The City of Kansas City, MO priced back-to-back financings for their Water and Sewer credits, both of which were senior managed by Siebert Williams Shank. Combined, the successful transactions achieved over $1.0 billion of investor orders from 86 new investors. All but one maturity of the Series 2021B Sewer financing priced at the lowest spreads for the City in the last 5 years.

Water Series 2021A

Proceeds from Series 2021A Bonds current refunded Series 2012A & Series 2013A. Overall, the transaction was 6.8x oversubscribed with highest subscription levels reaching 15.2x. During the order period, SWS’s desk generated over $461.6 million in institutional orders from 49 different investors, including 43 new investors.

With the strong subscription levels, SWS recommended repricing the bonds maturing in all maturities by 4-13 bps lower. The bonds were issued with an All-In True Interest Cost of 1.72%. Produced $14.62 million of PV Savings of or 18.2% of refunded par.

Sewer Series, 2021B

Proceeds from Series 2021B current refunded Series 2011A & Series 2012A. Overall, the transaction was 4.7x oversubscribed with highest subscription levels reaching 7.5x. During the order period, SWS’s desk generated over $602.7 million in institutional orders from 53 different investors, including 43 new investors. With the strong subscription levels, SWS recommended repricing the bonds maturing in all maturities by 4-11 bps lower.

All maturities except for the 2025 maturity priced at the lowest spreads for the District in the last five years. The bonds were issued with an All-In True Interest Cost of 1.76%. Produced $22.7 million of PV Savings or 19.0% of refunded par. All but one maturity sold were sold at the lowest spreads for the City’s Sewer credit in the last 5 years.