The Series 2025 C/O and W&WS bond issuances serve as SWS’ first senior managed mandate for the City of Grand Prairie, Texas.

The C/O’s represent designing, improving and maintaining City Streets, Public Safety Facilities, Park and Recreation Facilities; acquiring vehicles for the City’s fire and street department; installing information technology equipment; renovating and improving the City’s existing City hall and for professional services associated with the connection of bonds.

The W&WS purpose will be used for improving, extending, equipment and repairing the System and paying the costs associated with the issuance of the bonds.

The City received “AAA” stable from S&P for both the General Obligation and Water and Sewer liens, reflecting the City’s robust operation policies and procedures, conservative budgeting and strong financial prudence.

The C/O were structured with serial bonds from 2/15/2027 to 2/15/2044 and the W&WS were structured with serial bonds from 1/15/2026 – 1/15/2044.

Given that the FOMC meeting was scheduled on Wednesday, January 29, 2025, SWS collaborated with the City and Financial Advisor to price the bonds early in the week and enter the market on Monday January 27, 2025.

Pre-marketing efforts began on the posting of the preliminary official statements on January 17, right before the MLK holiday.

SWS pre-marketed with 5% coupons on all maturities and a 4% and 5% coupons for maturities 2041 – 2044. Due to market appetite, SWS entered the order period with all 5% coupons throughout both issuances.

Treasuries began Monday morning with a risk-off mode after news broke that Chinese AI firms are out-innovating US AI firms with less time and less capital. This resulted with the Nasdaq tumbling down to around 700 pts.