SWS served as Senior Manager on Wayne County Airport Authority’s $459.585 million transaction on October 21, 2025. The Series 2025D-H transaction represented SWS’s sixth senior managed mandate for the Authority.

It was structured as five separate series with both AMT and Non-AMT components, generating aggregate NPV savings of $51.5 million (10.20% of refunded par). SWS recommended structuring with 5.00% coupons throughout all five series, despite the market norm 5.25% for longer AMT bonds.

Received approximately $2.05 billion in orders from 57 different investors, corresponding to 4.4x oversubscription. SWS committed to underwrite all of the unsold balance of $19.205 million of AMT bondsmaturing in 2029-2031 and 2033-2035 without price adjustments. Priced as much as 16 basis points tighter compared to WCAA's June transaction (led by another firm).