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Round Rock Independent School District

Municipal

$93,125,000

Variable Rate Unlimited Tax School Building Bonds, Series 2025A

January 8, 2025

SENIOR MANAGER

Image by Sam Mgrdichian

The Series 2025A Bonds represented the inaugural issuance stemming from a historic $932MM bond election held in November 2024, the largest in the District’s history.


The Series 2025A bonds will support the construction, acquisition, and renovation of school buildings; the purchase of buses; and improvements to technology systems.


Pricing was scheduled for the first full week of 2025, but the week was unexpectedly shortened due to the holiday observing the funeral for former President Carter on January 9th.


To provide larger context of the financial markets, SWS hosted a tour of the NYSE ahead of pricing with the District and the Financial advisor.


Prior to the week of pricing, the municipal bond market experienced their 3rd straight week of outflows, lowering overall investor demand for new issues. The downturn in the Treasury bond market, resulted in a choppy municipal market the day prior to pricing. On the day of pricing, the municipal bond market witnessed MMD increases by up to 10 basis points on the longer end of the yield curve, resulting in a volatile market.


RRISD received $376.2 million in orders from 13 accounts during a 60-minute order period. Overall, the bonds were 4.0x oversubscribed. At reprice, SWS’ underwriter recommended lowering yields by 1 basis point for the 2030 maturity. Of the 13 accounts that submitted orders, nine were potentially new investors to RRISD.

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