This was SWS’ second senior-managed mandate for the Regents in 18 months. The transaction was impacted by extreme market volatility. This included contradictory headlines about cuts to NIH funding and federal policy shifts affecting university funding, new tariffs on Canada, Mexico, and China, which went into effect on the Retail Order Period date, and broader uncertainty and volatility in treasury markets due to the Trump Administration's policies.

The investor presentation was viewed by 41 institutional investors. Specific investor concerns about federal funding impacts were addressed with tailored written responses, and the team adjusted structuring to enhance demand.

Generated $198.5 million in retail orders during the Retail Order Period. Due to market volatility, spreads were increased in 2036-2055 prior to institutional pricing. Institutional demand led to yield reductions in select maturities. Undersubscribed maturities (2036 & 2038) were adjusted, leveraging Regents' flexibility with amortization to finalize the transaction.