The Series 2024A Bonds were issued for the purpose of providing funds to (i) finance $28,770,000 of the Street, Sidewalk and Bridge Project authorized by the voters at the 2017 Election, (ii) finance $5,455,000 of the Flood Control Project authorized by the voters at the 2017 Election, (iii) finance $2,320,000 of the Public Buildings Project authorized by the voters at the 2017 Election, (iv) finance $20,675,000 of the Parks and Entertainment Facilities Project authorized by the voters at the 2022 Election, (v) pay certain costs of issuing the Series 2024A Bonds and (vi) fund the Series 2024A Compliance Account for the Series 2024A Bonds. The Series 2024B Bonds were issued for the purpose of providing funds to (i) finance $12,500,000 of the Affordable Housing Project authorized by the voters at the 2022 Election and (ii) pay certain costs of issuing the Series 2024B Bonds.

SWS scheduled an early pricing the morning of Tuesday, March 26th in order sell the bonds prior to large deal pricings for the State of California and New York City. Of note, these 2 large transactions had to make large concessions to enter the market due to their size and had to adjust wider due to an unstable market. Besides these two large transactions, the municipal calendar was heavy with $8.7 billion slated to price this week. MMD was cut 4-7 basis points on the day of pricing. Treasuries began the day 1-2 bp firmer than the previous day, then tightened another 1-2 bps.

At the conclusion of the order period, $281.5 million in priority orders were received. After repricing adjustments, SWS was able to tighten spreads by 1—4 basis points, despite market volatility on the day of pricing. The 2024A portion resulted in an All-In TIC of 3.57%, while the 2024B (Taxable) portion resulted in an All-In TIC of 5.47%. Despite market volatility, there were no unsold balances, and the transaction resulted in an oversubscription of 3.4x in aggregate. The 2024A received an oversubscription of 2.71x, while the Series 2024B (Taxable) received an oversubscription of 6.46x.