Bonds were issued to fund a portion of the costs of the planning, engineering, design, acquisition, equipping, and construction of the 2024 Project, which constitutes a portion of the Capital Plan to 2030.

The 2024A-1 Bonds are designated as Green Bonds with a second party opinion provided by Kestrel.

Ahead of pricing, there was extreme volatility on both the equity and bond markets following a weaker than expected jobs report led to recessionary fears both domestically and globally. The resulting flight to quality led to MMD decreases of 12-13 bps the Friday before pricing. For pre-marketing on Monday (August 5), market volatility persisted, with the Dow closing down over 1,000 points and  MMD yields lower by an additional 10-12 bps across the curve after double-digit declines on Friday.

For the week of August 5th, the municipal market also expected a large primary new issuance calendar totaling over $15 billion.

SWS led the development of the investor roadshow which was tailored to focus on ATL’s dominant market position, enplanement growth prospects, and strong financials. The slides-only investor roadshow was viewed by 43 different investors, 47% of which ultimately submitted orders.

SWS generated over $1.1 billion in priority orders from 73 different investors (3.0x oversubscription) - 38 of which did not previously report holding the City’s outstanding Airport credits.

SWS committed to underwrite $27 million of unsold balances that remained at re-pricing.

Final pricing spreads on the Non-AMT series were up to 22 bps tighter than the City’s Series 2023 Non-AMT issuance and the AMT series was tighter than the Series 2023 AMT Bonds by up to 6 bps.

Compared to a similarly rated AMT airport (Tampa Airport) issuance that priced the same week, the City's AMT spreads were 10-13 bps tighter in the serial range and the term bonds were 5 bps tighter despite being structured with a lower coupon (5.25% vs 5.50%).