On Thursday, October 1, 2026, Siebert Williams Shank served as book-running senior manager for Spring Branch Independent School District's ("Spring Branch ISD" or the "District") $204,650,000 Unlimited Tax Schoolhouse Bonds, Series 2026B (the "Bonds").

Located in west Houston, Spring Branch ISD operates 40 campuses and serves approximately 31,000 students.

Proceeds of the Bonds will finance middle school and high school career and technical education facilities, renovations to four high schools, and the construction and improvement of two District stadiums.

The municipal bond market experienced significant volatility in the weeks leading up to the sale. Rising Treasury yields, persistent inflation concerns, geopolitical uncertainty, and reduced expectations for Federal Reserve rate cuts pushed municipal yields sharply higher, causing many transactions to remain on day-to-day status while issuers waited for more favorable conditions. On Wednesday, September 30, the market reversed and yields declined sharply. The positive tone continued into Thursday morning, and the District acted decisively to enter the market. The District's prudent timing enabled the Bonds to price strongly and achieve attractive borrowing costs.

We are proud to have guided the District through challenging market conditions and helped secure a low cost of capital.