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City of Phoenix Civic Improvement Corp

Municipal

$84,635,000

Junior Lien Airport Revenue Refunding Bonds

May 20, 2025

SENIOR MANAGER

Image by Sam Mgrdichian

Given the limited supply of non-AMT airport and Arizona paper year-to-date, SWS conducted aggressive pre-marketing efforts to generate investor interest and ensure strong placement.


SWS led the development of the investor roadshow which was tailored to focus on the consistent economic growth in the Phoenix area, as well as the strong year-over-year enplanement growth following the COVID-19 Pandemic.


The slides-only investor roadshow was viewed by 56 different investors, 43% of which ultimately submitted orders.


Despite relative weakness in the broader fixed income market, SWS committed to maintaining the pre-marketing spreads, supported by strong investor interest, resulting in the only adjustment to the preliminary pricing yields coming from the previous day’s 2 bp cut across the MMD curve.


Pricing Results. SWS generated over $364 million in priority orders from 24 different investors (4.3x oversubscription) – 13 of which did not previously report holding the Corporation’s outstanding Airport Revenue Bonds.


At re-pricing, SWS tightened spreads on every maturity other than the 2036-2038 section of the curve, with adjustments as high as 7 bps.


Compared to other similarly rated Non-AMT issuances from this year, SWS was able to price the Corporation’s bonds at competitive levels. For example, compared to the May 6th pricing of the $157 MM Indianapolis Airport Bonds (A1/NR/A+) pricing came in 5 bps tighter in the 10-year maturity and 8 bps tighter in the 20-year maturity, despite this issuance being on the Corporation’s junior lien.


Furthermore, pricing for the Phoenix Airport bonds came in 3-12 bps tighter than the Alaska Airport System bonds that priced in January, despite identical ratings from Moody’s.

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