SWS recently served as senior manager on the City of Pflugerville’s $40,670,000 transaction. This marked Siebert’s fifth senior managed mandate for the City.

Last week’s escalation in the Middle East, specifically strikes on oil refineries, has heightened energy-driven inflation fears. While President Trump’s March 23 announcement to postpone strikes on Iranian power plants provided a brief reprieve, sentiment remains heavy.

The FOMC recently held rates steady, citing Middle East uncertainty and a continued focus on inflation. Consequently, markets have pushed rate-cut expectations out to 2027. On the Friday before pricing, Municipals witnessed a 10-basis point increase.  Despite significant market volatility, SWS priced the transaction ahead of early MMD reads where the market would see early MMD reads of increases by 6 basis points to end of day increases of up to 12 basis points.

To maintain the integrity of the order book and ensure a successful execution, SWS took down $10 million in bonds. By entering the market early, SWS was able to secure anchor orders despite these shifting conditions. Overall, the City saw 15 investors participating in the transaction, submitting $36MM of orders.