The proceeds from the sale of the Bonds will be used by the City of Indianapolis for the following:

Projects include Park’s projects for Grassy Creek, Krannert Park, Riverside Park, as well as a new Fire Station and Solid Waste Garage Project in the City. 

The bonds are secured by the City’s General Obligation credit for the benefit of the Qualified Entities (“QEs”) of the City, both the City of Indianapolis and the Parks Department. SWS modeled the resulting bond structure using an understanding of the property tax revenue for each of the QEs, various bond authorization constraints and anticipation of future borrowings. The Bonds were structured with principal maturing serially from 2023 through 2041. Moody’s affirmed the Bond Bank’s ratings at “Aaa” with a stable outlook.

This transaction represented the first SWS senior managed deal on behalf of the Bond Bank

The morning of pricing, MMD was stable, due to the Thanksgiving holiday, and MMD remained unchanged despite another rise in treasury rates. In total, the Bond Bank achieved approximately $51.47 million in total orders, leading to an oversubscription of 1.4x.

SWS recommended tightening of spreads in 2029-2032 by 2 bps, helping the Bond Bank to achieve an All-In True Interest Cost of 2.29% (average life of 13.35 years). SWS took in $5.05 million of the remaining 2036 & 2037 maturities into inventory to support the book.