The transaction was the firm’s second consecutive bookrunning engagement for the City.

The Series 2024 Bonds are being issued for the purpose of providing funds to (i) current refund and defease all of the outstanding City of Miramar, Florida Capital Improvement Refunding Revenue Bonds, Series 2015 (the “Series 2015 Bonds”), and (ii) pay certain costs of issuing the Series 2024 Bonds.

The municipal bond market was fairly stable leading up to pricing, despite the Fed announcing a 50-basis point cut at its September meeting. Following a somewhat slower week in the municipal market due to the FOMC meeting, issuance volume during the week of the City's pricing was the second-largest of the year to date.

In addition to the new issuance calendar being large, the market saw a number of sizeable transactions access the market, including three (3) that were each over $1 billion in par and over twenty negotiated transactions greater than $100 million.

As the POS was posted on September 17, SWS recommended the City go to market on Wednesday, September 25th to (i) provide investor the opportunity to review and approve the credit, (ii) avoid certain economic releases that were to be announced on Thursday, September 26th, and to (iii) time around certain transactions in order to generate attention to the City’s transaction.

SWS proposed aggressive initial pricing levels that resulted in the transaction being 1.8x oversubscribed on aggregate with nearly $81 million of orders. Given the investor demand for the 2026 and 2027 maturities, SWS was able to tighten the spreads by 1 bps and 2 bps, respectively.

SWS’s desk and the proposed pricing levels were given accolades for being at the appropriate levels throughout the pricing process by the Financial Advisor, who was advising several other transactions during the week.

The transaction resulted in $2.734 million of net present value savings, or 5.53% of the refunded par amount, and achieved an all-in TIC of 2.98%. Annual cashflow savings amounts to approximately $295,000 for the remaining life of the bonds.