$477.625M Sales Tax Revenue Bonds, Series 2025A (Green Bonds) & Sales Tax Revenue Bonds, Refunding Series 2025B (Green Bonds)

Summary

Pricing Date: Wednesday, February 12th, 2025
Rating: NR/AAA/NR/AAA (Moody’s/S&P/Fitch/Kroll)
Call Feature: 01/01/2035 @ 100.00 (2025A) Non-Callable (2025B)
Senior Manager: Wells Fargo Securities
Co-Senior Managers: Jefferies LLC, J.P. Morgan Securities LLC
Co-Managers: Estrada Hinojosa, Blaylock Van LLC, Stern Brothers & Co.
Financial Advisor: PFM Financial Advisors
Priority Policy: 1) Group Net 2) Member

Market Conditions

• On February 12^th, the MMD AAA scale was cut 10bps from 2026-2030 and cut 12bps there after, 2031-2055. At 3:00pm the US TSY 2yr was at 4.37% or 8bps weaker than at this time on February 11^th and the 10yr was at 4.637% or 10bps weaker with the 30yr at 4.833% also 8bps weaker.
• Muni trading was weak and got weaker heading into the afternoon and was clearly obvious.

Transaction Highlights

• MARTA was pre-marketed with indications of interest throughout the 15-year maturity ranges.
• Estrada Hinojosa submitted $24.640 million in orders on the deal with $23.881 million in liability.