Gregory-Portland ISD, TX
Unlimited Tax School Building Bonds, Series 2023
August 1, 2023
On Tuesday, August 1, 2023, SWS served as book-running senior manager for Gregory-Portland Independent School District’s $163,505,000 Unlimited Tax School Building Bonds, Series 2023. This transaction was SWS’ second consecutive senior managed transaction for the District.
This transaction was priced in a difficult market backdrop marked by ongoing market volatility, weekly bond fund outflows, and unfavorable Muni-to-UST ratios. In addition, due to a pending change in Texas tax laws there was a flood of Texas school district transactions coming to market.
With over $3Bn of issuances the week of July 31, Texas K-12 bonds would make up more than a third of the national negotiated calendar.
Despite these challenges, SWS successfully priced GPISD’s bonds, particularly when compared to other same-day transactions.
Compared to Northwest ISD (Underlying ratings of Aa2/AA) which priced the same day, the SWS-led transaction achieved tighter spreads in 9 of 13 maturities with the same coupon (total of 58bps) - equivalent to debt service savings of over $5MM.