Transaction Details

Winfield Fire Protection District

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Following a competitive RFP process, Baird was appointed as sole underwriter for the District’s negotiated sale of $7,305,000 General Obligation Bonds (Alternate Revenue Source), Series 2024. The Bonds generated $7.5 million to build and equip a new fire station.

It was Baird’s strategy to price the bonds directly after the Fed meeting because we expected rates to remain unchanged and thus foresaw a market rally. The week of pricing, interest rates decreased 15 to 19 basis points (0.15%-0.19%) in the years the District’s bonds amortized in anticipation of the Fed’s January 31 meeting.

As a result of our marketing efforts, Baird received $33,570,000 in orders (4.6x total par) with oversubscriptions in 13 of 16 maturities by as much as 9.6x. Because of these oversubscriptions, we were able to lower the yield in 5 maturities by as much as 10 basis points (0.10%). The District achieved a true interest cost of 3.94% over a 25-year term.