Transaction Details

City of Winston-Salem

Municipal

Lead Bookrunner

The City of Winston-Salem, located in the heart of North Carolina’s Piedmont Triad region, is a dynamic community known for its rich history, cultural vitality, and economic diversity. As the county seat of Forsyth County, the city boasts a strong foundation in healthcare, education, advanced manufacturing, and innovation. Continued investments in infrastructure, downtown revitalization, and public-private partnerships support the city’s long-term growth and quality of life.

On August 6, 2025, Baird served as sole managing underwriter to the City of Winston-Salem, North Carolina (the “City”) on its $37,820,000 Limited Obligation Bonds Series 2025A (“Series 2025A”) and $3,030,000 Taxable Limited Obligation Bonds Series 2025B (“Series 2025B”), collectively referred to as the “Bonds.” Proceeds from the Bonds will finance a variety of capital projects, including improvements to Helen Nichols Park, Miller Park, Long Creek Park, Runnymede Park, Sprague Street Community Center, and repairs to the Muddy Creek Greenway. The financing will also support street, sidewalk, and transportation improvements, such as the replacement of the First Street Bridge, the conversion of Liberty and Main Streets into two-way traffic, and upgrades to Northwest Boulevard. Additional projects include enhancements to Winston Lake Golf Course, roof replacement at the Joycelyn V. Johnson Municipal Services Center, renovations to the City’s 911 communications center and associated land acquisition, improvements to the Winston-Salem Fairgrounds (including the ice-skating rink), upgrades to Truist Stadium, and other miscellaneous capital needs, as well as the payment of issuance costs.

The City’s AA1/AA+ rated Bonds were issued with a 20-year final maturity. Despite a busy issuance week in the municipal market, Baird generated a strong order book across the curve, with subscription levels ranging from 1.5x to 10x and the majority in the 3x–4x range. Notable demand included 9x coverage for the 2035 maturities and 8x–10x coverage for the 2044 and 2045 discount bonds. In coordination with the municipal advisor, Baird reduced yields aggressively during pricing, resulting in more than $80 million in orders dropping on the repricing, demonstrating Baird’s ability to execute with tighter levels than recent comparably rated Limited Obligation Bonds. Through swift execution and strong collaboration between sales, the municipal advisor, and the issuer, Baird delivered an excellent result for the City and its financing goals.