During premarketing, SWS bankers fielded questions from investors who sought additional details on the growth and enrollment trends within the District. Prior to the transaction, SWS presented the District with a bondholder analysiswith potential target investors. Notably, seven of the identified investors submitted orders for $63.7 million in par.

SWS generated over $121 million in orders from 27 investors, of which 25 investors were previously undisclosed holders of the TISD bonds. During reprice, SWS suggested yield reductions on 2 and 4 bps on 6 maturities. To ensure the integrity of the order book, SWS would underwrite $3.2 million of unsold bonds in 2044.

Of note, after the coupon adjustment, the 2044 bonds were sold at a spread of +32 bps which is the same spread as the 2043 maturity, signifying that SWS underwrote the bonds without any yield increases.