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Wayne County Airport Authority



Airport Revenue and Revenue Refunding Bonds, Series 2023

September 27, 2023


Image by Sam Mgrdichian

SWS served as senior manager on the $369,750,000 Wayne County Airport Authority Airport Revenue and Revenue Refunding Bonds, Series 2023A-E transaction. Select highlights from the transaction include:

  • The Series 2023A-E transaction represented SWS’ fifth overall and third consecutive senior managed mandate for the Authority

  • SWS recommended bond insurance for the entire transaction based on an attractive insurance bid as well as the potential for insurance to broaden the universe of investors, particularly for the AMT series

  • SWS led an orderly execution despite a complex structure and challenging market conditions by maintaining transparency throughout the process. SWS gathered investor reads from 41 potential investors prior to entering the market

  • Despite the increases in MMD on the day of pricing, at re-pricing, SWS was able to hold or tighten spreads by up to 3 bps compared to preliminary pricing levels

  • Overall, the transaction received over $957 million in orders from 48 different investors (2.6x subscription) – 26 of which did not previously report WCAA holdings

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