City of Ferris
Bank-qualified financing supports City infrastructure improvements
Background
The City of Ferris, Texas, located in Ellis and Dallas Counties approximately 20 miles south of Dallas, issued $4.79 million of Public Improvement Bonds, Series 2026, to finance street, roadway and sidewalk improvements. Bond proceeds will support related drainage, utility relocation, street lighting and accessibility enhancements throughout the City. The bonds carried an AA- rating from S&P Global Ratings.
Opportunity & Implementation
Baird worked with the financing team to market the bank-qualified issue, which was structured with serial bonds maturing from 2027 through 2040 and term bonds maturing in 2043 and 2046. Early institutional interest across the serial maturities helped build momentum during the order period, while demand for the longer-dated term bonds created an opportunity to improve pricing before the sale was finalized.
Results & Impact
The serial maturities were generally subscribed 1-2x, and strong demand for the 2043 and 2046 term bonds allowed the financing team to improve pricing by three basis points. Baird ultimately committed capital to purchase the remaining balance, providing additional certainty that the City's financing could be completed as planned.
