$410.770M Certificates of Participation, Series 2025A

Summary

Pricing Date: Tuesday, January 14^th, 2025
Rating: A1/NR/NR/NR (Moody’s/S&P/Fitch/Kroll)
Call Feature: Non-Callable
Senior Manager: BofA Securities
Co-Managers: Estrada Hinojosa, J.P. Morgan Securities LLC., Wells Fargo Securities
Financial Advisor: PFM Financial Advisors
Priority Policy: 1) Florida Retail 2) National Retail 3) Group Net 4) Member

Market Conditions

• On January 14^th, the MMD AAA scale was left unchanged 2026-2030, cut 2bps in 2031-2035, cut
  4bps 2036-2046, cut 2bps 2047, cut 1bps 2048, and left unchanged 2049-2055. At 3pm, the US TSY 2yr was at 4.363%, 3bps tighter than this time on January 13^th, the 10yr was at 4.788%, nearly
  unchanged, and the 30yr was at 4.984%, 1bp
  weaker.
• Munis opened up with a slightly negative bias in the latter part of the midrange, but as midday and the afternoon proceeded, the weaker tone spread to all of the midrange and into the longer end of the curve.

Transaction Highlights

• Miami-Dade County Public Schools was pre-marketed with indications of interest throughout the 7-year maturity range.
• Estrada Hinojosa submitted $42.000 million in orders on the deal with $41.077 million in liability.
• This issue had adjustments between 1-3 basis points on maturities throughout.