San Diego USD 2015 GO, Series H-1, H-2

San Diego Unified School District
2015 General Obligation Bonds
Series H-1 & H-2

Persistent teamwork and targeted pricing strategy lead to successful transaction

Siebert Cisneros Shank served as senior manager for the San Diego Unified School District’s 2015 GO Bonds, Series H-1 & H-2 which priced in June 2015. This transaction presented some restrictive structuring constraints to work with, which we overcame through a persistent team work approach and targeted pricing strategy. Due to the structure requirements and tax law, the bonds needed a certain minimum number of 3% and 4% coupons to maximize new money proceeds from the refunding savings constraint. As the order period commenced, there was ample demand across the board for the District’s bonds led by the 5% coupon bonds. At the end of the order period, the underwriting team stepped up to underwrite a remaining $3.99 million in unsold bonds for the benefit of the District. Our firm’s sales professionals were responsible for submitting all of the priority orders for the Bonds and submitted $28.96 million in retail orders. In total, there were 17 new investors who were not current bond holders which submitted orders for the District’s bonds.