On Tuesday September 10, 2024, Siebert Williams Shank & Co., LLC (“SWS” or “Siebert”), the nation’s leading investment banking firm, served as bookrunning senior manager on the District of Columbia’s (the “District”) General Obligation Bonds, Series 2024A, General Obligation Refunding Bonds, Series 2024B, and General Obligation Refunding Bonds, Series 2024C (the “Bonds”) totaling $1.589 billion in par amount. The Bonds are rated Aaa / AA+ / AA+ by Moody’s Investor Service, Standard & Poor’s, and Fitch Ratings, respectively. Together with other funds of the District, the proceeds of the transaction will be utilized for the District’s capital improvement projects, to purchase for cancellation certain obligations that were tendered for debt service savings, to refund the District’s outstanding series of Build America Bonds, which were subject to an Extraordinary Redemption Provision, and to pay the costs and expenses of issuing and delivering the Bonds.

The approximate $1.6 billion transaction is the largest bond issuance by the District to date.

The District’s Bonds saw robust demand with the order period generating nearly $10 billion in orders from 106 different investors. With the exception of the 2025 and 2026 maturities, all maturities of each series were oversubscribed by 1.5x to 9.3x, allowing yields in most maturities to be lowered by up to 11 basis points. For the maturities that were undersubscribed, SWS committed to underwrite over $50 million in bonds without any changes in yields to maintain the pricing integrity of the transaction. The refunding components of the transaction resulted in approximately $50.7 million of savings for the District and the all-in-true interest cost of the bonds was 3.43%.