrange during the morning and into midday but the front end tagged along with better action in the latter part of the session.

Transaction Highlights

• Humble ISD was pre-marketed with indications of interest throughout the 30- year maturity ranges.
• Estrada Hinojosa submitted $78.015 million in orders on the deal with $60.254 million or 22.5% in liability.
• Estrada Hinojosa was allotted $5.205 million in going away orders to Merrill Lynch & Co, Stifel, Nicolaus & Co, and SWBC Investment Services for the 2042-2055 maturities.