ATLANTA URBAN REDEVELOPMENT AGENCY
$24,825,000
REVENUE BONDS (MUNICIPAL IMPROVEMENTS PROJECT)
SERIES 2024
SALE DATE: APRIL 17, 2024
SENIOR MANAGER
- The bonds were issued to finance various new money capital improvement projects within the City of Atlanta and are secured by an inter-governmental contract pledge between the City and the Agency.
- The syndicate was a 2-handed transaction consisting of Blaylock Van as the Lead Manager.
- The bonds were issued a week after municipal rates touched YTD highs and treasury yields sold off due to hawkish comments by Fed Chairman Powell.
- The Bonds were offered in a week where the new issue calendar consisted of approximately $5.64 billion in negotiated transactions. AURA was the only bond issuance in the State of Georgia.
- The Bonds were rated Aa1(stable) & AA+(stable) by Moody’s & S&P.
- The bonds were issued as 20-year serial bonds maturing between 2025 and 2044.
- A broad marketing campaign including posting an investor road show and continual communication with institutional and managed investors (SMAs).
- The extensive pre-marketing efforts resulted in total priority orders of $55.185, approximately 2.2x oversubscribed.
- Oversubscription permitted repricing of 0-4 BPS lower along the curve.
