$124.350M Unlimited Tax Road Bonds, Series 2025

Summary

Pricing Date: Thursday, June 26^th, 2025
Rating: Aaa/AA+/NR/NR (Moody’s/S&P/Fitch/Kroll)
Call Feature: 3/1/2035 @ 100.00
Senior Manager: RBC Capital Markets
Co-Managers: Estrada Hinojosa, Crews & Associates, Raymond James
Financial Advisor: BOK Financial Securities, Inc.
Priority Policy: 1) Local Retail 2) Group Net3) Member

Market Conditions

• On June 26^th, the MMD AAA scale was bumped 3bps from 2026-2029, bumped 2bps from 2030- 2031 and left unchanged from 2032-2055. At 3:00pm when MMD sets its scales the US TSY 2yr was at 3.723% or 6bps stronger than at this time on June 25^th and the 10yr was at 4.261% or 4bps stronger with the 30yr at 4.823% just 2bps stronger on the day.
• Munis were in bull steepening mode as high-quality high-grade paper were bought through current levels in the front end.

Transaction Highlights

• Montgomery County was pre-marketed with indications of interest throughout the 24-year maturity ranges.
• Estrada Hinojosa submitted $34.185 million in orders on the deal with $24.87 million or 20% in liability.
• Estrada Hinojosa was allotted $230,000 in going away orders for the 2031 maturity