San Antonio Independent School District
Strong investor demand supports successful financing for SAISD’s long-term capital improvements
Background
San Antonio Independent School District (SAISD or the District), one of the largest urban school districts in Texas, continues to invest in modern educational facilities and infrastructure to support students across the community. Serving more than 44,000 students throughout San Antonio’s urban core, the District sought to finance significant capital improvements, including school construction, renovations, and technology upgrades designed to support long-term student success.
In May 2026, SAISD brought its $285,265,000 Unlimited Tax School Building Bonds, Series 2026 to market. The bonds carried enhanced Aaa/AAA ratings through the Texas Permanent School Fund Guarantee Program, with underlying ratings of Aa2/AA. Baird served as Senior Managing Underwriter for the financing.
Opportunity & Implementation
Working closely with SAISD and the District’s municipal advisor, Baird developed and executed a comprehensive marketing and pricing strategy designed to efficiently position the financing in the market while optimizing value for the District.
The financing structure was tailored to appeal to a broad range of investors, including the bifurcation of the 2056 term bond into both 4.50% and 5.25% coupon structures to accommodate varying investor preferences.
Results
The transaction generated exceptionally strong investor engagement, attracting 69 accounts and approximately $875 million in total orders. Strong demand across the maturity spectrum resulted in more than $200 million in order reductions during repricing and pricing improvements of as much as 8 basis points in the most oversubscribed maturities.
Several maturities experienced significant oversubscription, including the 2029 maturity, which was oversubscribed 7.5 times, and the 2046 maturity, which was oversubscribed 10.2 times. This transaction enabled SAISD to efficiently access capital for critical educational facilities and infrastructure improvements.
Impact
Beyond the financing itself, the transaction highlighted SAISD’s commitment to student engagement and community involvement. This transaction enabled SAISD to efficiently access capital for critical educational facilities and infrastructure improvements.
Baird had the opportunity to participate in Pricing Day, a longstanding educational program hosted by the District. During the event, 13 junior and senior students from SAISD’s Student Advisory Committee learned about the bond financing process and how public investments support school and community improvements. The committee serves as a direct link between students and district leadership, providing input on educational priorities and district initiatives. According to the District, the committee is composed of approximately 42 students and two adult sponsors, with representatives from 16 high schools across SAISD. This year marked the 10th anniversary of the District’s Pricing Day program, which brings together students and professionals to provide firsthand insight into the planning, financing, and development of projects that impact their schools and community.
Students representing campuses throughout the District gained firsthand exposure to the professionals and processes involved in bringing a financing to market and learned how capital projects are planned, funded, and delivered. Throughout the day, students participated in presentations covering district construction projects, financial literacy, professional development, and the municipal finance process, providing a real-world perspective on how investment decisions impact their schools and communities.
The financing will support improvements that benefit students, educators, families, and residents across SAISD for years to come. By participating in the District’s educational program, Baird was proud to contribute to an experience that helped connect students with the real-world impact of public finance and the role it plays in supporting community investment.
As a graduate of SAISD, it was especially meaningful to return to the district and participate in Pricing Day. Having the opportunity to share how public finance supports schools and communities, and to connect with students who may one day pursue careers in finance, business, or public service, made this transaction particularly rewarding.
Oscar Cardenas, Managing Director
